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If you own and/or operate aircraft, two important categories of aviation insurance are important for you to consider.  The first type of insurance will protect the aircraft itself, and will pay for damage to it.  The second type pays for damages or injuries that may be caused to others out of the use of the aircraft.

Aircraft Hull

Hull insurance provides protection for your aircraft in the event that it is damaged by a covered cause of loss.  Most policies provide this coverage on an “all risk” or “open peril” basis, which means that risks of direct physical loss are covered without specifying the types of damage that are actually covered.  These policies are subject to exclusions however such as damage by war, mechanical breakdown and in some cases, floods.

Another coverage that pays for physical damage to property is known as Aviation Cargo insurance.  While liability coverage pays for damage to the property of others due to the negligence of an insured, a shipper’s cargo can be covered for specified perils during the trip and if damaged, an aviation cargo policy will pay to repair or replace the cargo.

Aviation Liability

The operation of an aircraft involves many types of risks, and one category or risks involves the possibility that others may be injured or suffer property damage due to an accident involving an aircraft.  This is where Aviation Liability insurance comes in.  Liability insurance coverage is designed primarily to protect an insured’s assets against claims of negligence by those who may have suffered injuries or damages in an accident, and Aviation Liability insurance coverage is no different.

Because aviation involves travel to a wide variety of locations, some policies have coverage restrictions or limitations regarding the territories that are covered.

Aircraft crew and Personal Accident

The aircraft crew and the pilot are presented with the risks of flight related injuries as well.  An Aircraft Crew Liability policy can provide protection that will pay when the crew or pilot is injured in an accident arising out of the operation of an aircraft.

Aviation involves so many factors of risk that it is important to have a solid insurance program in place.  Find the right policy by speaking to an insurance professional familiar with aviation insurance products.