Personal Insurance

Aircraft Hull and Liability Coverage

Wells Insurance

Since flying is considered a high-risk activity, it’s extremely important to obtain comprehensive insurance coverage to protect an aircraft and its occupants.

Coverage
A basic aircraft hull and liability insurance policy protects against physical loss or damage risks, such as the following:

  • Physical damage
  • Passengers, baggage and cargo carried on the aircraft
  • Medical coverage for passengers, pilots and crew members
  • Aircraft third-party liability (damage to individuals or property outside of the aircraft itself)

The specific deductible, premium and policy limit for an aircraft hull and liability policy depends on a variety of factors, the most important of which are the value of the aircraft and how it’s used.

For example, a policy written for a recreational general aviation aircraft may have a $0 deductible, while policies for commercial airliners have extremely high deductibles and policy limits.

Most aircraft hull and liability insurance policies are arranged on an agreed value basis, in which an underwriter places a fixed value on the aircraft at the beginning of the policy. Then, in the event of a loss, the insurer will pay for repairs, or the agreed value of the aircraft minus the deductible in the event of a total loss.

Coverage Options
Because there are so many risks involved in both recreational and commercial flying, you need to ensure that you and your aircraft are properly insured. Many insurers also offer the following coverage for added protection:

  • Geographic limits
  • Premises medical coverage
  • Emergency expense reimbursement
  • Non-owned hangars and contents coverage
  • Personal effects and baggage coverage
  • Trip interruption expense coverage
  • Spare engines and parts coverage
  • War risks coverage
  • Ground risk coverage

Just like other types of insurance, you can expect to see substantial savings on an aircraft hull and liability policy by managing your risks carefully. The best ways to ensure the safety of an aircraft and those onboard is to obtain extra training for pilots, outfit the craft with safety features and ensure that it’s properly maintained at all times.

To learn more about our insurance and asset protection planning expertise, contact us today.