What Does Aviation Insurance Cover?🛩🛫 - YouTube

Hi in this video we're going  to discuss aviation insurance  

aviation insurance basically meets the  insurance needs of the aviation industry

we'll discuss some of the different aircraft  policies or the different types of coverages  

that are included so we'll start with aircraft  health policies um these whole policies covers  

physical damage to an aircraft so any  actual damage that occurs to the inside or  

outside of an aircraft will be covered  under um the physical damage portion  

it also protects against all risk coverage not  in flight on a named perils basins for in-flight  

so all risk as you remember is anything  is covered unless it's excluded  

um during for the aircraft while  the aircraft is not in flight  

but if the aircraft is in flight it covers  only what's specifically named in the policy  

all risk coverage also for in flight or not in  flight so there are several different options here

the deductible is usually a  percentage of the aircraft's value

so the aircraft that's worth a hundred thousand  dollars and you had a deductible of ten percent  

then the deductible would be ten thousand dollars  and usually most named perils are fire windstorm  

crash insurance and also theft those are  generally the most common types of named perils

there's also aircraft liability coverages  which covers public and passenger liability

also covers property damage liability so any  damage done to someone else someone else's  

property that will be covered and the territorial  limits are the united states canada and mexico  

so if you fly from u.s to europe any damage  of the aircraft while in europe will not be  

covered because it did not happen in  the united states canada or mexico  

one key thing to remember in mexico you only get  the first 100 miles into mexico um from the u.s  

will be covered so if you fly  

in 200 miles into mexico and there's damage there  will be no coverage because there's only coverage  

for damage that occurs within 100 miles in mexico  from the u.s so it's a key concept to remember

some special aviation insurances hangar keepers  liability coverage this coverage basically  

protects a person that's responsible for housing  aircraft so if you park your aircraft at someone  

else's storage facility if something were to  happen to your aircraft this hangers keepers  

liability provides that person with insurance  to protect against damage to your aircraft

airport and air meat liability provides some  any bottle injury bodily injury protection  

for for those who come into the airport leave  the airport so it basically covers other people  

at the airport if they were hurt injured sort of  like premises liability and a commercial policy  

product liability protects the manufacturer  if they built an airplane and it caused the  

airplane to to go down and if anything  that they've done in within the products  

to um that caused the airplane to go down  this would protect them for any liability  

or damage that occurred and cargo liability is for  you to protect the passengers some baggage or any  

of their cargo that they had so if any damage  occurred to passengers cargo or their baggage  

maybe there was a fire or something of that  nature that would be covered under cargo liability  

and some important underwriting considerations  to remember in aviation insurance  

is the actual pilots the underwriters want to know  the pilot's qualifications and their experience  

they also want to know the size of the aircraft is  it light is it big is it heavy is it a commercial  

plane is it a um private airplane they want to  know the type of plane is it a land plane seaplane  

or a type of helicopter and they also want to know  the age of the plane and the current condition  

so these are the four key considerations  when underwriting aviation insurance