Aviation Insurance: Get Aircraft Cover From the Experts

Australia is a nation on the move. While the recent worldwide health crisis has slowed travel, it certainly has not halted it. However, traditional commercial air travel is losing ground to smaller private companies, and those who are able to are purchasing their own planes.

With an increase in smaller planes in the air, there is an increased potential for insurance claims. This fact begs the question, ‘Do I have the right aviation insurance coverage and are the amounts sufficient for my needs?’

Aircraft liability cover

What is Aviation Insurance?

Aviation insurance cover will protect you from the liability and risks associated with owning and operating an aircraft. Your aviation insurance policy should cover:

  • Passengers and crew in the event of accident or illness
  • Damage or loss of cargo
  • Loss of life or injury as a result of air travel
  • Damage to the plane including the hull
  • Unforeseen circumstances

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Who Should Have Aviation Insurance?

Because there are several types of aviation insurance, many groups of people should consider the cover. These include:

  • Aircraft owners
  • Operators of an airline or charter service
  • Pilots
  • Hanger operators
  • Refuelers
  • Baggage and cargo handlers
Corporate

If I Do Not Use My Aircraft for Business Purposes, Do I Need Aviation Cover?

Whether your aircraft is a part of your business or strictly for pleasure, you should have an aviation insurance policy.

Type of Cover
Potential Benefits
Aircraft Aerial Application Liability
This policy is best for those engaging in aerial agriculture. It will cover liability from chemical drift
Aircraft Non-ownership Liability
Designed for private pilots, charter operators and other non-owners, a non-ownership policy covers liability occurring because of the hiring of an aircraft
Aircraft Hull and Liability
The policy covers the loss or damage of your plane. Additionally, third party liability falls under this cover. Generally, if you own a plane, this is your primary insurance
Hangar Keeper’s Liability
If your business operates in or around airports, hangars keeper’s liability can work along with an aviation business policy. This will cover liability resulting from damage to aircraft under your care. Additionally, this cover can protect you when selling products for planes or for service you perform on aircrafts
Remotely Piloted Aircraft (RPA)
An RPA policy is typically for those who own and operate aircraft that are remotely piloted. In the event of an accident, the RPA policy will cover personal injury as well as property damage.
Specialist Insurance Cover
The specialist cover is for businesses operating in or around airports as well as refuellers and ground handlers.

What is Not Covered?

Your aviation policy can vary greatly depending on numerous factors. Speak with your insurance expert to learn the details about coverage, exclusions, and cost.

Points of Interest

  • The incidents leading to an aviation policy claim include issues with aircraft systems, weather problems, and wildlife strike
  • In 2016, nearly 230 aircraft were a part of an accident in Australia. Additionally, 291 were involved in a severe accident
  • Australian airports are consistently experiencing an increase in plane movements.
  • In a 2018 report, the Australian Safety Transport Bureau explained that there is significant growth in the use of general and recreational aircraft. Additionally, the number of accidents and fatal accidents are higher

 

NOTE: The content provided is for informational use only. It is not a substitute for professional insurance guidance.

Case Study

A fire breaks out in a hanger where a plane awaiting service experiences irreparable damage. However, because the owner carries the proper aviation insurance, the owner of the ruined plane will receive compensation that equals the value of the aircraft damaged in the fire.

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