Flight Risk Private Aviation Insurance
It’s that time of the year again! The cold air, snow, lights, decorations and delicious food, make us wish this season could be year-round. More importantly though, it’s a time where families can gather together once again. Travel rates during this time of year tend to increase, as everyone is visiting family. Last year in 2017, it was estimated that roughly 100 million Americans were planning to travel, whether that was to see family or go on vacation.* Whereas driving may be cheaper, many people opt to fly because it is often quicker and more efficient. Although some people tend to prefer private aviation because of the convenience and privacy it offers, private aviation is much more dangerous than flying commercially.**
Aviation insurance differs greatly from personal home and auto insurance, but insuring your aircraft and your safety is just as important. Choosing the best insurance provider will not only protect your aircraft business, but more importantly all the passengers on the plane. It will also cover third parties involved in aviation accident like the people injured during the crash, any crops or buildings that are ruined by the plane and the properties that are damaged because of the accident.***
With all the risks associated with flying, we have listed below a few insurance options you may want to consider when purchasing private aviation insurance.****
- Owners Aircraft Insurance
- If you’re the owner of an aircraft, we highly suggest the Owners Aircraft Insurance, which covers aircraft categories such as jets, airplanes, seaplanes, turbines and air gliders… just to name a few. It’s also mandatory to have in-flight Insurance since this specific type of insurance will cover the liabilities incurred by the plane during accidents in the air as well as incidents that occur on the ground.
- Hangar Insurance
- As an owner, you should consider purchasing Hangar Insurance to secure the locations where you park your plane. Additionally, the owner also has the option to get Hangar Keepers Insurance, which includes the personnel who maintains your aircraft and their safety benefits.
- Renters Aircraft Insurance
- If you are a renter of planes, acquiring Renters Aircraft Insurance would allow you to protect yourself and your beneficiaries in time of an accident.
- Non-Owned Insurance
- If you are a student learning to fly various aircrafts, it is mandatory for the schools to get non-owned insurance to protect the students if something goes wrong during the course of training.
Although purchasing private aviation insurance can be extremely costly, it’s extremely vital and worth having. Further, after you have done your research determining which insurance is right for you, your insurance company can help offer you rates and pick out the correct insurance option that suits your budget.
While private aviation provides you with maximum travel freedoms, it can also bring about numerous liability concerns. Let us develop a comprehensive coverage plan for your unique travel accommodations. Contact us today so we can help you soar the skies with peace of mind!