Aviation insurance specifically for aircrafts
Insuring an aircraft is a demanding matter. This is because aircraft insurance consists of more than just the aircraft and a matching liability insurance or hull insurance. Besides the individual parts of an aircraft (electronics, engine or spare parts), the pilots, flight instructors and passengers on board are of particular importance. Thus, a wide variety of insurances can be relevant for an aircraft. You can see in the following overview how wide the spectrum can be for aircraft insurance.
Possible aircraft insurances at a glance:
- Third Party Legal Liability Insurance
- CSL (Combined Single Limit) Insurance
- Passenger Liability Insurance
- Liability War Insurance
- Personal Accident Insurance
- Hull Insurance
- Hull War Insurance
- Ground Handling Liability Insurance
- Spare Parts Insurance
- Hull Deductibel Insurance
- Engine Insurance
- Electronic Insurance
- Cyber Insurance
- Hangar Liability Insurance
- Transport Insurance
- Exhibition Insurance
- Fleet Insurance
Depending on the aircraft insurance, there are different issues to consider. Hull insurance is contracted with an excess. This deductible usually applies in the case of a partial loss, but in rare cases also in the case of a total loss. If the excess is very high, a hull excess insurance policy could also be useful. If your aircraft has special instrumentation, hull insurance is highly recommended.
In addition, there are other scenarios to think about. For example, if your aircraft is not scheduled to fly for a certain period of time. Then it might be worthwhile to take out hull and machinery insurance. This covers all risks - with the exception of the flight risk, of course. Aircraft insurance for your fleet offers a similar option. Thanks to hull downtime insurance (lay-up), you can benefit if your aircraft remain on the ground for longer. From a predetermined number of days, the insurance premium is then reduced.