Aviation Insurance

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Alberta Aviation Insurance

If you are in the aviation business in Alberta, few things are more important than having sufficient Aviation Insurance. The needs of the aviation and aerospace industry are unique and it can sometimes be difficult to know if you have the right kind of coverage and if it is enough for your needs. Take for example, the story of two brothers, Al and Richard.

Richard and Al loved flying and both were accomplished pilots. For years they dreamed about operating their own airline charter service in Edmonton. However, this dream never seemed to materialize until Al got serious and talked to several business owners in Alberta. After doing this, Al realized that many mid-sized businesses had travel needs to cities and places that were not near major airports. In addition, these companies did not have the resources to operate their own corporate aircraft. Seizing upon this need, Al and Richard got the funding together to open up their own charter airline service.

Their first passenger plane was not new but was in excellent condition. It took a few months, but finally they were open for business and they already had several regular customers in the first month of operation. Then tragedy struck.

Al flew back to Edmonton one day and parked the aircraft in the hangar as usual, and as he got in his car to leave it was starting to rain. Later that evening a huge thunderstorm with high winds hit the airport. The damage to their plane was so significant it was a total write-off. However, the men received even more terrible news from their insurance company.

Their plane was insured for the market value, and not for replacement cost, and the difference was several thousand dollars. In fact, it took so long to replace the aircraft that they lost several customers to other charter services. Had their Airline Insurance person told them about this potential problem, it could have easily been avoided.

What Is Insurance For Aviation Businesses?

Aviation or Aerospace Insurance coverage is designed to cover all of the risks you may face in the aviation industry. Because this industry is quite different from the other transportation industries, there are a number of risk factors that are unique.

Who Needs Aviation Coverage?

If you own or operate the following equipment or businesses, you need to be fully insured:

  • Helicopters
  • Jets
  • Cargo planes
  • Passenger planes
  • Flight schools
  • Aircraft charter services
  • Corporate aircraft

Also, if you are in the aviation industry and rent your equipment, you face many of the same risks of business owners that own their own equipment, and you need insurance.

Standard Aviation Insurance Policies

Most transportation services that utilize aircraft will need these coverage options:

  • Public liability coverage – sometimes called 3rd party liability. It protects aircraft owners from damage that may occur to various types of properties. For example, anything an aircraft may come in contact with would be covered. This includes houses, buildings, vehicles, landscapes, crops, airport facilities, equipment and other aircraft. 3rd party coverage means that damage to your own aircraft would not be covered. It is not unusual to have as much as one million dollars or more in coverage.
  • (Not in motion) Ground Risk Hull Coverage – This insurance is designed to protect your aircraft from hazards and damage while it is sitting on the ground, and not moving. For example, a sudden storm could come up and cause major damage. You could be a victim of fire, vandalism, theft, floods, hail, large animals, vehicles or other aircraft could run into your aircraft as it sits. The hangar could suddenly collapse one day. Also, when you take out this coverage you need to decide if coverage is for the market value or a certain amount that you designate.
  • Taxiing insurance – this is sometimes called ground risk hull coverage for aircraft that is moving. In other words, as you are taxiing on the runway, you could encounter a number of hazards, like other aircraft. However, once you start the take-off procedure, this kind of Airline Insurance usually ends. Yet, disputes between what is considered take-off and taxiing have led to many companies changing this type of coverage.
  • In flight coverage – this protects the aircraft while it is actually in the air. However, many policies also cover all phases of flight including aircraft storage.

Aerospace Insurance Options

If you are in the business of carrying passengers you need to have passenger liability insurance. This covers injuries and deaths of passengers, and is often taken out according to the number of seats the aircraft contains. Naturally, large airliners would need a great deal of coverage.

You also may have the option of taking out CSL coverage. This stands for “combined single limit” and it combines coverage from public and passenger liability. These policies have a single limit for the entire claim.

If your aviation is in the business of hauling cargo, you need to make sure that you have sufficient cargo insurance to cover your needs.

Getting The Right Kind Of Coverage

It’s hard to know everything there is about Airline Insurance, and that is why you should seek help from qualified insurance professionals like Leibel Insurance Group. Ever since 1981, we have been there for Alberta businesses and individuals.

Leibel Insurance Group is an independent insurance brokerage with access to many excellent insurers. In fact, when you come to us, you have the advantage of 5 different insurers for your Aerospace Insurance needs.

We have insurance experts that will make sure you get the right insurance coverage so you will not have to deal with claims problems. Our claims response is available 24/7 and we offer dedicated service for all of your insurance needs.

Call Us at (780) 484-8880


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