Aviation insurance companies help cover physical damage of aircraft, legal liability arising out of its possession and operation of an aircraft accident. Aviation Insurance can also include passenger injuries, ecological or environmental, and third-party damage triggered by aircraft accidents.
Aviation insurance is not similar to other areas of transportation, tends to integrate aviation terminology, boundary, and regulation (sections) specific to the industry.
Aviation Insurance was first introduced in the 20th century by Lloyd’s of London. They first wrote the aviation insurance policy back in 1911. Moreover, the first professional aviation insurers appeared in 1924. In 1929, the Warsaw Convention regulated the terms, conditions, and limitations of agreement of liability of aviation insurance.
Aviation Insurance Coverage
Regulation and policies are inscribed to cover up the liability of the operator or owner for physical injury to passengers or to the crew (control cabin, ground staff, or cabin crew) other than passengers and for property impairment.
Medicinal costs, containing loss of income, are typically paid to passengers who are suffering permanent disability deprived of the condition of verifying negligence. This kind of coverage is called admitted liability insurance.
Types of Insurance Aviation Insurance Companies Offer
Public Liability Insurance
This Aviation insurance coverage is referred to third party liability insurances aircraft proprietors for impairment that their aircraft did to third party assets, such as:
- Airport facilities
- Other aircraft struck in an accident.
Public liability insurance is compulsory in maximum countries and is typically purchased in stated entire amounts per incident, such as $1,000,000 or $5,000,000.
Passenger liability Insurance
Aviation insurance of passenger liability defends passenger’s onboard accident aircraft who are hurt or killed. In several countries, this coverage is compulsory only for commercial or large aircraft. This covers on a “per-seat” basis, with the identified limit for each passenger seat.
Ground Risk Hull Insurance Not In Motion
This delivers coverage for the insured aircraft in contradiction of damage when it is on the ground rather than in motion.
This would offer fortification for the aircraft for such actions as
- Animal damage
- Wind or hailstorms
- Hangar collapse
- In insured vehicles/aircraft striking the aircraft
Ground Risk Hull insurance In Motion
This delivery coverage is related to ground risk hull insurance, not in motion, but delivers coverage while the aircraft is on taxiing, or pushback before taking off or landing.
In-flight coverage delivers defense of a protected aircraft against damage during all stages of flight and ground operation, including parking, take-off, landing, and inflight.
Aviation Insurance Companies
They are many aviation insurance companies that can be chosen. Below is a list of the top aviation insurance companies that can be chosen.
London Aviation Underwriters Insurance
The London Aviation Underwriters (LAU) marketplace is the largest distinct center for aviation insurance. LAU insurance’s managers manage the largest distinct center for aviation insurance. The rest of the world have their national aviation insurance markets and some of them are in various countries, each hooked on the aviation activity within each country.
The United States has a great percentage of the world’s overall aviation fleet and has a great recognized market. As per the GAMA (General Aviation Manufacturers Association) report of 2014, there is 362,000 general aviation fleet globally, and out of 362,000 fleets, 199,000 (55%) are from the United States. Besides it, there are many given Aviation Insurance Companies providing insurance all over the world.
EAA Insurance Solutions
EAA provides exclusive coverage on insurance solutions over an extensive range of aircraft and aviation activities. EAA Insurance Solutions provides aircraft insurance policies accessible for all types of aircraft comprising standard commercial, experimental vintage, aerobatic containing contests and airshows, warbirds, and Seaplanes.
They provide exclusive coverage of given insurance solutions:
- EAA Aircraft Insurance for U.S. Members
- Non-Owned Aircraft Insurance
- Personal Insurance
- C-PLAN Aircraft Insurance
- Powered Parachutes & Trike Insurance
- International Aerobatics Club Insurance
- Vintage Aircraft Association Insurance
- Warbirds of America Insurance
Falcon Aviation Insurance
Falcon is well known Aviation Insurance superior service provider with over 40 years of experience to cover up all the needs of Aviation. Falcon Insurance Agency with the capability, promise, and resources provides and handle all type of aviation insurance necessities. Moreover, Falcon is the world’s largest Aviation insurance agency and having licensed in 50 states, and dealing with 25,000 individuals Aviation clients.
They provide Superior services in the following categories:
- Personal Aircraft
- Business & Commercial Aircraft
- Rotor Wing Aircraft
- Aviation businesses
- Agricultural Aviation
- Warbirds / Vintage Aircraft
- Drones & UAVs
- Non-Owned Liability
- Drop Zone Insurance
- Life Insurance for Pilots
- Aviation Professional Services Liability Insurance
American International Group (AIG)
American International group of insurances also known as AIG, having a corporation with 80 Countries and employed 49,600 people. The AIG activates three fundamental businesses:
- General Insurance
- Life & Retirement
- Technology-enabled subsidiary
AIG is providing services in Aerospace & Aviation Insurance for over 70 years. The services they have include:
- Airline Insurance
- Airports, Ground Handlers, and Service Providers Liability
- Aviation Workers’ Compensation
- General Aviation
- Salvaged Aircraft
- Unmanned Aircraft Solutions
USAA Aviation Insurance
USAA aviation insurance is a great Aviation insurance solution coverage provider, they provide services in the vast field of Aviation with higher liability limits. Insurance includes:
Your Personal Aircraft
- Flying a single-engine aircraft
- Flying a light jet
Your Business and Commercial Aircraft
- Owning or operating a business jet or a fleet
- Operating a flight school
- Aerial photography
Your Aviation Business
- Repairing and maintaining aircraft
- Working in aviation manufacturing
- Fuel sales and hangar rentals
- Learning to fly
- Instructing or flying a friend or someone else’s aircraft
Starr Aviation Insurance
Starr Aviation insurance is for propelling your business skyward. They are global leaders in Aviation insurance solution service providers in a unique way while understanding the need of business.
- Airports: Municipal, Commercial, Regional & Private
- Helipads: Hospital, Corporate & Private
- Fixed Base Operators
- Charter & Cargo Operations
- Airport Service
- Corporate, Corporate Non-Owned & Jet Aircraft
- Small to Middle-Market Commercial Aircraft
- Personal Non-Owned
- Aerial Applicators
- Small Components Aircraft Products
- Private, Instructor & Renter Pilots
- Drone Operators
Airline & Aerospace Manufacturers
- Aircraft Manufacturers
- Aircraft & Aerospace Component Manufacturers
- Aircraft Engine Manufacturers
- Satellite Operators: Including Telecommunications, Direct Broadcast, Broadband, Navigation, Imaging
- Satellite Manufacturers
- Launch Service Providers
- Aircraft Hull & Liability
- Corporate Non-Owned Aircraft Liability
- General Liability
- Products & Completed Operations Liability
- Workers’ Compensation
- Foreign Voluntary Compensation
- Defense Base Act
- Property Coverage
- Business Interruption
- Drone Insurance
- Launch plus In-Orbit Risks
- in-Orbit Coverage
- Satellite Incentive Coverage
- Launch Risk Guarantee
- Third-Party Legal Liability
- Rocket Engine Testing
- Defense Base Act
- Property Coverage
- Business Interruption
Different Aircraft Have Different Needs
State rules asking aircraft insurance from operators, if you are scheduling international operations, then you will need extra worldwide liability coverage. Many aviation insurance companies providing coverage or servicing, pick a suitable one for a successful business. Just like a car, risks are present when operating an aircraft. Insurance ensures you or someone else’s mistakes does not completely jeopardize the rest of a pilot’s flying career.