Aviation Renters Insurance – How much physical damage do I need?
I’m trying to figure out how much “physical damage” I need. All the planes I fly have either flying club insurance or on an open pilot policy, but I’m guessing that it protects the club or the owner more than me. I don’t know how much of a redundancy it is. Your thoughts?
Very good question which many non-owner pilots ask.
The insurance companies will pay the owner of the aircraft for damage caused to an aircraft. Then, depending on the policy language on the aircraft, the insurance company has the option to collect for the damage from the legally liable third party. In other words, the insurance company can collect from you if you are the responsible pilot that damaged the aircraft through your legal negligence. This is called Right of Subrogation. Also, the owner can collect the insurance deductible and loss of use cost from you.
If the flying club is an equity type club, that is all pilots are real co-owners, then the insurance company probably cannot collect from the club member. If the flying club is more of a rental operation to non-owner club members, then the insurance probably can subrogate and collect.
Some FBOs have paid additional premium to have a “Waiver of Subrogation”. This is where the insurance company agrees not to attempt collection from a renter pilot. Many FBO managers and Club managers simply do not know what their insurance policy allows as respects the subrogation clause. You may have signed a rental agreement that states you must pay the deductible, with no mention that the insurance company will also collect from you.
As a CFI instructing an individual owner in his aircraft, then the insurance company has the right of subrogation to collect from you if you are at fault. In most cases, you can have the owner amend his insurance policy to provide a “Waiver of Subrogation” to you by name. There should be no premium cost or small premium charge for the owner. You should also request to be named additional insured, not just a named pilot or meeting the open pilot clause. Being named pilot or meeting the open pilot warranty simply validates the owner’s insurance for them. As the CFI, that does nothing to extend coverage to you unless you are also named additional insured and waiver of subrogation.
Most of our insureds do not actually anticipate the full value of the aircraft as a likely claim. This simply from a cost benefit point of view of premium. They figure a more likely scenario of partial damage such as hard landings, ground loops, gear ups, prop strike, etc. It depends on the type of aircraft you fly. Your current limit of $150,000 is on the high side of what most carry. But, I recommend carrying the most you can reasonably afford.
Of course, the most important coverage is the bodily injury and property damage, what you have now is our most popular and standard limit of $1,000,000 each occurrence with $100,000 per passenger bodily injury.
I’d be happy to discuss on phone too.
Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all the major insurance markets and offers the broadest package of protection and the best available rates. To learn more about the Aviation Insurance Resources, please call 877-247-7767 or visit AIR-PROS.com today and receive your aircraft insurance quote! You can also follow AIR on Facebook, Twitter, LinkedIn, and Google+.
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Q: I own a flight school. Should I require my renters to have insurance?
A non-owned aircraft insurance policy includes the insured’s legal defense. While an initial consultation with a lawyer can cost around $500, this is less than spent annually on a basic non-owned insurance policy. Regardless of fault, the insurance carrier will provide a defense in the case of legal action by an injured party. In addition, if the renter elects to purchase physical damage coverage, they will be protected for the flight school’s deductible up to the policy limits selected.
Typically, flight school insurance policies do not cover loss of use. When an aircraft is damaged and taken off the line the flight school potentially loses profit. A renter’s insurance policy can make up for that loss. Since most flight school leases hold renters responsible for the deductible, having non-owned coverage in place will help provide a smoother relationship with the renter during the claim.
Q: What limits should I request my renters to carry?
A: We always recommend an individual purchase as much liability coverage as they can afford. As a guideline, we recommend at least $500,000 each occurrence with $50,000 each person for bodily injury and property damage. For physical damage liability, a pilot should carry at least enough to cover the flight school deductible plus potential loss of profits while down for repair.
Q: How long does obtaining a renters insurance policy take?
A: It is very easy to start non-owned coverage today and coverage can be placed for standard, experimental, multi-engine, seaplanes and helicopter aircraft! It can take as little as ten minutes of your time when you sign up online. We are also only a phone call away at 877-247-7769. We recommend flight schools put a link to the online porthole on their website so students and renters can quickly find and start coverage.
To learn more about AIR you can find us at www.AIR-PROS.com, Facebook, Twitter, Instagram and LinkedIn!
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From survey to rescue uses, to just being able to land in your own backyard, helicopters are useful and enjoyable aerial vehicles. However, it is important that the pilot and their family are properly protected. Helicopter renter pilots can now have peace of mind with simple, easy to start insurance coverage.
