Helicopter Insurance Montana Policy Information
Helicopter Insurance Montana. 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 MT 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 Montana so important? What does this customized insurance cover? Read on to find out the answers to these questions and more.
Helicopter insurance Montana 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 Montanae 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, MT 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 Montana, 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 MT 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 Montana 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.
MT 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 Montana 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.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Aviation Insurance
Learn about aircraft and aviation liability insurance - a specialized form insurance that provides coverage for hull losses as well as liability for passenger injuries, environmental damage and third-party damage caused by aircraft accidents.
- Insurance Aviation Terms Glossary
- Aerial Applicators
- Flight Schools
- Hot Air Balloon
- Unmanned Aerial Vehicles (UAV) Drone
Aviation policies often have to be written so that they cover the liability of the owner and the operator relating to bodily injury to passengers or to people who aren't passengers, as well as for property damage.
The policy will cover medical costs, including the loss of income, paid to any passengers who are suffering from permanent or total disability but without proving negligence.
In other words, you can consider aviation insurance a sort of liability insurance for the aviation industry.
Aviation insurance often covers various types of risks such as:
Aircraft Hull Insurance - It covers the aircraft itself in the event of accidental damage, regardless of where it might happen. Spares - The policy will cover any damage or the loss of spare parts relating to the aircraft or the engine if they aren't attached to them.
Passenger Legal Liability Insurance - The policy will cover both the airline and the operator in the event passengers face bodily harm, death, or loss of their baggage while in the custody of the airline or its operator.
Third-Party Legal Liability - The policy will cover the airline and the operator when there is damage to a third-party property on the ground for which they may be held liable.
Cargo Liability Insurance - The policy covers damage or loss to the consignments that are carried by the insured airline. The shipper and consignees will claim against the carrier; that's when the insurer will cover the airline. The policy also covers post office mail that is often shipped via airline operators.
Minimum recommended coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Communication Equipment Floater, Computers, Contractors’ Equipment, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Umbrella, Hired and Non-Owned Auto, Workers Compensation, Aircraft Hull, Aircraft Liability & Hangarkeepers Legal Liability.
Other coverages to consider: Earthquake, Equipment Breakdown, Flood, Cyber Liability, Employment-related Practices, Underground Storage Tank, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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