As thrilling as flying can be, it’s considered a high-risk activity. That’s why having comprehensive insurance for your private plane is essential to protect both your aircraft and everyone on board.
What Does Aviation Insurance Cover?
A basic aircraft hull and liability insurance policy offers crucial protection against physical loss or damage, including:
- Physical Damage: Covers damage to your aircraft itself.
- Passengers, Baggage, and Cargo: Protects against liabilities related to what’s carried on your plane.
- Medical Coverage: Provides medical coverage for passengers, pilots, and crew members.
- Aircraft Third-Party Liability: Covers damage to individuals or property outside of your aircraft.
The specifics of your policy, including the deductible, premium, and policy limits, will depend on factors like your aircraft’s value and how it’s used. For instance, a recreational general aviation aircraft might have a $0 deductible, while commercial airliners have much higher deductibles and policy limits.
Most aircraft hull and liability policies are based on an agreed value. This means an underwriter sets a fixed value for your aircraft at the start of the policy. Then, in the event of a total loss, the insurer pays out this agreed value minus your deductible, or covers the cost of repairs.
Enhance Your Protection with Additional Coverage Options
Given the inherent risks of flying, both recreationally and commercially, you’ll want to ensure you and your aircraft are fully protected. Many insurers offer these additional coverage options for added peace of mind:
- Personal Effects and Baggage Coverage: Protects your personal belongings and baggage while on board.
- Geographic Limits: Tailored coverage based on your typical flying regions.
- Premises Medical Coverage: For incidents occurring on your property related to your aircraft.
- Emergency Expense Reimbursement: Covers unexpected costs during an emergency.
- Non-Owned Hangars and Contents Coverage: Protects hangars you don’t own and their contents where your plane is stored.
- Trip Interruption Expense Coverage: Reimburses you for expenses if your trip is interrupted.
- Spare Engines and Parts Coverage: Protects valuable spare components.
- War Risks Coverage: Specialized coverage for risks associated with war or terrorism.
- Ground Risk Coverage: Protects your aircraft while it’s on the ground.
Ready to learn more about how we can help protect your valuable aviation assets? Contact us today to discuss our insurance and asset protection planning expertise.
