LRingeisen
Well Known Member
The first step when purchasing insurance is determining what type of coverage you need.
If you are in the building process, you may want to look into a Builders Risk policy. With the premium starting as low as $250, this is an afforable coverage to protect you from unwanted surprises. You can also add liability coverage for an additional fee. This is sometimes required by airports. However, having a builders policy is not just a good idea if you keep the aircraft stored in a hangar, but also a good idea if you have parts stored in your garage. Check with your homeowners policy to be sure, but most insurance companies exclude anything to do with an aircraft.
If you are not in the building category, there are a few more options available to you. A Ground Not in Motion policy may be the thing you are looking for if you are not currently flying. This covers the aircraft as long as it is not moving under it’s own power. You can increase this coverage to Ground Not in Flight to cover taxing. The most common coverage provided is Ground and Flight, also known as All Risk Hull or Full Flight coverage. Of course, this adds flying coverage. Each of these options include liability coverage while on the ground and in flight.
There are a couple more options available to you including Storage Only and Liability Only. The main difference between GNIM and Storage Only is that there is little to no liability coverage for an aircraft in storage. If there is liability coverage, it does not apply to being in flight. Since there is usually not much of a difference in premium between the two, it might be more beneficial for you to bind GNIM. Liability Only covers you for instances you are liable for whether they take place in flight or on the ground, but there is no coverage for the aircraft itself.
If you have more questions about the differences between the avialable options, please reach out to your broker. Of course, all claims are covered on a case-by-case basis.
If you are in the building process, you may want to look into a Builders Risk policy. With the premium starting as low as $250, this is an afforable coverage to protect you from unwanted surprises. You can also add liability coverage for an additional fee. This is sometimes required by airports. However, having a builders policy is not just a good idea if you keep the aircraft stored in a hangar, but also a good idea if you have parts stored in your garage. Check with your homeowners policy to be sure, but most insurance companies exclude anything to do with an aircraft.
If you are not in the building category, there are a few more options available to you. A Ground Not in Motion policy may be the thing you are looking for if you are not currently flying. This covers the aircraft as long as it is not moving under it’s own power. You can increase this coverage to Ground Not in Flight to cover taxing. The most common coverage provided is Ground and Flight, also known as All Risk Hull or Full Flight coverage. Of course, this adds flying coverage. Each of these options include liability coverage while on the ground and in flight.
There are a couple more options available to you including Storage Only and Liability Only. The main difference between GNIM and Storage Only is that there is little to no liability coverage for an aircraft in storage. If there is liability coverage, it does not apply to being in flight. Since there is usually not much of a difference in premium between the two, it might be more beneficial for you to bind GNIM. Liability Only covers you for instances you are liable for whether they take place in flight or on the ground, but there is no coverage for the aircraft itself.
If you have more questions about the differences between the avialable options, please reach out to your broker. Of course, all claims are covered on a case-by-case basis.
