Aircraft hangars serve multiple uses, from aircraft storage and warehouse facilities to repair and refueling facilities. Whether you own a hangar or you use or rent one for commercial purposes, having aircraft hangar insurance is critical. Insurance protects the structure, the contents, and you or your business from liability for injuries, damage, or pollution.
Types of Aircraft Hangar Insurance
Like other types of insurance, aircraft hangar coverage includes a few options. You might need more than one type of coverage, depending on your situation.
If you own the aircraft hangar, building insurance is essential protection against damage to the hangar itself. Basic insurance usually offers protection for fire, vandalism, winter storm damage, and some types of water damage, among other concerns. The coverage will help pay for repairs to the building should an incident occur.
Business personal property insurance
Sometimes also called contents insurance, business personal property insurance covers the contents of your building. Property can range from equipment and tools to electronics and fuel tanks. It doesn’t cover your aircraft while it’s in the hangar, but you can add ground risk hull coverage to your airplane insurance. This will protect it from loss or damage while it’s on the ground or in the hangar.
Hangarkeeper liability insurance protects you from loss or damage to an aircraft you don’t own, lease, or rent while it’s in your care or on your property. This coverage will pay to repair or replace the owner’s aircraft. You may need this type of insurance if you repair or handle other people’s aircraft or if you lease or sublet a hangar to aircraft owners who store aircraft there.
Premises liability is the basic insurance that protects you or your business from accidents that happen on your property. This kind of insurance will pay for damages or medical payments if a guest, customer, contractor, or even trespasser gets hurt or their property is damaged in your hangar. If other people enter the hangar you own or rent, you should have premises liability.
Products liability covers your business from injury or property damage related to any products you use, handle, service, sell, repair, or supply in connection with aircraft. This insurance helps pay for damages and legal costs if someone is hurt or an airplane or other aviation product is damaged after using your product. If you work out of a hangar, you can add this coverage to your liability policy.
You might store specialized aviation fuel and chemicals in your aircraft hangar. Pollution liability insurance protects you and your business from liability if these chemicals accidentally leak into the soil or groundwater. The insurance policy will help pay for damages and cleanup costs.
Tips for Buying Aircraft Hangar Insurance
There are no one-size-fits-all insurance plans. However, aircraft and aviation-related businesses and property are expensive, so maximum coverage is important. There are some points to consider to ensure you have the right policy.
Look for a broker with the National Hangar Insurance Program
The aviation industry has unique insurance requirements. A local insurance broker or agent who sells standard policies might not understand the costs associated with aircraft and hangars. They might sell you general liability or business property insurance, but these may not give you the best coverage. You need a hangar policy from the National Hangar Insurance Program (NHIP). Look for a broker or independent agent who is a member of NHIP.
Know the value of your contents
Find an agent with aviation experience. Hangars, aircraft, and aviation-related tools and supplies are costly. An inexperienced or general underwriter may compare your property to other industries and mistakenly undervalue your contents. Or they may not know the difference in cost between aircraft. This could leave you without proper coverage.
Know your coverage
Your hangar might be the perfect place to store some of your other recreational machines, like a boat or a travel trailer. Hangar insurance doesn’t cover these items, though. While you can still store them in your hangar, you’ll need additional coverage for these items.
Why choose BWI Aviation Insurance?
Over our 42 year history, BWI has built longstanding relationships with all of the above Aviation Insurance Companies. We work hand in hand with the above companies and leverage our experience to find the best market for your particular airplane insurance risk.
To ensure that you are getting the absolute lowest rate and best coverage with a rock solid A+ rated Aviation Insurance company, get a quote with BWI today. We specialize only in Airplane Insurance and our office is open 12 hours a day. Our agents are friendly and knowledgeable, and most importantly they are agents that you can trust to get you the best coverage for your needs. Aviation Insurance is all that we do and have done for 42 years.
Call 800.666.4359 today for a free Airplane Insurance Quote or Click Here to submit a quote request online.
BWI is the Nation’s Leader in Aviation Insurance, with offices based in Corona, CA and Anchorage, AK.