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What is Hangarkeeper's Insurance?
Hangarkeepers Insurance is Liability coverage for Property Damage caused to non-owned or leased aircraft in the care, custody and control of the Named Insured as respects the storage, safekeeping, service or repair of the aircraft. The coverage applies only on Premises covered by the Named Insured's policy. Please check your policy for the exact definition and conditions of how this coverage applies to your specific operation.
How do I know if my broker approaching all available insurance markets?
You have a right to ask your broker if he/she is approaching all available insurance markets, to have your broker provide you with a list of all market that they use, and to have your broker provide you with the responses from all available markets (in writing).
What kind of coverage do I get on an Environmental Liability Policy?
First of all, not all Environmental policies are the same. Your operation, location, site history, loss history, soil and fuel tank history at your site are a few of the factors that underwriters use to consider your insurability and what type of policy would be underwritten. Some of the coverages available are: Bodily Injury and Property Damage caused by a release from your fuel tanks that occurred during a period that you maintained an insurance policy that covered the specific loss. Coverages may also include the cost of corrective action that the Named Insured is legally obligate to pay as a result of the release, and defense coverage for the claim.
What types of policies are available for aircraft owners/operators?
Is there a difference in coverage between a policy for a Part 91 operator and a Part 135 operator?
Yes. Part 135 Operators haul cargo and/or passengers with or without baggage as their revenue source. Therefore the probability that they will fill more seats per flight is higher than for most Part 91 operators. The liability risks tend to be greater and the insurance policies need to be tailored for the Part 135 customer.
Do Policy Coverages vary for Part 91 operators?
Yes, depending on the specific use of the aircraft (i.e. Pleasure and Business, Flight Instruction, Aerial Application, Slung Loads, Traffic Watch). Some insurance policies add coverage and some specifically exclude certain coverages. Again, it depends on what your Operational Use of the aircraft will be. In the case of Aircraft Instruction and Aircraft Rental, many operators require that the students/renters purchase their own Non-Owned Hull and Liability Insurance Policy as well.
What insurance policies address Freight and Cargo?
For the aircraft operator, Liability coverage may be added to their Aircraft Policy for transporting on the Aircraft; however, while the Freight or Cargo is on the ground, coverage may be listed on a Property Insurance Policy as a scheduled property or Property of Others (this is a good place to insure the property if it is kept in the Named Insured's custody for any period of time as well; unless the Property Owner maintains insurance and provides a Waiver of Subrogation to the operator for damages to the property. Also, many cargo owners, aircraft operators or freight forwarders may carry a Property Insurance Policy to cover the cargo while it is being transported via aircraft, truck, boat or other conveyance. The advantage is that the Property Insurance is First Party coverage for damage to your own Property (or Personal Property of Others that you insure). Liability coverage is Third Party coverage and is for damage caused to the property of someone else; the owner of the Property usually ends up suing the operator in order to recover for the loss.
If I own and operate a Fixed Based Operation where I provide fueling service and have fuel tanks at my facility, what type of coverage is required for the fuel tanks?
The types of insurance that are required depends on what insurance requirements are being imposed upon you (i.e. the airport, city, county may require you to purchase and maintain certain types of insurance policies based on your operations). The types of policies available are Property Insurance for the fuel tanks/fuel farm, Pollution Liability for fuel spills/leaks and General Liability for Sales and Servicing of Fuel (including coverage for operating fuel trucks on the airport - if necessary).
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