Nearly every pilot knows the importance of having proper aviation insurance coverage in order to protect against Murphy’s Law and all the things that can go wrong in the skies above. However, not enough pilots or aircraft owners give proper thought to the amount of damage and liability that can take place on the ground. You see, an aircraft isn’t like your car where there is little chance of it taking on damage while sitting in the garage. Aircraft operate in industrial and commercial environments where heavy equipment is moving throughout the airfield or hangar on a regular basis. Not to mention that hangars are designed to be light and can take on storm and weather damage quite easily. There are a host of things that can go wrong, but thankfully, there is an aviation insurance solution for each one.
A Hangar Insurance Solution for Every Liability
Hangarkeepers insurance policies provide liability protection when an aircraft is damaged while in your care, custody or control. Not all hangars are the same and as such, you need a unique solution that meets your unique needs. For example, if you are a solo plane owner who is simply looking to store your own privately owned plane, tools, and maintenance equipment, your liability is truly your own. However if you are storing, repairing or safekeeping an aircraft that you don’t own, you need an insurance solution that protects your property from loss or perhaps those operating within the hangar from injury.
Most modern airports have fixed-base operators (FBO’s). These are organizations that are granted rights by an airport to conduct aviation based services such as refueling, de-icing, maintenance, aircraft rental, and the list goes on and on. They typically require larger hangers the amount and expense of tools within these structures can be quite high. The last thing you want to happen is have a catastrophic incident take place within your hangar only to find out that you are under covered. So a very honest and candid conversation with your aviation insurance broker is necessary to make sure you are good to go.
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So What is Hangarkeepers Insurance?
You hear a lot of conversation about hangarkeepers insurance, but it is important to recognize that hangar keepers insurance is just one part of the story. That being said, it’s an extremely important part of the story for FBOs. This is a specialized type of liability coverage that is specifically created for airplane hangar owners who allow third-parties to keep their aircraft in the hangar. Think about an FBO that conducts maintenance on other aircraft and then allows that aircraft to become seriously damaged while in their care.
As a result, it is almost a universal maxim that if you are going to host a third-party aircraft in your hangar for any reason, then you need hangar keepers insurance. Not to mention the fact that hangar keepers insurance will also help protect you from legal liability by providing for court costs, legal fees and other losses as a result of litigation.
Hangarkeepers Insurance Policies Offer Coverages Such As:
• Premises Liability Coverage:
o This coverage offers 3rd party protection for the aviation business or policyholder, in the event of an accident or incident occurring within the hangar or property premises.
o Legal Liability: If the policyholder is sued, your hangarkeepers liability insurance policy will pay for your legal defense to protect you from a claim.
• Hangarkeepers Liability
o Covers liabilities incurred for aircraft within your control such as physical damages to aircraft, loss of use and loss of value.
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Get a no-obligation, customized Hangar Keepers Insurance Quote Today at www.bwifly.com or call 800.666.4359
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