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Tag Archives: airplanes
Finding a Hangar is getting more difficult.
The cost to hangar your aircraft hit a new weird high today!
We heard from a customer today about the difficulty in getting a hangar in the their local area. After looking around, the owner found it cheaper to hangar the plane in a neighboring state, besides there were waiting lists to get a hangar in the local area.
Who would have thought it is cheaper to hop an airline to fly to where the customer can rent hangar space and do some leisure flying for the weekend than it was to tie the aircraft out on the customer’s local field.
What is Liability Insurance?
Confused about what liability insurance is?
Aviation liability insurance is pretty confusing. Actually not just aviation insurance, all insurance can be confusing. So i thought id share a little bit of information.
Typically, liability coverage, in an aviation insurance policy, will be for property damage and bodily injury. The following definitions were taken from various policies and simplified as best as possible.
“Property damage” means any physical damage to “tangible” property. This coverage does not cover the aircraft itself, any of your own property or property that you are in charge of. This is just for the property belonging to others that was damaged by the accident.
Liability also covers “bodily injury”, which is pretty simple. This means the physical (bodily) injury to or the death of a person.
There is another coverage included or added. This coverage is called medical payment (med pay). This is the amount that the insurance company will pay for a persons immediate medical expense such as an ambulance ride after the accident, emergency room visit, etc. This coverage is usually in amounts such as $1,000, $5,000 or maybe $10,000.
Here is a quick video rundown of liability in aircraft insurance. Hopefully it will help clear a few things up. If not or you have more questions feel free to contact me.