Private Jet Insurance
BWI offers private jet insurance policies designed to protect the policyholder from the liability risk of owning and operating a private jet aircraft. Our private jet insurance policies are underwritten through the top, A+ rated, aviation insurance companies and our dedicated insurance professionals specialize only in aviation insurance.
Owning and operating a private jet aircraft can be a unique and liberating experience, but it is not without risk. It’s important to protect your assets from the increased liability risk, with a comprehensive private jet insurance policy from BWI.
What is Private Jet Insurance?
A Private jet insurance policy is an annual aircraft insurance policy, designed specifically to offer liability, medical, hull coverage and provide legal defense for policyholders of private jet aircraft.
Private jet insurance policies include liability coverage, which covers your legal liability in the event that property damage or bodily injury occurs as a result of the operation of your jet aircraft.
Private jet insurance policies also can include physical damage or (hull coverage) which offers protection for damage that occurs to the jet aircraft itself. Hull coverage is typically written on a broad form insurance policy, which means that damage to the aircraft is typically covered, unless it’s specifically excluded from the policy, in the policy exclusions section.
Private jet insurance policies also include coverage for legal defense and various other coverages (depending on the insurance company and detailed insurance quote offering) like off-airport retrieval, emergency services coverages, trip interruption coverage and passenger medical coverages.
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Private Jet Insurance Basics
Private jet insurance policies are primarily designed to protect the policyholder from the liability damages incurred during the operation of their jet aircraft. Private jet insurance policies come in many forms and are written based on the aircraft use, make and model of the jet aircraft, liability and hull coverage requested and pilot qualifications.
Private jet insurance policies including pleasure and business use, are typically further specified as owner-flown or industrial aid. Private jet insurance policies for commercial use are also offered and vary depending on the exact type of commercial use expected.
Jet aircraft owners who choose a private jet insurance policy from BWI, will enjoy several advantages such as being assigned a dedicated aviation insurance professional, experienced in both personal and commercial private jet insurance policies. BWI also offers unparalleled 24/7 customer service, and our brokerage is family owned and has been in business since 1977.
What coverages are typically offered in Private Jet Insurance policies?
Liability Coverage: Private jet insurance policies include liability coverage as standard. Liability coverage protects the policyholder against legal liability for damages arising out of bodily injury or property damage, caused by the operation of your jet aircraft. Private Jet insurance liability also provides you with legal defense, in the event you are sued as a result of the operation of your jet aircraft.
Private jet liability insurance is typically offered starting at $1,000,000 per occurrence and limited to $100,000 per passenger. Higher liability and passenger limits can be requested based on the intended use of the aircraft, pilot qualifications, liability risk, etc.
The amount of liability coverage you should get depends on a few factors:
- What is the anticipated total liability exposure when operating your jet aircraft?
- How much liability insurance protection does the policy holder need to protect them?
- We recommend carrying at least $1,000,000 in total liability insurance coverage as a minimum and increase depending on the total liability risk.
- Liability coverages can be increased during the policy if necessary but it is recommended to properly plan out liability exposure during the initial quoting process.
Private Jet Insurance Physical Damage Coverage: Jet Insurance policies also offer physical damage coverage, also known as hull coverage. Hull coverage is an optional coverage that is based on agreed value. The process typically works like this: The jet owner requests a quote for $3,000,000 in physical damage coverage, the insurance underwriter reviews and may ask to provide justification of equipment or aircraft upgrades and maintenance history. If the underwriter offers a quote for $3,000,000, then the underwriter is agreeing with the insured that the jet aircraft is worth $3,000,000. If coverage is bound, the policyholder will have up to $3,000,000 in physical damage coverage.
The amount of liability coverage you should get depends on a few factors:
- What is the replacement cost of the aircraft?
- What are similar equipped aircraft currently selling for?
- Make sure to include all equipment and aircraft upgrades.
Frequently Asked Questions
Q: How much does it cost to insure a private jet aircraft?Show Answer
A: Private jet insurance can range from $10,000 a year to $500,000 per year, depending on the liability limits requested, aircraft use (private vs commercial), hull coverage requested, pilot qualifications, etc.
Q: What is the minimum price of a private jet?Show Answer
A: The Cirrus Vision Jet is the least expensive private jet in the world at $1,960,000 for a brand new SF50 jet aircraft.
Q: Do private jets need 2 pilots?Show Answer
A: Some jets do require 2 pilots, others only one pilot. The Cirrus Vision Jet requires only one pilot.
Q: How much does it cost in fuel to fly a private jet?Show Answer
A: The average fuel cost to fly a private jet is between $1,000-$1,500 per hour in fuel.
Q: How does private jet insurance work?Show Answer
A: A private jet insurance policy is designed to provide peace of mind and protection, that should make you financially whole again in the event of an accident or incident. There are many variations, exclusions and coverage differences between private jet insurance policies, always consult your exact policy for coverage details.
