Since the Wright Brothers first took to the skies in 1903, it seemed like mankind had finally gotten the best of gravity. Yet, when technology fails or human error provides an opportunity, what goes up must come down.
For such occasions, aircraft liability insurance offers aircraft owners peace of mind. Simply put, aircraft liability insurance covers the owner of an aircraft against financial ruin from having to pay for damages to persons or property in the event of an accident or incident. An aircraft liability insurance policy enables peace of mind and allows the pilot, often also the aircraft owner to focus on flying the plane.
Aircraft Liability Insurance is Coverage for the Inexplicable
After over 40 years in the aviation insurance industry, the team here at BWI could come up with a million reasons why you as an aircraft owner need aviation liability insurance. However, you mainly need aviation liability insurance for all the reasons we can’t think of yet. Murphy’s Law is alive and well in the skies above America and every year offers something a little new. You may think it will never happen to you, but when it does, it’s too late to add more insurance while gravity brings you back down to reality.
Aircraft liability insurance typically will offer $1,000,000 of total liability, limited to $100,000 per passenger. Now, that is indeed a good amount of coverage, but consider that the cost for liability only insurance ranges just in the hundreds of dollars. The exact cost will depend on use and model of the aircraft as well as the skills and qualifications of the pilots that fly them.
Legal Coverage In The Event You Get Sued
I’ve found that there is a general assumption among the public that aircraft owners are rich and have a lot of cash. While this is certainly true in some cases as aircraft are not cheap, but it fails to take into account the working class aircraft owner, working to put food on the table for their families. The result is that when people see an opportunity to pursue litigation against an aircraft owner, they take that path more often than not.
Aircraft liability insurance will provide for your legal defense and that is worth its weight in gold when you get sued. Legal defense can cost hundreds of thousands of dollars and a routine accident could financially ruin a pilot without the proper coverage. I assure you that the working class aircraft owner is not financially prepared for such a scenario without proper insurance coverage. Once again, the cost is just in the hundreds of dollars and it is worth every penny.
When in Doubt, Talk to a Broker
If you have any question as to whether or not you have the proper aviation liability insurance, please reach out to us. Even if you don’t choose BWI to be your broker, we’ll be very honest about whether or not you and your family are properly protected. You deserve peace of mind when you fly and aviation liability insurance will provide it.
There are only about a dozen aviation insurance carriers offering aviation liability insurance in the United States and as such, there are not a lot of carriers trying to undercut the price of one another. It really does take a dedicated broker to source the proper coverage on your behalf. So if you choose not to reach out to me, please reach out to a broker that you trust. Stay safe out there in the skies above and please reach out if we can help.
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