Piloting virtually type of craft includes inherent risks. Cars get tangled in fender benders. Boats can bang up a dock. Accidents happen — and mishaps involving aircraft require their own insurance coverage.
Protecting Your Investment in the Aviation Business
Owning an aircraft is often an expensive venture. The average cost of a light aircraft can range from $8,000 to $15,000. Scaling up to a single or multi-engine aircraft means averages from $15,000 to $300,000. It’s likely the cost of aircraft parts, operating costs, and maintenance (including inspections, gas, and storage) is high. Adding customized features or parts to your aircraft to make it uniquely yours can add more value to your aircraft as well. Therefore, in most cases, only having a standard liability insurance policy will not be sufficient coverage for your high-value aircraft in the event of major damages or loss.
Security Through Aviation Liability Insurance
Whether private or commercial, being an aircraft owner is a huge investment. According to Arroyo Insurance Services, general or commercial liability insurance is limited, however, and does not cover aircraft, bodily injury and property damage to the operator or owner. As a result, there are several liability products in the aviation business to consider:
- Liability for aircraft cargo
- Coverage for aircraft spares
- Aviation workers’ compensation and employer’s liability
- Hangarkeepers’ liability
Solid, specific coverage for your aircraft is often a smart move. Not only will aviation liability insurance significantly reduce your potential burden, but you will also be protected against risks unique to the industry.