Checklist for Buying Aviation Insurance

Be confident that you are getting the right level of coverage for your aircraft operations.  The below checklist will help you gather information that your agent needs to help you find the protection you need.

Choose an agent, broker or producer

The terms agent, broker or producer are used almost interchangeably in the insurance business. Regardless of the title it is important for you to choose a person that understands aviation insurance and you feel comfortable working with. For the purpose of this checklist we will refer to them as your agent. It is important to remember your agent is totally independent and can place your insurance with the provider who is best for you. More

Describe how you will use your aircraft

  • Is it just for my own personal transportation?
  • Do I expect to charge anyone for using or riding in my aircraft? More
  • Are all operations on paved airports? Any grass strips or off-airport operations?
  • Do I plan to fly outside the Continental US or Canada to places such as Mexico, the Bahamas or elsewhere? More
  • Other uses – will the aircraft be used for any other activities such as towing or sky diving?

Know who will fly your aircraft (all pilots should be discussed with your agent)

  • Who can operate my aircraft? More
  • Are there any student pilots flying my aircraft?
  • Are there other pilots who fly on my behalf?
  • Are there any other pilots with specific special consideration (foreign license, waivers, etc.?)

Discuss what value should be placed on your aircraft with your agent

  • At what Value should I insure my aircraft? More
  • If there is a deductible, is the amount reasonable for me? More
  • Is my aircraft covered even if it’s not hangared? More

Discuss what liability coverage and limit you need with your agent

  • There are many approaches to liability insurance, talk with your agent to determine which approach and limit of liability works best for you. More
  • What additional situations and costs are covered when there is a liability claim? More

Choose a strong, experienced insurance company

It is important to know the insurer you choose has the financial strength and experience to remain viable and support you if a claim happens.

  • Is the insurer experienced in aviation insurance?
  • Do they have adequate financial strength? More
  • Do their employees have the experience in both aviation and insurance to understand my needs? More
  • How many years have they been insuring aviation risks?
  • Do they support and participate in aviation industry organizations? More
  • What is the insurers approach to handling claims? More
  • Do they have strong and experienced in-house resources, or do they use outside independent adjustors?More

What else should I consider?

  • Contractual obligations – are there any contracts I have signed relating to the use, operation, maintenance or storage of my aircraft? More
  • Can my coverage be changed? More