Aviation Insurance: What You need to know
Aviation insurance is a form of property and liability coverage for flying machines. This includes airplanes, seaplanes, vintage specimens and other kinds of aircraft. It generlaly encompasses the cost of damage repairs for the lgiht conveyances, but it may also apply to related land property such as hangars where they are stored or airports. Avaiation insurance may also include coverage for companies involved in manufacture or suppply of aerospace products. Liability for thir parties that includes indemnification for harm to ther aviation vehicles, as well as medical bills for any treatment required is also common in such policies. These plans may also protect personal belongings for any passengers in these vehicles.
Aviation insurance is an important precaution for situations where planes in flight experience technical or weather difficulties that cause wrecks or forced landing. There are also the costs associated with the treatment of injuries for the pilot and any passengers, an emergency landing if necessary including search and rescure as well as money needed to fix physical damages incurred by the aircraft itself. This coverage also secures against claims or lawsuits that may be filed by non-operators who wer on the aircraft. It is important for all owners of machiens made for flying to have this insurance, particularly if their craft is used for business.
Setting yourself up for success when going to market for insurance starts with making sure you’re prepared. “Paperwork can be a burden, but it’s a crucial part of the aviation insurance world and can help you achieve better results,” Gulson said. “Providing updated data points on aircraft, pilots, training, utilization and sales, as well as material changes in risk can give underwriters the information they need to perform an evaluation.” Gulson also says that quoting from expired information as well as without signed applications another supporting data will likely result in drawing unfavorable responses at renewal.
Next, Gulson recommends being prompt when submitting your data. The more prompt you are, the more critical time you allow to draw interest. “Underwriters do not appreciate last-minute submissions and they typically generate very little interest,” he said. Gulson also notes that this can be a great opportunity to evaluate your training practices. Regularly scheduled training courses are the gold standard when it comes to earning more favorable insurance rates.
Shopping for aviation insurance options might seem overwhelming, especially in the current market. Not to fear! With the knowledge and guidance of HUB’s Aviation Risk Management Team, you’re en route to success. HUB is committed to helping clients find policies that serve their specific needs and interests.
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Great North Insurance/HUB offers many valuable services that can make owning, operating and protecting your aviation investment easier, including:
Aviation Insurance Tip
HUB’s aircraft insurance specialists have the knowledge and expertise to help you navigate the risks of ownership with an aviation program that’s right for your business. Coverage may include: