Owning or operating any type of motor vehicle can include significant risks and exposures, but potential losses arising from aircraft may be particularly damaging. Given the size of certain aircraft and the velocity at which they may travel, even a slight error could have devastating ramifications for your property, business, employees, passengers and other parties. With that in mind, it’s necessary to be diligent in thoroughly assessing and addressing your aviation insurance needs.
What Is Aviation Insurance?
Regardless of what you use your aircraft for, aviation insurance may be a necessary investment to protect your finances and future. This type of coverage can be adjusted and augmented to suit your specific coverage needs. After arranging a suitable policy with one of our qualified insurance experts, you may be able to access critical financial resources to manage losses and damages following an aviation-related incident.
What Are Five Types of Aviation Insurance Coverage?
Aircraft can be used for many purposes, which makes it necessary to consider your specific operations and unique circumstances to ensure your aviation insurance policy is adequate. Although the details of these policies can vary significantly, in general, most aviation insurance will include some combination of the following:
- In-flight insurance—This coverage can help provide financial protection for damage sustained by your aircraft during a flight. It can also protect you from losses sustained while the vehicle is grounded.
- Ground risk hull insurance (in motion)—This coverage can help pay for losses accrued while your aircraft is in motion on the ground, such as while driving on a runway or being towed to a gate.
- Ground risk hull insurance (nonmotion)—If your vessel is damaged while standing still on the ground, such as by fires, floods, storms or falling objects, this coverage can help pay for resulting repair or replacement costs.
- Public liability insurance—This coverage, also known as third-party liability insurance, can help provide financial assistance if your aircraft causes losses for another party, such as by damaging hangars, airport facilities or other vehicles.
- Passenger liability insurance—If passengers are injured while flying in your aircraft, this coverage can help pay for resulting damages and expenses.
Get the Right Coverage
For over 25 years, the insurance experts at Affiliated Agency have used their knowledge and experience to provide individuals, families and businesses in the Plainview area. We will work with you to assess your aviation coverage needs and craft optimal policies to protect your finances and future.
Visit our website or call 516-576-0166 to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.