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Suvarnabhumi » Aircraft Insurance


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Aircraft InsuranceAircraft in this context includes Balloons, Gliders, Gyroplanes and Helicopters.

Many states/countries require that owners and/or operators of aircraft have insurance covering their aircraft and operations. At a minimum, states/countries usually require third-party liability coverage. This applies to injuries to third-persons that result from operation of the aircraft. Additionally, if the aircraft is pledged as collateral for financing, the lender will require that the Aircraft owner/operator have hull coverage and/or replacement value insurance to insure the value of the aircraft collateral.

Obtaining the Policy

Typically the owner/operator apply for aircraft insurance through an insurance agent or broker who represents an insurance company or companies that provide aircraft insurance policies. The insurance company then reviews the application and does any additional investigation necessary for it to assess its risk in providing the owner/operator with insurance for aircraft or operations. Its risk is the likelihood that it may have to pay out on a claim against the owner/operator policy.

In exchange for its acceptance of risk, the insurance company charges the owner/operator a premium. The amount of that premium is a direct product of the amount of risk that the insurance company is assuming by extending coverage to the owner/operator aircraft or operation. The greater the risk, the more expensive the insurance coverage will be. In some cases, the insurance company may not be willing to accept a particular risk for any price.

Factors that affect the underwriting decision include type of aircraft, pilot qualifications (e.g. total time, time in type, pilot certificates/ratings), nature of the operation (e.g. pleasure, business, Part 91 or Part 135) and base of operations.

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