Aviation Liability Insurance: Policies Covered In Aviation Liability Insurance

Aviation liability insurance

Aviation Liability Insurance

Aviation liability insurance is a type of insurance coverage designed to protect individuals and businesses in the aviation industry from financial losses resulting from aircraft accidents and incidents.

It provides coverage for bodily injury or property damage to third parties, such as passengers, other aircraft, or individuals on the ground, caused by the insured aircraft.

How it works

When an aviation operator or owner purchases liability insurance, they enter into a contract with an insurance company.

In exchange for the premium payments, the insurance company agrees to provide financial protection up to the policy limits in case of covered events.

If an accident or incident occurs, and the insured is found legally responsible for causing bodily injury or property damage to others.

The insurance company will cover the costs associated with legal defense and the compensation owed to the affected parties.

Policies covered in Aviation liability insurance

Aviation liability insurance can have several components, including:

  1. Third-party bodily injury: Coverage for injuries sustained by individuals who are not passengers or crew members of the insured aircraft.
  2. Passenger liability: Protection for bodily injury to passengers traveling on the insured aircraft.
  3. Property damage: Coverage for damage to third-party property caused by the insured aircraft.
  4. Combined Single Limit (CSL): A single limit for both bodily injury and property damage claims.

 

Best aviation liability insurance companies in the USA

It’s important to note that insurance company rankings can change over time, and different companies might excel in different areas.

insurance needs vary depending on the type of aviation operations (e.g., private aircraft, commercial airlines, charter services) and specific requirements.

As of the last update in September 2021, some of the reputable aviation liability insurance providers in the USA included:

  1. AIG Aerospace Insurance Services, Inc.
  2. Global Aerospace, Inc.
  3. USAIG (United States Aircraft Insurance Group)
  4. Starr Aviation Insurance
  5. Old Republic Aerospace, Inc.

Spread the love