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 Posted: Thu Oct 30, 2008 7:14 am Post subject: aviation accident insurance |
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Hi all..someone please tell me more about aviation accident insurance. Also state the key elements within an aircraft insurance policy if you can. Is there anything called an 'open pilot warranty'?
Crossbreed
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Crossbreed
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| Posted: Thu Oct 30, 2008 7:30 am Post subject: |
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The open pilot clause applies to the pilot, who only flies the aircraft occasionally and has some experience in flying aircrafts. All other including the regular pilot and the financial partners should be included in the policy as named pilot and should never fly under the open pilot clause.
Hope this helps.
~jeremy |
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JeremyHolter
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| Posted: Thu Oct 30, 2008 7:41 am Post subject: |
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Aviation accident insurance would cover you from the risks associated with an aircraft accident through a master policy.
| Quote: | | The open pilot clause applies to the pilot, who only flies the aircraft occasionally and has some experience in flying aircrafts. |
Yes, the 'open pilot warranty' is just a clause within an insurance policy which permits pilots (who meet specific qualification requirements) to fly at times. This clause don't mandate the names of such pilots to be enlisted with the policy.
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ArindamSenIndies
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| Posted: Thu Oct 30, 2008 8:34 am Post subject: |
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| The aviation insurance belongs to the group of specialty insurance and is offered only by a handful of insurer. Normally, the freedom to shop around for a better deal isn't an option for the customers seeking aviation accident insurance, that is because there are only few underwriters available for this job as compare to the hundreds for auto policies, hence they only offer quote to the first broker who approaches to them for the quotes. |
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simon
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| Posted: Thu Oct 30, 2008 11:21 am Post subject: |
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Hi,
I think the liability coverage is one such key element within the aircraft coverage. It is meant to cover for bodily injury as well as property damage to the person to whom you are obligated. You'd need to explain your risks to an insurance agent and know about the exact liability coverage limit that you need for your operations. The limit of liability would be divided between all the additional insureds whenever a claim surfaces.
Regards, Fatman |
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fatman
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| Posted: Thu Oct 30, 2008 11:23 am Post subject: |
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If you add someone to your policy, it would be better for you to increase the liability limit. But always remember that your own bodily injury or the property damages would not be covered through this policy. It will also not cover for the injuries caused to your employees as well as the contractors.
Purpleheaded08
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Purpleheaded08
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| Posted: Thu Oct 30, 2008 11:31 am Post subject: |
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| Quote: | | I think the liability coverage is one such key element within the aircraft coverage. |
Another important one would be the physical damage coverage. It is meant to cover different parts of your aircraft under accidental circumstances. Don't forget to cover your aircraft worth its entire retail value. Also make sure that you exchange the lien holder options with your broker. This would certainly ensure that their interest would be covered under your policy. Mermaid-attitude
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Mermaid-attitude
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| Posted: Mon Nov 17, 2008 9:22 pm Post subject: |
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OPW's (Open Pilot Warranty) are really intended to be a convenience for the policy holder to allow certain people to fly the aircraft on an occasional basis. If a friend asks to use your aircraft and he meets the specific requirements of the clause, as an owner, you can be assured of coverage in the event of a loss.
In no way should the OPW be used to mask how many pilots are actually utilizing the aircraft on a regular basis. Also, most policies specifically EXCLUDE dual instruction to pilots that are not specifically named on the policy. |
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SeanKelley
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| Posted: Tue Nov 18, 2008 9:00 am Post subject: |
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Hello and welcome Sean. Glad to have you with us.
| Quote: | | In no way should the OPW be used to mask how many pilots are actually utilizing the aircraft on a regular basis. Also, most policies specifically EXCLUDE dual instruction to pilots that are not specifically named on the policy. |
Would you expand this part for our community members to help them to understand about the policy better? I'm sure many of us are not well informed regarding the ins-and-outs of aviation insurance since it's a policy that we don't need quite often. |
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simon
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| Posted: Tue Nov 18, 2008 4:30 pm Post subject: |
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I would be happy to expand on this or any other subject relating to aviation insurance.