The Starr Aviation non-owned helicopter insurance policy covers your pleasure and business related flying in non-owned, fixed wing and rotor aircraft. The policy provides coverage for non-pressurized land aircraft having a piston powered single engine no more than 450 rated horsepower and no more than 7 total seats. The airplane or helicopter can be certified as standard, experimental, restricted, or light sport! From a Robinson helicopter to a Rotorway, or a Bell, Hughes or Safari, this policy has you covered.
Generally, helicopter flight schools have large deductibles. Therefore, it is beneficial for a helicopter flight school to require non-owned rotorcraft insurance of its student and renter pilots. This insurance not only protects the renter pilot, but also the flight school’s deductible and loss of use.
Aviation Insurance Resources (AIR) understands how busy life can be. Items such as helicopter renter’s insurance often get buried deep in to-do lists, which may become forgotten until it’s too late. That is why AIR, along with Starr Aviation, is happy to offer an instant quote and ability to purchase coverage online. After purchasing, a copy of your payment and binder confirmation will arrive in your inbox giving you a piece of mind the next time you fly. Simply click here to get started.
With each team member, on average, enjoying over 15 years of aviation insurance experience, Starr Aviation is highly competent, allowing us to be a major provider of insurance for varying aircraft hull & liability risks. Starr offers comprehensive coverage for an extensive range of aircraft hull and liability exposure and our experienced underwriters develop programs tailored to each of these specific risks, including fixed and rotor wing aircraft for both commercial and corporate operations.
Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all of the major insurance markets and offers the broadest package of protection and the best available rates. To learn more about the Aviation Insurance Resources and non-owned rotorcraft insurance please call 877-247-7767 or visit AIR-PROS.com today and receive your aircraft insurance quote! You can also follow AIR on Facebook, Twitter, LinkedIn, and Google+.
Renting an aircraft or borrowing one from a friend comes with a lot of responsibility. A thorough pre-flight is important to ensure the previous pilot did not leave any damage. Maybe you need to get the aircraft back on time before the next pilot has signed up for it. Perhaps, the rule is to top the tank off after you land. Have you thought about if you are actually protected by the owner’s aircraft insurance?
When you rent or borrow an aircraft you may not be protected by the owner’s aircraft insurance policy (including your local FBO). If there is an accident you may be held legally liable for damages to the aircraft, or even worse, injuries to others out of your own pocket.
Aviation Insurance Resources (AIR) provides a full range of aircraft insurance, including non-owned insurance for aircraft renters. AIR prides itself in being a one stop shop for all things aviation insurance and now has just made purchasing non-owned aircraft insurance even easier!
AIR is excited to announce that non-owned aircraft insurance is now available to be purchased online directly through our website! Through a premier partnership with Starr Aviation, AIR offers personal non-owned aircraft liability protection in standard, experimental, multi-engine and helicopter aircraft! Pilots can now sign up and pay for insurance in an easy and secure policy porthole, receiving instant binder confirmation. To start coverage, simply visit our website and click on “non-owner” or follow this direct link.
Certified Flight Instructors (CFI) providing instruction in someone else’s aircraft could also be liable for the instruction they provide. CFI non-owned aircraft policies and the exclusive SAFE CFI member policies are now available to start coverage online as well!
Flying safe can often lead to helpful discounts on your aircraft insurance and these are available online with just a click of a button! Discounts are available for pilots who are claim free, pilots who complete a phase in the WINGS pilot proficiency program prior to beginning coverage, and those who have completed the OpenAirplane Universal Pilot Checkout.
Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all of the major insurance markets and offers the broadest package of protection and the best available rates. To learn more about the Aviation Insurance Resources, please call 877-247-7767 or visit AIR-PROS.com today and receive your aircraft insurance quote! You can also follow AIR on Facebook, Twitter, LinkedIn, and Google+.
SUN ‘n FUN and Insurance, too!
Aviation Insurance Resources (AIR) agents have landed in SUN ‘n FUN ready to take in the sights and sounds of all things aviation. President Jon Harden and Regional Vice President Joe Cacho are on the grounds at Lakeland-Linder Airport interacting with clients and aviation friends alike. If you are presently attending the 40th annual SUN ‘n FUN, be sure to tell them “hi”.
Yesterday morning, AIR sponsored the Society of Aviation and Flight Educators (S.A.F.E) breakfast. S.A.F.E is an organization of aviation educators, formed to ensure that the individuals teaching future aviators are exceeding professional and industry standards. Many industry leaders attended the breakfast, getting their SUN ‘n FUN day off to the right start.
