The Importance of Liability Coverage for Aviation Professionals

Grey Airliner

If you are in the aviation business, then it is important to deal with the complicated exposures involved with the risks of this industry. You need aircraft insurance, and that insurance has to include liability coverage. Whether you get a comprehensive umbrella policy or a collection of different policies, you need to include appropriate aviation general liability insurance in the mix.

Aviation Professional Liability Insurance: What Is It?

Many people only think about the aviation industry when they need to fly from one city to the next. However, pilots and other professionals who support the industry know there is a lot more than that involved. They have to make decisions that maintain the smooth functioning of the industry.

Aviation engineers are sometimes tasked with designing airport ramps or coming up with aerodynamic plans for a new kind of airplane. Pilots can be responsible for inspecting a plane that will be sold, and they have to note the necessary repairs. Air traffic control experts can help airlines make their schedules based on effective flight movement and management.

Any mistake made by any of these professionals will have repercussions that extend beyond them. If an airport has a bad layout, then substantial delays could happen a lot. A plane sold with maintenance problems might cost the next owner flight time and repair bills. It might even wind up being a part of an accident that causes injuries or fatalities.

If the professional guidance of a pilot or other industry expert results in another party suffering a financial loss, then they might point the finger at you. They can demand compensation, and they might even sue you. You will need help countering all that, whether you made intentional mistakes or not.

This is where aviation liability insurance comes into play. It can help you replay anyone impacted by your professional mistakes, and it can also help you maintain your financial sustainability in business matters. The right insurance covers both legal fees and remittances that happen due to a lawsuit.

Why Should You Get Liability Insurance?

If you fly, you require aviation liability insurance. This is just as true for pilots and professionals associated with commercial passenger airliners as it is if you work for a private jet charter service, such as Stratos Jet Charters. Customers, companies, and your fellow professionals are all going to expect you to have coverage. You should probably have it, even if your only aviation activity is operating drones.

Fortunately, aircraft liability insurance is very affordable. It is economical enough that anyone in the industry should be able to pay the premiums. Those premiums will cover your legal defense and the cost of damages if you are sued or pursued for compensation.

The biggest reason to get it is simply for legal or industry compliance. Depending on where you fly, government laws and industry regulations might not let you even operate or fly in your industry niche if you do not have coverage.

Factors That Influence Cost

As with most insurance policies, you might need to shop around to get an idea of how much it will cost. However, there are certain factors you can know in advance that will impact the price of your premiums. Your professional experience and record will impact the policy quite a bit.

The amount of deductible you choose will also factor into your premiums, as higher deductibles lower your premiums. This is the same as most other forms of insurance.

The kind of aircraft you are insuring will impact the price of your policy, too, as aircraft liability policies cover anything from drones to full-fledged jets. The insurance broker needs to know where it will operate, what its purpose will be, how frequently it flies, and its size, age, and market value. Cargo and passenger capacity also factor into this.

Conclusion

One final thing you need to know about aviation liability insurance is that you have to make sure what it does and does not cover. For instance, many liability plans for aviation professionals might not cover things such as breach of contracts or third-party injuries, or property damage. Consult an aviation insurance professional to make sure your coverage is your best bet at risk management.

Tags:

Raja Rajan Avatar

Help Us Grow

If you like this post, please share it with your friends.

You are free to copy and redistribute this article in any medium or format, as long as you keep the links in the article or provide a link back to this page.

Subscribe to Newsletter




Privacy Settings

Privacy & Cookie Overview

Our website uses cookies to provide you with the best user experience possible. These cookies are stored in your browser and perform essential functions such as recognizing you when you return to our website, as well as helping us to understand which sections of the website you find most useful and engaging.

To learn more, you can read our Privacy & Cookie Policy or reach out through our Contact form.

Strictly Necessary Cookies

Strictly Necessary Cookies must always be enabled to ensure the proper functioning of this website and to allow us to provide you with excellent service. These cookies are also essential for saving your cookie preferences.

Google Adsense

We use Google AdSense to keep this site free by displaying relevant ads. AdSense requires essential cookies that cannot be disabled, but you can manage other cookies. We respect your privacy and provide options to control non-essential cookies.

For more details on how Google handles your data, visit Google's Data Usage Policy. Please review our Privacy Policy for more information on how we protect your data.

AddToAny

We use AddToAny for social sharing. It doesnโ€™t store cookies, ensuring a privacy-friendly experience. AddToAny complies with GDPR and CCPA by default.

For more, see their Privacy Policy.

OneSignal

We use OneSignal to send notifications to users who opt in. OneSignal complies with GDPR and is certified under the EU-US and Swiss-US Privacy Shield frameworks.

For more, see their Privacy Policy.

3rd Party Cookies

This website utilizes third-party cookies, which can enhance your experience and support our ongoing efforts to improve our services.

Google Analytics

We use Google Analytics to collect anonymous data, such as visitor numbers and popular pages, to improve user experience and site performance. Keeping this cookie enabled helps us refine the site based on visitor activity.

For more information, see Googleโ€™s Privacy Policy.

Discover more from Prime Inspiration

Subscribe now to keep reading and get access to the full archive.

Continue reading