Many firms use airplanes, jets, or helicopters for their business. Some businesses use aircraft occasionally for special projects, while many others use them frequently. When you use aircraft or jet planes, it is usually full of some risks for businesses that own and use them. For instance, plane accidents can cause serious injuries or even death. It may also cause damage to the aircraft and/or other property. Thus, insurance coverage is crucial for an aircraft. Businesses that use aircraft or jet planes should not solely rely on their commercial general liability (CGL) policy to safeguard themselves. Standard policies usually contain a broad aircraft exclusion that eliminates coverage for most aircraft-related claims. Thus, it is highly recommended that businesses that have private jets should buy aviation insurance.
Jet Insurance is aviation insurance for your privately or commercially owned jet aircraft. It is offered by aviation insurance companies through experienced brokers. It is an annual aircraft insurance policy, designed to provide liability, medical, hull coverage and provide legal defense for policyholders of private jet aircraft.
There are primarily two kinds of coverage in jet insurance; aircraft liability insurance and hull insurance, which covers physical damage to the aircraft. These insurance policies can be purchased together or separately, and in a variety of iterations.
Liability coverage covers bodily injury, property damage, and legal defence. It covers your legal liability in the event that property damage or bodily injury occurs as a result of the operation of your jet aircraft. One of the significant benefits of such coverage is that it provides you with a legal defence if you are sued as a result of the operation of your jet plane. Every Jet Insurance policy includes Liability Coverage as a standard coverage on the policy.
Hull insurance coverage provides insurance against physical damage to an aircraft. Aircraft aren’t covered under standard liability policies. In other words, such coverage provides protection for damage that occurs to the jet aircraft itself. It is typically written on a broad form insurance policy, which means that damage to the aircraft is typically covered, unless it’s specifically excluded from the policy, in the policy exclusions section. Hull Coverage is typically based on an Agreed Value vs. Actual Cash Value. Agreed value is a value agreed upon between you, the jet owner, and the insurance company.
Private Jet Insurance may vary from $10,000 a year to $500,000 per year, depending on the liability limits, the purpose for which the aircraft is used (private vs. commercial), hull coverage requested, pilot qualifications, etc.
In order to get Plane Insurance quotes, you need to provide the worth of your jet aircraft and the cost of replacing it. Once you have established the value of your jet plane, you need to look for a reputed insurance broker who will shop the aviation insurance market on your behalf and obtain jet insurance quotes. There are reputed insurance agencies engaged in providing coverage for nearly everything you fly, such as Plane Insurance, Turboprop Insurance, and Helicopter Insurance. Seaplane insurance and more.
Summary: Jet Insurance is aviation insurance for your privately or commercially owned jet aircraft. It is offered by aviation insurance companies through experienced brokers. It is an annual aircraft insurance policy, designed to provide liability, medical, hull coverage and provide legal defence for policyholders of private jet aircraft
