The Specialty Aircraft And Airports Insurance Guide
Aircraft And Airports Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Aircraft And Airports Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Aircraft And Airports Insurance policies they might need to do business.
Learn about Specialty Aircraft And Airports Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Aircraft And Airports Insurance Types
Click on the links below to learn more about Specialty Aircraft And Airports Insurance types and coverages:
- Air Cargo Insurance
- Aircraft Hull and Liability Insurance
- Aircraft Products Liability Insurance
- Aircraft Spare Parts Insurance
- Airport Owners / Operators Liability Insurance
- Airport Property And Aviation-Related Risks Insurance
- Antique Aircraft Insurance
- Drone Insurance
- Ferry Flight Insurance
- Helicopter Insurance
- Hot Air Balloon Insurance
- Space Industry Insurance
What Is Air Cargo Insurance?
Air carrier movement of freight in interstate and international commerce is growing in volume and importance. These carriers usually purchase air cargo legal liability coverage (similar to motor truck cargo legal liability coverage) to protect against liability arising from the shipping document (the air waybill). The air carrier may also need shipper's interest coverage if it provides cargo insurance to the shipper.
What Is Aircraft Hull and Liability Insurance?
Aviation insurance is usually written by carrier pools or individual companies that specialize in this business. Most coverage is written for general aviation, a diverse industry that includes all forms of flying except commercial airlines and military operations. The four major classes of aircraft owners/operators are industrial aid, business and pleasure, flying clubs, and fixed base operators. Aircraft hull and liability coverage is similar to the coverage an automobile policy provides because it includes physical damage, liability, and medical payments coverages. Under hull insurance, the two types of coverage available are physical damage coverage when the aircraft is not in flight and physical damage coverage when it is in flight. Liability coverage is similar to automobile liability, except that it is divided into two separate insuring agreements, one for bodily injury excluding passenger liability, and the other for passenger bodily injury liability. Medical payments coverage may be added if passenger liability coverage is provided.
What Is Aircraft Products Liability Insurance?
Products liability coverage for aircraft manufacturers and aircraft products dealers is difficult to place. Loss potential is significant because of the catastrophic consequences when a product used in an aircraft fails in flight. Fixed based operators and others who repair and replace aircraft parts may also need this coverage.
What Is Aircraft Spare Parts Insurance?
Aircraft hull policies exclude aircraft spare parts. If a part, such as an engine, is removed from the aircraft to be repaired, and in order for the aircraft to be used, a loaner is attached to the aircraft, the part removed is not covered. Coverage for that spare part must be purchased separately from the aircraft hull policy. Insurance purchased covers aircraft engines, spare parts, and equipment that are on the ground, or that are being carried as cargo by air, land, or water conveyances. Coverage ends when the equipment is fitted to the aircraft. This coverage does not cover engine loss or damage while the part is running or being tested. It also excludes mechanical or electrical failure loss or damage to detached property once it is refitted to the aircraft or to property carried on the aircraft as a spare parts kit. Each loss that results from one event is adjusted separately.
What Is Airport Owners / Operators Liability Insurance?
Airport operators or fixed base operators need airport liability coverage and hangarkeepers legal liability coverage on their operations. Aviation liability coverage forms provide this coverage. Aircraft hull and liability coverage is also needed when the operations include ownership and rental of planes to individual pilots or student pilots.
What Type Of Insurance Do Airport Property And Aviation-Related Risks Need?
Airport property and aviation-related risks coverage forms and policies have been developed to cover the full spectrum of airport and aviation ground exposures. The major coverage areas are buildings, business personal property, and transit, loss of business income, extra expense, inland marine, and auto. Coverage can also be provided for owned hangars, terminal buildings, towers, fuel farms, manufacturers, fixed based operators, tour services, maintenance facilities, and modification centers. Off-airport aviation-related risks such as avionics repair shops and component manufacturers can also be covered.
What Is Antique Aircraft Insurance?
It is difficult to place hull and liability insurance for aircraft that are no longer produced. A damaged antique aircraft is expensive to repair because original replacement parts may no longer be available. As a result, individually fabricated parts are required. Underwriting the exposure concentrates on the pilot's qualifications and experience in flying the particular type of aircraft because each has its own unique handling characteristics.
What Is Drone Insurance (Unmanned Aerial Vehicle)?
Drones (Unmanned Aerial Vehicles) are becoming essential tools for many industries such as real estate, photo journalism, and property claims adjusting. They are growing in popularity in other industries as the technology improves and applications are developed. Physical damage coverage and bodily injury, property damage, and personal and advertising injury liability are needed.
What Is Ferry Flight Insurance?
A ferry flight (or delivery flight) occurs when an independent contractor flies an aircraft from a seller to a buyer. Ferry flight insurance provides hull coverage for physical damage to the aircraft and liability coverage for damage the aircraft causes during the transport. This coverage can be purchased by the buyer, the seller, or the independent contractor. Key considerations in underwriting are the pilot's experience with the specific type of aircraft and the pilot's knowledge of the flight route. Coverage is available worldwide. The physical damage limit is based on the aircraft's value. Liability limits are generally capped at $1,000,000 for general aviation aircraft but higher limits are available for commercial airliners. These markets provide this coverage:
What Type Of Insurance Do Helicopter Operators Need?
This class of business is more properly classified as special risk aviation insurance, and Lloyd's of London has traditionally written the coverage. However, a few domestic markets have facilities to provide physical damage, liability, and passenger coverage. Helicopters are probably the least desirable class of aviation business from the underwriting standpoint because they are very fragile and highly susceptible to damage. Pilots must be highly skilled in operating them and be extremely aware of and sensitive to wind conditions. Domestic markets offer limited hull and liability coverage for various classes of commercial use, forest fire patrol, traffic patrol, air ambulance service, and industrial aid uses.
What Type Of Insurance Do Hot Air Balloon Operators Need?
Recreational enthusiasts and companies use hot air balloons to provide rides for themselves and their customers. They may also use the balloon to provide other services such as advertising. Coverage is available for physical damage to the balloon and liability for damage to the property of others and bodily injury to passengers and non-passengers.
What Is Space Industry Insurance?
This coverage is primarily about satellites. As a rocket has multiple stages, so does the insurance. There is pre-launch, launch, and in-orbit coverage for physical damage to the satellite. There is also third party and re-launch guarantee coverage. Pre-launch insurance covers the satellite until it is launched. This includes transporting it from the manufacturer plus any storage or assembly at the launch site. Launch insurance covers the satellite for physical loss or damage during the launch sequence and also for the satellite failing to achieve its designated orbit. The launch stage also covers the satellite failing to perform as specified once it reaches orbit. In-orbit insurance is protection against the satellite failing to operate successfully when it achieves its required orbit. Third-party insurance protects the insured against third-party claims that arise from an occurrence associated with the mission including damage to various earth stations and transmission towers and equipment. Re-launch guarantee coverage provides a free re-launch to a customer when an error by the insured causes a launch failure.
Aircraft And Airports Insurance - The Bottom Line
We hope that the Aircraft And Airports Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.