Aviation insurance: what’s right for you and your business needs?

Like other high-cost, high-risk industries, aviation has its own unique risks. After all, there aren’t many multi-million dollar machines that can be brought down by an untimely collision with a bird.

While happily the global airline industry is having some of its safest years in terms of fatal accidents, there are other factors that still present severe liability.

The high value of aircraft, costly repairs and significant liability awards to crash victims means it’s never been more important to ensure airlines, manufacturers and airports have the right kind of coverage to help protect staff, systems and the business as a whole.

Different types aviation insurance

The different types aviation insurance include:

Carriers liability insurance

A compulsory insurance for any carrier who carries passengers to, from or within Australia, it ensures compensation to any passenger should death or injury occur during an air accident.

Aircraft Hull and Liability Insurance

Protecting companies that use planes or aircraft for business use, hull insurance covers any physical damage to the aircraft. Different kinds of insurance may protect the aircraft whether it is on ground and in flight, not in flight, or not in motion. Hull insurance doesn’t typically insure against wear and tear, terrorist acts or hijacking.

Hangarkeepers Liability Insurance

Small or large, aircraft are expensive. If you own or rent a hangar you can give your clients peace of mind by having cover that insures against destruction or damage caused to aircraft in your care, whether for storage, repair or other. This cover also includes public liability around your premises.

Covering all the variables

With each type of aviation insurance there can be a lot of variables and it might not always be clear what you do and don’t need.

While no one wants to pay premiums for coverage they won’t use, it’s imperative that you have the correct cover for your personal and professional protection. Aviation is a high-cost industry and it’s not excessive to say that there are billions of dollars’ worth of claims made each year.

As your broker we can make sure you have the correct kind of coverage for you, so you’re only spending what you want, but you’re always covered when in need.