In the aviation industry, choosing the right aircraft insurance is very critical and important. It will protect not only your aircraft business but also its cargo and most importantly the passengers including its pilots and crew. It will also cover third parties involved in aviation accident like the people, by chance was in the ground and are injured during the crash, the crops that are plowed by the plane, and the properties that are damaged because of the accident. All these should be carefully considered by the owner / operator in order to avoid problems and conflicts to be encountered in the future.
Aviation insurance, in general, covers the requirements that are needed and are helpful to owners, operators, pilots, renters, students, and flight schools in which there is a risk for life. Accidents can happen, we’ll never know when. Even if we don’t ask for it. With the hazards accompanied with flying an aircraft, there is a need for you to get may it be a life or an accident type of insurance.
Here are some pointers for you to consider:
What type of insurance coverage do you need?
a. If you’re the owner of the aircraft, you should get the Owners Aircraft Insurance which covers aircraft categories like jet, airplanes, seaplane, turbine, gyrocopters, air gliders, propeller piston engine plane, & rotorcraft. In-flight Insurance is also required since this will cover the liabilities incurred by the plane during aviation accidents or even on ground operations.
b. As an owner, you also should get the Hangar Insurance to secure the premises and location where you park your plane. In connection to this, the owner has an option to also get the Hangar Keepers Insurance. This includes the personnels who maintains your aircraft and their safety benefits.
c. If you’re a renter, you should get the Renters Aircraft Insurance to protect you and your beneficiaries in time of an accident.
d. If you’re an aircraft student, it is a requirement for the schools to get a non-owned insurance to protect the students if something went wrong during the course of the training.
Is getting an insurance within your budget?
Always consider that aircraft insurance weighs a large cut in your budget. It will then be included in your expense list of payables. It will be dependent on what type of insurance policy you will get and as to what extent the coverage will be. Do a research first on your insurance needs and papers that are required by the government or as aviation rules and policies applies. After identifying these things, it is time for you to look for an Aircraft Insurance company that will help you sort it all out, can offer customer-friendly rates that suits you, and can work within your specified budget.
There are lots of aircraft insurance companies out there but choose only the best one that can make you understand and feel secured. A company that will help you consider all areas that can cover all aspect of future liabilities that you might incur. Also, a company that will make you experience a hassle-free processing of documents and with less paperwork in your part. It is a feeling of assurance while you do the thing that makes you happy, that is flying your chosen aircraft. At the same time giving you security and peace of mind as well as your loved ones. Be insured and Enjoy Flying!