Aircraft Insurance FAQ Video
Have questions about aircraft insurance? This video answers many of the questions we most often hear from customers. Did this not answer your question? Contact us!
We’ve had several people comment that it would be nice to have some sort of short video providing bullet points regarding aircraft insurance that would help them when shopping for insurance or viewing their current policy. Having been in the business since 1982, we thought we would use our experience and provide some information from incidents we have heard about or experienced and questions we’ve been asked over the years. We hope you find this helpful.
Q: Do I use the name the plane is registered in?
A Make sure you provide the name the plane is registered under and any additional names that need to be added.
Situation: Instructor is going to give flight instruction using his plane.
Man: You may want to confirm with your agent that your policy covers this use to avoid a coverage issue. It’s best to discuss the exact plan of usage of the aircraft with your agent to make sure you have the coverage for the intended use to avoid coverage issues.
Situation: Men sitting in airplane.
Q: If my plane has been modified, is it important that I let my agent know?
A Yes, make sure your agent knows. For example, if the plane is on floats, skis, has a tail wheel, etc.
Q: If I keep it tied out at a private strip is it okay if I list another paved airport instead?
A: No. It’s important that you give accurate information regarding the airport location and if it’s tied out or in a hangar.
Q: Keeping records is a pain. Is it okay if I estimate as close as I can?
A: In the event of a loss, you will need to verify the hours you have submitted to the insurance company. If the policy was issued with training requirements, you will need to provide proof you’ve complied.
Situation: In court of law, question asker points to pile of money and asks question to his lawyer.
Q: I have my plane registered in an LLC. You will not be able to get at this, right?
A: This is not something you should assume. You should always purchase enough liability coverage to protect yourself. I would recommend that you discuss this with your attorney and accountant ahead of time.
Open Pilot Warranty
Situation: Man is asking plane owner if he can use the owner’s plane for the day.
Man: Is it okay if I borrow your plane for the day? I have several logged hours.
Plane Owner: No problem.
(Man tries to take off, doesn’t know how to, hits ground with propellers)
Plane Owner: I thought you had several logged hours?
Man: Sorry, but not this make and model. Is it going to be a problem?
Narrator: This could be an issue.
Aircraft Physical Damage
Situation: Plane owner is loading several pieces of his plane into a truck.
Man: Are you okay?
Plane Owner: Yes, just removing some items before the insurance adjustor arrives. I made some improvements and I didn’t increase the hull value.
Man: This may be a problem. You really need to make sure the hull value you choose is adequate and if you make any improvements, contact your agent to discuss increasing the insured value prior to the loss.
Situation: Pilot comes in for a landing, crashes. Pilot starts looking through papers on a clipboard when a man walks up.
Man: Are you okay?
Pilot: Yes, just checking my policy territory.
Man: You really need to review this prior to your flight and if any changes need to be made, contact your agent to see if it’s possible to amend your policy.
Remember you’re entering into a legal contract between you and the insuring company. Don’t keep it a secret who you are insured with. Make sure you advise someone who your insurance agent is and their contact information. Over the years, we have received calls from family members and TSB, and attorneys trying to find out who a person was insured with. If you have any questions or we can be of further assistance in any way, please feel free to contact us at 952-890-1124 or contact us online.