Aviation Professional Liability Insurance (APS) provides protection from liability arising from allegations of professional misconduct to a wide range of aerospace professionals, including engineers, auditors, consultants, maintenance providers, safety experts, FBOs, aircraft sellers and dealers.
Global Aerospace is the first firm in the industry to offer this type of liability insurance for professional aviation services, offering Aviation Professional Liability Insurance policies with a liability limit of $250,000 to $1,000,000. The need for affordable fault and omission policies offered by US insurers who are familiar with aviation risks became clear from observations and many requests from people in the aviation industry, and Global Aerospace decided to develop a product to meet this need.
Aviation Professional Services (APS) liability insurance provides a liability insurance to aviation professionals such as auditors, engineers, safety experts, consultants, maintenance providers, FBOs and aircraft sellers against financial loss and defense costs arising from errors or omissions in the delivery of professional aviation services. Professional indemnity policies covering errors in the aerospace industry are difficult and costly to obtain. Aviation insurance does not cover aircraft liability.
As the term implies, aviation insurance covers physical damage to an aircraft and legal liability arising from the operation and ownership of an aircraft. There are various types of aviation insurance policies that cover physical damage to aircraft, whether caused by the ownership of the aircraft, crew or passengers. In short, it provides liability and property damage protection for aircraft, injuries to passengers by third parties and property damage by third parties.
Aviator insurance for own aircraft comprises a combination of risk protection such as public liability, passenger liability and aircraft comprehensive insurance. Private individuals, companies and charter aircraft are protected by aircraft insurance against liability in the event of an accident.
Policies not in possession of aircraft cover liability for bodily injury and property damage caused by the insured pilot. The Cessna 172 Aviation Liability Insurance covers aircraft damage and its characteristics, property damage and injuries and provides funds for legal defense if the aircraft owner is sued. The aircraft liability insurance offered by the Company is designed to cover up to $1,000,000 per incident and covers passengers up to a limited amount of $100,000 per passenger, including total liability of $1,000,000.
Aviation Professional Liability Insurance Cost
Aircraft insurance for an aircraft that you own can cost anything from $250 for a basic civil liability insurance policy such as Cessna to $150 to hundreds of thousands of dollars for an aircraft carrying hundreds of passengers. As you can imagine, the cost of aircraft insurance varies from plane to plane depending on the rate of damage and model of aircraft. Aviation insurance protects companies, pilots and aircraft against hull damage, liability for personal injury and damage by third parties caused by aircraft accidents.
As you can imagine, your cost of aircraft insurance depends on your particular situation, including the aircraft type, its value, experience, training, flight history and safety record of your aircraft. The cost of insuring an aircraft used to carry passengers, recruit students or train pilots may be higher for private, business or non-commercial use. This is a more focused issue for owners of general aviation aircraft, as many insurers offer coverage to AOPA members.
Many flight schools require their students to take out liability insurance, also known as tenant insurance, which is similar to what AOPA memberships provide to insulate flight school policies if a student is damaged by a flight school aircraft and suffers a claim for personal injury. In contrast to liability insurance, tenants “insurance covers the physical damage.
Most small businesses choose a standard insurance level of $1 million per event and a total insurance level of $2 million as the upper limit for their general liability coverage, according to InsureOn. This type of policy pays out $1 million to cover a single claim in general liability insurance, with a cap of $2 million for the insurance period. Your general liability insurance covers most claims, except for accidents and catastrophic accidents that threaten to exhaust the limits of your primary insurance coverage.
Find out about Aviation Liability Insurance, a specialised form of insurance that provides cover for hull damage, personal injury, environmental damage and damage caused by third parties in aircraft accidents. Just as your aircraft insurance provides property protection, your aircraft liability insurance covers negligent actions or errors, whether they involve injury or damage to passengers or other third parties. A general professional liability policy for the aviation industry includes defence costs and political limits.
Insurance cover varies depending on the policy and the preference of the policyholder, but these are general insurance options for aviation, including liability for the fuselage, ground flight, non-in-flight and non-movement insurance.
Deductibles of $25,000 to $100,000 are not considered unrealistic, but turbine aircraft owners who want to trade their capacity to sustain hull damage for size may need higher liability limits, which can be costly if the aircraft owner decides to limit his insurance spending. Certified flight instructors, AMTS owners, partners, FAA check-in pilots and private contractors can receive tailor-made individual liability insurance solutions for pilots of all levels of experience.
General liability insurance does not cover company-related automobile accidents, injuries and illnesses of employees, damage to your business or property, professional service errors, claims that exceed the limits of your policy or illegal actions of you or your employees for any purpose.
Aviation Professional Service Liability Insurance (APS) responds to claims against a policyholder for having committed unlawful acts from the provision or omission of professional services in connection with his product or work or in connection with his aviation operations. The first type of liability cover is standard in aircraft insurance, and the second optional hull cover covers damage to the aircraft itself.