Together with S.A.F.E., AIR created a new comprehensive insurance plan for flight instructors exclusive to S.A.F.E members. Coverage is extended for “negligent instruction” for an occurrence during the policy including any dual flight instruction, flight review or checkride you perform. “Negligent instruction” also applies to ground instruction given by you. Insurance premiums through the S.A.F.E program are surprisingly affordable and special cumulative aviation insurance discounts up to 20% are available for qualified applicants!
Jon and Joe spent the remainder of the day at the SUN ‘n FUN Splash-In at Fantasy of Flight on Lake Agnes. There, they congratulated a flight school that AIR has insured since its inception, Vermont Flight Academy, on their newly donated Twin Bee.
The Vermont Flight Academy has a partnership with the Vermont Technical College, offering a four-year bachelor degree in aviation. With the Twin Bee, the flight school now has 17 aircraft in their fleet along with 15 certified flight instructors. President of AIR, Jon Harden earned his seaplane rating through the Vermont Flight Academy and plans to travel back to get his multi-seaplane rating in the new Twin Bee.
AIR offers a wide range of aircraft insurance options for aircraft of all makes and models, from seaplanes to helicopters. AIR fulfills the needs of those who rent aircraft as well through non-owned aircraft insurance and covers Certified Flight Instructors through polices like the S.A.F.E CFI program.
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To find out more about Aircraft Insurance Discounts, Seaplane Insurance and CFI Insurance, please contact Aviation Insurance Resources by calling 877-247-7767 or visit AIR-PROS.com today to receive your free Aircraft insurance quote!
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This week at Sun N’ Fun, OpenAirplane announced their newest program: Collaborative Aircraft Rental. With the tagline “put your aircraft to work” OpenAirplane is offering just that-putting your aircraft to use when you are not using it. OpenAirplane is making it easy to make some extra cash by offering your airplane as a rental aircraft to qualified OpenAirplane users.
Operated completely through an easy to navigate website, the aircraft owner sets the wet rental rate and OpenAirplane connects users to the rental. Owners will be able to breathe easy knowing all pilots must complete the required Universal Pilot Checkout before they rent. Detailed information on that pilot will be available online for the owner to approve prior to approving the rental and following the flight, both pilots and aircraft owners are invited to rate the experience. All payments will be handled through the OpenAirplane system making for less paperwork and no processing fees for the aircraft owner.
With a revolutionary new way to make an aircraft available to renters, this new use must also be properly insured. Aviation Insurance Resources (AIR) and Starr Aviation have been steadfast supporters of OpenAirplane since its creation, assisting OpenAirplane on the insurance side of their program. AIR works with Starr Aviation on renters insurance, pleasure and business policies and on commercial insurance. We are premier partners with Starr Aviation and have been able to create insurance options for those using the OpenAirplane network, making insurance coverage readily available and competitive. Because of this unique partnership, our two companies are the most familiar with OpenAirplane requirements in the aviation insurance market.
All pilots renting aircraft through the OpenAirplane program must obtain a minimum amount of non-owned aircraft coverage. Due to a premier partnership with Starr Aviation, Aviation Insurance Resources (AIR) now offers members of the OpenAirplane Network up to 10% in savings on their renters insurance! A 5% discount is available for pilots who have completed the OpenAirplane Universal Pilot Checkout. Simply provide your insurance agent with a copy of the OpenAirplane Universal Pilot Checkout prior to binding coverage to receive your discount. Pilots that are claim free will receive an additional 5% discount resulting in a total of 10% in savings!
When looking to rent aircraft around the country, there is only one website you need to visit: OpenAirplane. Likewise, when obtaining insurance coverage before flying with or making your aircraft available for rental with OpenAirplane, there is only one place you need to call: Aviation Insurance Resources.
AIR offers a wide range of aircraft insurance options for aircraft of all makes and models, from experimental aircraft to standard aircraft, such as Cessna Aircraft, Beechcraft, and Cirrus Aircraft to Robinson Helicopters, builders risk insurance, and Corporate Aircraft.
To find out more about Aircraft Insurance Discounts, the OpenAirplane Network and Aviation Insurance, please contact Aviation Insurance Resources by calling 877-247-7767 or visit AIR-PROS.com today to receive your free Aircraft insurance quote!
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