Aviation insurance is one of the very global insurance classes by nature. There is a common feature between aviation and marine is that your “vehicle” moves on top of matter that doesn’t carry it without special structure of said vehicle. If something goes wrong, you can’t just park where you are without high probability to lose your vehicle. No matter where you insure your beloved craft, the principles are very much the same, following from all the international conventions and agreements, which very much stipulate the rules and regulations concerning everything in aviation. The difference between one solution and another comes from the willingness of each insurer to grow and deepen the operations in any given area. The most professional insurance companies have already long been underwriting their business over a vast geographical area. In case some specialization is preferred, it is more into the kind of craft and purpose of aviation they wish to concentrate on.
Aviation Hull is like KASKO for your Porsche, sweet payments without any visible purpose. That is, until something happens. Unlike with your earthly car, aviation accidents tend to have more serious consequences for the airplane. Hardly ever you just knock off a blinker or something like that, as could happen on the road. Also, repairs can’t be done by any village smith, it takes a more costly but trained and examined professional to put pieces back together. All that comes with a price tag you don’t want to imagine without being properly insured. Some insurers might for example limit compensations to different parts of craft in various ways. It is therefore a good idea to have us to see that you get a hassle-free policy with state-of-the-art pricing and other qualities.
Whenever you serve other people, you end up having a liability concerning the people and their belongings affected by your services. Common law, common practice and of course, common sense. In aviation, the liabilities are clearly defined by international rules, which are in force in all of the civilized world. That makes things more simple. The complicity comes from the know how of each insurance company to apply the rules to each individual case and their ability to handle such cases in general. Again, can’t recommend easier solution than having us to help you sort this out. Just for the sake of main principles, we list out the most common forms of liabilities you might have if practicing aviation, either as a hobby or as a profession.
Statutory third party liability: Compulsory insurance to cover losses to outsiders happening because you use your aircraft. Sadly, often the pilot or otherwise responsible person is not with us any more after major accidents, therefore an insurance company must be engaged to handle losses to innocent ones concerning accidents. With an aircraft you can cause bigger losses than you ever could pay back, which also suggests that an insurance policy is a good thing to have on a compulsory basis.
Statutory Passengers Legal Liability: Another compulsory insurance to cover liabilities arising from accepting passengers onboard your aircraft. This is supposed to cover any injuries to passengers and damages to their accompanying baggage, including also other bad incidents even to passengers' clothes.
Seat Accident Liability: This insurance is voluntary but recommended. It covers injuries to passengers and also pilots and crew. Insurance includes the time of boarding, flight and leaving the aircraft.
Freight Liability: As with any freight carrier, be it a truck, ship or airplane, there is an insurance to cover carriers' liability concerning the freight they carry. Naturally, it does not replace decent cargo insurance, unless the cargo value per kg is very low.
Aircrafts are not fully safe even when they don’t fly. Even huge buildings get damage time to time, for various reasons. Smaller aircraft can be packed into the shelter of sturdy buildings, but bigger ones relatively often stay outside waiting for the season to start. Other than aircraft risks are mostly related to ground operations supporting the aviation activity. Professional aviation naturally has more functions and also liabilities on the ground. As examples, some sources of hazards can be listed as follows: Hangars, stevedores, airports or air traffic control.