Jet Insurance is aviation insurance for your privately or commercially owned jet aircraft.
Jet Insurance is offered by aviation insurance companies through experienced brokers like BWI.
Jet Insurance has 2 main coverages:
Liability Coverage; which covers Bodily Injury, Property Damage and Legal Defense
Hull Coverage; which covers physical damage to the jet aircraft itself.
Every Jet Insurance policy includes Liability Coverage as a standard coverage on the policy. Hull Coverage is typically an optional coverage.
Liability limits for private jets start at $1,000,000 per occurrence and go up to $100,000,000 per occurrence. Liability limits also include passenger liability limits, which limits coverage on a per passenger basis. Liability limits for passengers typically start at $100,000 and can increase substantially. Passenger Liability limits are included in the total liability.
An example of this. If you have $2,000,000 in total liability coverage (per occurrence) with a $200,000 passenger limit. Let’s say you have 5 passengers in your jet and you have a fatal loss. Your insurance policy will pay $200,000 per passenger ($1,000,000) total, leaving you with the balance of the liability coverage $1,000,000 for any bodily injury or property damage sustained outside of the aircraft.
Hull Coverage in Aircraft Insurance is based on an Agreed Value vs Actual Cash Value like in Auto Insurance. Agreed value is a value agreed between you the jet owner and the insurance company.
When obtaining jet insurance quotes, you need to establish what your jet aircraft is worth or what it would cost to replace it. After you have established this number, you will next work with a jet insurance broker like BWI on your behalf, they will shop the aviation insurance market and obtain jet insurance quotes. If you receive an insurance quote that matches your agreed value amount, the insurance company is agreeing with you that your jet is worth that amount.
In the event of a total loss, the insurance company will pay you the total agreed amount less any deductibles. If your jet is insured for $5,000,000 with $0 deductibles. You will get insurance payment in the amount of $5,000,000.
Aviation Insurance companies have the option to require hull justification prior to offering a full insurance quote. Justification may include equipment lists, blue book valuations, service records and other aircraft information like AFTT (Air Frame Total Time) and TBO (Time Before Overhaul) to help justify the agreed value amount.
To obtain the very best insurance quote backed by an A+ Rated Aviation Insurance Company, contact the experts at BWI at 800-666-4359 or submit. quote request online at www.bwifly.com
BWI Aviation Insurance Agency, Inc is the Nation’s Leader in Aviation and Private Jet Insurance with offices in California and Alaska