Aircraft insurance premiums have seen unprecedented increases in the last several years. Many aircraft owners and operators have seen 100-150% increases in their premiums. They begrudgingly pay the premiums because they have to. Yet many of these owners and operators are throwing their money away. Why? Because they are doing something, or failing to do something, that could ultimately be the basis for the insurance company to deny a claim. Their actions or inactions are not intentional. Rather, they simply don’t know better. Why? Because they haven’t read their insurance policy and therefore don’t know what it does and does not require.
With aircraft insurance premiums still on the rise, make sure you will have coverage when you need it. Read your insurance policy. If you don’t understand it, ask your aviation insurance broker to explain it or consult with an aviation attorney familiar with aircraft insurance policies.
For more information on aircraft insurance policies, read my article here.