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03 Oct Charter Services Insurance
Some businesses have unique risks that aren’t covered by general commercial insurance, and those risks can often be astronomically high. Aviation charter services are precisely that whether your business focuses on private flights or private jet rental. Damage to planes and aviation equipment can be costly to repair and even more tricky to replace, so help keep your business covered with insurance particularly suited to your business. The most critical coverage is aviation insurance.
What does aviation insurance cover for charter services and private jet services?
Depending on the risks and liabilities associated with your particular business, aviation liability insurance can cover multiple different areas:
- Aviation insurance covers the plane itself. Different policies protect your charter planes from damage while on the ground (such as from hail, fire, or collisions while the plane is not in motion), insurance while the plane is taxiing, and in-air coverage.
- Aviation insurance covers damage to third parties outside the plane. Other portions of aviation insurance help protect your business from the damage the flight may cause to third-party property and individuals, such as to houses, crops, and airport facilities; many countries require this coverage because the damage planes might cause during emergency landings exceeds what most charter companies can provide in reparations without coverage.
- Aviation insurance can also cover passengers. It is often organized on a seat-by-seat business so you can decide your coverage based on the size of your planes and the trends in your specific business.
Much like general liability coverage, aviation liability coverage is split into different subsections so it can cover a wide range of possibilities, incidents, and risks.
If you want to know more about industry standards for aviation liability coverage and are considering modifications to your current plan, contact Evolution Insurance Brokers to get started.