Details Matter in Aircraft Insurance
Make sure the following details are correct:
Named Insured
The Named Insured needs to be in the exact name that the aircraft is registered in with the FAA. If it’s registered to a holding corporation, consider discussing with your broker the possibility of including the members of the corporation or their operating companies.
Aircraft Information
Verify the year of aircraft manufacture. This influences the correct hull value to carry. Owners often get this wrong. Also confirm the total number of belted seats in the aircraft is correct. This influences the passenger liability premium component.
If the aircraft is hangered, advise whether it is in a community hangar with other aircraft and, if yes, who provides the push/pull service. If it is in its own hangar by itself, be sure to make this known.
Pilot Information
Make certain all pilots provide as much information as possible when completing the required pilot form. It’s very important that the underwriter knows how many hours each pilot has in the exact make and model insured aircraft, how many of those hours are in the last 12 months, and when and where the pilot last completed formal recurrent training for the insured aircraft.
Lienholders
If you are purchasing a new aircraft and will be financing it, talk with your broker early in the process. Don’t forget this important detail, as each lienholder has different insurance requirements that must be met before they will fund the purchase of the aircraft. Consider having a DRAFT certificate of insurance issued to the bank showing their insurance requirements have been met so the bank can accept or reject it prior to closing.
If you are ever in doubt about any aspect of your coverage/policy, AssuredPartners Aerospace, AOPA’s partner for Aircraft Insurance can help guide you through the insurance process. Call (800) 622-2672 today to speak with one of our experts or visit www.assuredpartners.com/aviators today to learn more. We look forward to serving all your aviation insurance needs.
