While aircraft insurance rightfully garners attention, it’s equally vital to safeguard the valuable ground assets essential for maintaining and supporting your aerial operations. From hangars to maintenance tools, these assets play a crucial role in ensuring the safety and efficiency of your aircraft.
What is Aviation Property Insurance?
Aviation property insurance is a specialized form of coverage that encompasses all property associated with maintaining aircraft. This includes hangars, terminals, refueler trucks, mechanics’ tools, and even loss of income resulting from aircraft grounding. Essentially, it safeguards the infrastructure and equipment crucial for the upkeep and operation of your aviation assets.
Differentiating Aviation Property Insurance and Public Liability Insurance:
While both insurance types cover property damage in the event of an accident, aviation property insurance focuses specifically on protecting your own assets involved in aircraft maintenance and repair. Conversely, public liability insurance extends coverage to third-party property that may be affected by aviation-related incidents.
Understanding Inland Marine Insurance:
Inland marine insurance is designed to cover items in transit or specialized equipment, regardless of proximity to water bodies. Despite its name, it’s not limited to maritime assets and provides protection for various types of property transported from one location to another.
Covered Ground Assets:
Aviation property and inland marine insurance safeguard a diverse range of ground assets, including hangars, terminals, refueler trucks, tugs, golf carts, mechanics’ tools, ground service equipment, and loss of business income incurred due to asset damage or disruption.
Who Needs Aviation Property & Inland Marine Insurance?
Owners and operators involved in aircraft maintenance, storage, or ground operations require aviation property and inland marine insurance. Whether you own a hangar, conduct maintenance tasks, or provide services to other aircraft owners, protecting your ground assets is crucial for mitigating financial risks.
Is It a Separate Policy?
Aviation property and inland marine insurance can be standalone policies or part of a comprehensive aviation insurance package, depending on your specific needs. Whether you own aircraft or operate facilities, tailored coverage ensures comprehensive protection for your ground assets.
Determining Coverage Amount:
Your insurance policy should be sufficient to replace all covered assets in their entirety in the event of damage or loss. Underinsurance could lead to financial strain and revenue loss, underscoring the importance of adequately valuing your assets and securing adequate coverage.
Aviation property and inland marine insurance offer indispensable protection for your ground assets, ensuring operational continuity and financial security in the face of unforeseen events. Consult with aviation insurance experts to tailor a comprehensive coverage plan that safeguards your investments and supports your aviation endeavors.
