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Aviation insurance provides essential property and liability coverage for unforeseen damages and risks in aviation. Also known as aircraft insurance, it covers repair costs for damage to an aircraft, as well as defense, judgment, and settlement costs in liability cases involving passenger injuries, environmental damage, and other forms of third-party harm in the event of an aircraft accident.
Although planes are considered the safest mode of transportation and passenger injuries are relatively rare, accidents that do occur often result in severe or fatal injuries. This makes aviation insurance crucial and, in most cases, legally required. Any damages or legal defense costs incurred without aviation insurance can be extremely expensive, making it vital to protect yourself or your business with proper coverage.
Airline companies and aircraft owners must have essential property and liability coverage. Renters of an aircraft require aircraft rental insurance to obtain coverage for themselves and any liability they may incur in an accident or any other incident that causes harm to a third party.
Aviation insurance covers the aircraft and its passengers but does not include the pilot. Pilots must secure separate coverage for medical payments, physical damage, and liability.
Aviation insurance can be categorized into several types of coverage:
In-flight insurance covers property damage or liability while an aircraft is in mid-flight. This aviation insurance policy can be expensive, but since most accidents occur when the aircraft is in motion, having the right coverage is essential.
Ground risk hull insurance provides protection while an aircraft is on the ground. If a plane sustains damage while stationed or during takeoff, ground risk hull insurance offers the necessary coverage.
Public aircraft liability coverage protects against damage caused to third-party property and individuals. This type of insurance is often legally required but does not cover potential injuries to passengers on board.
Passenger liability insurance is often mandatory as it provides coverage for passengers while the policyholder is the pilot. It covers medical costs for injuries sustained by passengers and final expenses in the event of fatal injuries.
Aviation insurance can cover:
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Rinkos Insurance Solutions is a licensed insurance broker regulated by the Bank of Lithuania (License No. 0060). For additional legal information please visit the Terms and Conditions section.
