Operating an aircraft is no easy feat. It takes patience and perseverance to complete flight training to hone your skill in operating an airplane. Perhaps you have already completed the necessary courses and are wondering what’s next. Before you can fly the skies on your own, you should consider acquiring aviation insurance.
What It Is
Aviation insurance is an insurance policy that provides property and liability coverage when operating an aircraft. It generally covers injuries, property damage, and loss of cargo. This type of insurance provides protection against a wide spectrum of risks that are involved when operating an aircraft.
Who It Is For
This type of insurance is not only for those who own their own aircraft. Renting operators, flight training schools, organizations like flying clubs, and financial companies that own their own fleet are common entities that utilize this type of insurance.
How It Works
This kind of insurance works like any other type of insurance with the exception that it is specifically for situations involving an aircraft. For instance, if an incident were to occur like an aircraft accident, a claim is filed then an investigation will follow.
Different Types and Different Coverage Levels
There are several different types of aviation insurance, and within it, different levels of coverage. Typically, one of the main determining factors for the type of coverage you will need is whether the aircraft will be used for personal or commercial purposes. Public liability, passenger liability, ground risk hull not in motion, ground risk hull in motion (taxiing), and in-flight insurance are the five most common types of coverage when operating an airplane.
Financial support for damages, injuries, and liabilities are only to mention a few of the major benefits of acquiring aircraft insurance. Protecting yourself, the aircraft, and your passengers should be a top priority when operating an airplane. For this reason, acquiring aircraft insurance is vital no matter if you own an aircraft or renting one.