Helicopter Insurance Kentucky Policy Information
Helicopter Insurance Kentucky. Whether you use a helicopter to escort clients on personal business trips, sightseeing tours, or to perform search and rescue missions, while these versatile machines are certainly beneficial, they also pose certain risks.
From injuries to accidents, and from damage while landing or from storms, there are a number of risks that you can be exposed to as a KY helicopter owner and operator. To protect yourself from those risks, making sure that you are properly insured is an absolute must.
Helicopter owners rent or charter helicopters for rides, lessons, and tours. They may offer aerial services for news and weather reports, aerial photography, emergency services in remote, rural, or hard-to-reach areas, emergency services during natural disasters, medical emergency transport, rescue services, police services, traffic control services, lifting services for construction operations, and military operations.
All pilots must have Federal Aviation Administration (FAA) licensing for the type of aircraft being flown. Helicopters vibrate during operation. Without ongoing maintenance, critical parts can come loose. Strict compliance with FAA standards for the type, maintenance, and use of the aircraft is critical.
Helicopter drones, or unmanned aerial vehicles (UAVs), may be used in some commercial processes where a small craft is needed.
Why is helicopter insurance Kentucky so important? What does this customized insurance cover? Read on to find out the answers to these questions and more.
Helicopter insurance Kentucky protects owners and pilots of helicopters from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Do Helicopter Owners And Pilots Need Insurance?
While a helicopter can be used in a myriad of ways and can be very reliable, it can also be dangerous; not to mention the fact that there are a number of things that can go wrong with a helicopter - from sustaining damage while landing to being damaged by vandals.
As the owner and operator of a helicopter, you are liable for anything that does go wrong. For instance, if you run sightseeing tours and one of your clients suffers an injury while boarding your helicopter, you could he held responsible for any medical care that the individual requires and any lawsuits that may be filed against you.
The same is true if your helicopter were to suffer damage in a storm or an act of vandalism or an accident; you would be responsible for any of the repairs that the machine would require.
As you can imagine, the costs that are associated with lawsuits, medical care, and repairs can be exorbitant. That's why investing in a comprehensive helicopter insurance Kentuckye policy is so important.
If something were to happen to your helicopter, instead of paying the related expenses out of your own pocket, your insurer would cover those expenses for you. To summarize, KY helicopter insurance can help you avoid serious financial losses.
Plus, properly insuring a helicopter is legally required. If you aren't insured, you could be looking at stiff fines, possible jail time, and your helicopter may even be revoked.
What Type Of Insurance Do Helicopter Owners And Pilots Need?
Helicopter insurance Kentucky, as the name suggests, is specially designed to cover the risks that are associated with owning and operating a helicopter.
For example, if you own a helicopter and rent it out to others, if you own a helicopter and use it for fun, if you use your helicopter to perform search and rescue missions, or if you use it to take clients on personal business or sightseeing trips, for example, you would need to invest in a KY helicopter insurance policy.
As mentioned, this type of policy provides comprehensive coverage for the variety of risks that are associated with owning and operating a helicopter. Examples of the different types of coverage that a helicopter insurance policy provides includes:
- General Liability: This insurance provides coverage for any third-party personal injury or property damage claims that may be made against you. For instance, if you were to take clients out for sightseeing tours and they filed a lawsuit against you stating that you damaged their personal property or that they suffered an injury as a result of your helicopter, this part of your policy would help to cover any related expenses, including legal fees and compensation that you may be required to pay out.
- Hull Insurance: Also known as known as property damage insurance for planes and helicopters, this part of your helicopter insurance policy will cover any damages that your flying machine may experience while grounded or in flight. Examples of damages that it can cover include vandalism, theft, and damage from weather-related events, as well as damages or total losses related to an accident.
- Passenger Liability: Passenger liability is needed if you transport passengers for any reason.
A well-built helicopter insurance Kentucky policy will provide you with the coverage options that you need to protect you from the numerous risks that are associated with owning and operating helicopters.
KY Helicopter Owners' Risks & Exposures
Aircraft hull exposure covers the helicopter and its equipment. Pilot error, including failure to consider weather conditions, can result in a costly accident. Pilots must adhere to all FAA regulations, including the need for ongoing physical examinations.
All helicopters must be maintained according to manufacturers' specifications, and records of such maintenance kept in a central location.
Aircraft liability exposure covers injuries to passengers and damage to property of others. A helicopter used to place heavy items, such as an air conditioning unit on top of a building, can drop its load, damaging not only the unit but also the building.
In an emergency situation, timely response is critical. Pilots must meet all FAA regulations, including current licensing, for the helicopter. They must participate in regular training activities to maintain skills.
Helicopters must be maintained and records kept of the maintenance. Crash landings can result in severe injury or death to passengers.
Premises liability exposure is generally limited to waiting areas for customers boarding the helicopter. To prevent trips, slips, and falls, all areas accessible to customers should be well maintained with floor covering in good condition.
Customers should not be permitted near any hazardous activity such as fueling. Observers should be kept away from the helicopter while it is being loaded and released.
Workers compensation exposure is significant. Fire and explosion are a constant concern in a fueling area and from repair operations that include welding or painting. Repair operations involve significant chances for injury due to slips and falls, burns, falling pieces, strains and sprains on backs from lifting and working in awkward positions.
Safety equipment should be required. Propellers and other moving parts can injure an employee during operation. All controls must be in place and carefully monitored. Helicopter crash exposure may be high if used in remote rescue or emergency operations.
Property exposure is generally limited to that of an office. Ignition sources include heating and air conditioning systems and electrical wiring. Hangars used for storing helicopters will increase the exposures, particularly if aircraft are serviced and fueled on premises.
Smoking should be prohibited. Helicopters may be targets for theft or vandalism. The premises should be secure from unauthorized access by others.
Crime exposure is very limited unless the helicopter is used for commercial purposes. If there is commercial use, exposures include employee dishonesty and money and securities. References and background checks should be conducted on all employees.
Monetary transactions must be monitored and audited on a regular basis to prevent employee theft. Money-handling responsibilities should be separated, with no employee handling both receivables and disbursements.
Inland marine exposure includes accounts receivable if there are billings, computers, cameras or other equipment carried on helicopters, and valuable papers and records for customers', regulatory, and suppliers' information.
Business auto exposure is generally limited to hired and non-owned automobile exposure if employees use their own vehicles to run errands for the helicopter owner. If there are owned vehicles, all drivers must have appropriate licenses and acceptable MVRs. Vehicles must be well maintained with records kept in a central location.
Helicopter Insurance - The Bottom Line
To find out how you can build a helicopter insurance Kentucky policy that will be customized to meet your specific needs to ensure that you are fully covered from any unexpected events that may arise, consult with a reputable agent who is experienced in commercial aviation insurance.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2021.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2021 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
Additional Resources For Miscellaneous Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
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An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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