As a caveat I must say that my information may not apply to your particular situation as every insurance policy does have differences and yours may be endorsed differently based on negotiation with the underwriter. That said make sure you consult with your agent/broker on any matters of policy wording.
As a general rule pleasure and business policies (P&B) do not allow for coverage of operations in which a charge is made regardless of what the FAR Part 91 regulations may permit a private pilot to do. Federal regulations and insurance contracts are 2 seperate entities that do not comingle or rely on each other.
The reason that pilots should be named is for the underwriter to adjust for aircraft annual utilization. P&B policies are generally rated for about 150-200 hours of use per year. With pilots flying about 50 hours a year 3-4 pilots can use up that utilization quite quickly. Most companies will begin surcharging a poilcy for additional pilots.
As stated before there are occassions when an aircraft owner may permit a person to use their plane as a favor. The OPW simply states the minimum requirements that the pilot must meet. As long as each part of the requirement is fullfilled then coverage is left intact.
I have heard aircraft owners say that they are going to give out a few BFR's in their aircraft since they are also a CFI and that they would not charge for use of the aircraft but rather the use of their pilot service. This violates the insurance policy on many levels but specifically the pilot clause which states that only "named pilots" can recieve dual instruction in the aircraft.
My advice to folks is to never try and outsmart the insurance company. These policies have been written by some of the best attorneys in the country and already tested in court. Before you try to do something creative with your aircraft consult with your insurance broker. He knows (or should anyhow) what the policy says and why you can or can't perform certain operations.
While I am well versed in P&B policies I also specialize in commercial aviation risks. There are policies available that can meet your needs. I represent all of the major aviation insurance carriers and am able to negotiate terms and premiums based on your particular circumstances. If at any point you want to discuss specifics please feel free to give me a call. At no point will I pressure sell anybody. If I can help you I will let you know. If I can't I will let you know that also. |
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SeanKelley
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| Posted: Wed Nov 19, 2008 9:45 am Post subject: |
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Sean, thanks a lot for taking time in explaining the things to us. I'd say that you have rightly said that one shouldn't try to outsmart the insurance company. Many a times we have experienced people quite foolishly try to do so and often end up with denied claims.
Another fact is that most of us don't spend enough time in reading the policy document, which too leads us to problems with claim settlement.
I also agree that the terms and conditions stated in the policy paper are drawn by the experts and quite obviously they don't leave any area open for the opportunists to take the insurance company for a ride.
Hope you're enjoying your time on the board. |
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jeorge
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| Posted: Wed Nov 19, 2008 4:31 pm Post subject: |
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| If there is anything more I can do to get your aviation section going please let me know. |
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SeanKelley
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| Posted: Thu Nov 20, 2008 3:46 am Post subject: |
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I'll definitely send a note to lakemen. I'm sure he will jump to this opptunity 
Thanks for the offer Sean |
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jeorge
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| Posted: Fri Apr 17, 2009 8:15 am Post subject: aviation insurance |
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hi there please forward me aviation insurance
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siddesh
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| Posted: Fri Apr 17, 2009 12:14 pm Post subject: |
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Hi,
| Quote: | | Another fact is that most of us don't spend enough time in reading the policy document, which too leads us to problems with claim settlement. |
Many of us don't read the policy documents carefully because we don't remember that its a legitimate document.
| Quote: | | I also agree that the terms and conditions stated in the policy paper are drawn by the experts and quite obviously they don't leave any area open for the opportunists to take the insurance company for a ride. |
The benefits that we're supposed to get once we file a claim, the extent or limit of such benefits and the exclusions are all being depicted within the policy clauses. But we'd only care to go through them when our time comes to file a claim!
Fatman |
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fatman
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