What is Aviation Insurance?
Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as limits and clauses specific to aviation insurance.
What’s coveredAviation insurance is divided into several types of insurance coverage available.
- Public liability insurance – This coverage, often referred to as third party liability covers aircraft owners for damage that their aircraft does to third party property, such as houses, cars, crops, airport facilities and other aircraft struck in a collision.
- Passenger liability insurance – Passenger liability protects passengers riding in the accident aircraft, which are injured or deceased.
- In-flight insurance – In-flight coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored.
What’s not covered
- Any person who flies the plane without meeting the minimum qualifications and also one that is not authorised by the Insured.
- Impaired Flyers – Some aviation policies won’t pay for bodily injury or property damage due to losses in which the pilot was under the influence of a controlled substance.
- “Breach of Warranty” – An insurer may refuse to pay a claim if a policy’s provisions were violated, perhaps because the pilot was intoxicated or otherwise unqualified according to the policy.
- Damage Depreciation – If another party damaged your plane and has insurance, that insurance company is obligated to compensate you for all losses due to damage depreciation. Unfortunately, your own insurer is not under the same obligation to compensate you for damage depreciation.
- Lost use – Obviously, if your plane is being repaired, you won’t be able to fly it. Some companies offer a provision called “Extra Expense for Substitute Aircraft.” This coverage is not designed to pay all expenses due to loss of use, but it can help offset some of the financial impact.
- Political Violence and Terrorism: Cover against political violence and terrorism
Other types of insurance cover
You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.
Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.
Additional charges will apply and in certain circumstances this cover might not be available.
Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.
In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.
An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.
- Ensure you declare a list of items to be insured under contents insurance including serial numbers, model, make and have the correct sum insured
- Always keep valuables safely and locked out of site to protect against the risk of theft