The Hayward Aviation team has extensive experience in arranging aircraft hull insurance for vintage aircraft including higher valued aircraft or those which require the highest liability limits.
Insurances to consider
Liability insurance essentially provides cover against loss, damage or injury to third parties which include passengers, cargo, mail and baggage. Although different insurers may offer slightly different policy limits and definitions, they do not generally provide cover for the pilot in command (of an aircraft) or the actual aircraft.
You must also carry evidence of this insurance onboard the aircraft at all times.
It is a legal requirement for any aircraft flying in the UK to have a minimum amount of liability insurance, as required by EU legislation. The minimum insurance requirements are set out in Regulation EC785/2004. This legislation applies to all EU countries and similar regulations apply in most other countries worldwide.For information on the EU limits, visit www.caa.co.uk.
A hull insurance policy indemnifies a loss or damage to your own aircraft.
Hull insurance policies are generally arranged on an agreed value basis, where the value of the aircraft is agreed in advance. In the event of a total loss, insurers pay out the agreed value, rather than the current market value.
It is important to set a realist agreed value sum insured. If you choose a value below the true value of the aircraft, at the time of a loss, an insurer may, decide to declare the loss uneconomical to repair and pay the claim based on the agreed value. This payment may not fairly reflect the cost of replacement. If you, however, overvalue your aircraft, insurers may elect, when you suffer a significant loss, to repair the aircraft rather than "write it off' even if you wish, to have the aircraft declared a total loss.
Airside Vehicle Liability Insurance
In the UK, it is usual for a standard motor policy to exclude cover while a vehicle is 'airside'. If you are a private owner visiting a small airfield, perhaps towing a glider or other aircraft equipment, a standard car insurance policy will not cover against loss or damage to your own vehicle or any third-party property.
Some insurers will extend cover to include this additional exposure. A separate airside liability policy can also be arranged on an annual basis to provide adequate insurance cover.
For a quote on airside vehicle liability insurance please contact us, or download our risk questionnaire.