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These aircraft are larger than the average general aviation/ pleasure and business aircraft. Most are turboprop or turbojet powered rather than piston powered.
Underwriters will want to know the nature of the aircraft owners business and what their aircraft is being used for.
This includes details like:
- Where the aircraft is hangared
- Where they are usually flown
- How many flight hours per year
- Average passenger load
Corporate aircraft include aircraft such as Gulfstream, Bombardier Global and Challenger, and Dassualt Falcon (to name a few). These aircraft have professional pilots who are being hired and compensated for their pilot services.
Types of corporate / business aviation insurance we offer
Corporate aircraft insurance are rated by the hull value, liability limit, and the pilot’s experience. Depending on the value, age, and liability limit, there are ten (give or take a few) aviation insurance markets that will entertain insurance quotes on Industrial Aid corporate aviation insurance.
Dual Pilot rates for exceptional pilots – 0.35% t0 0.5% of hull value
Single Pilot rates for exceptional pilots – 0.7% to 0.9% of hull value
Aircraft liability insurance provides protection against third party claims involving bodily injury and property damage. For a light Cessna, the lowest liability limit is $1,000,000 per occurrence, sub $100,000 per passenger. For corporate or commercial aircraft like the Gulfstream G700, it’s common to see liability limits at $300,000,000 per occurrence.
Named Pilots and Open Pilot Warranty
Most aircraft policies will have a list of Named Pilots and an Open Pilot Warranty. Underwriters expect a superior Industrial Aid risk to have a professional flight department. The ratings and experience of the “Chief Pilot”, co-pilots will be closely examined.
Is a list of additional coverage that is included in an aviation insurance policy. There is often no charge for these additional coverages. Most of the aviation insurance companies we have access to have separate and broad form aircraft policies for flight departments with corporate aircraft.
The premium for corporate aircraft insurance is often charged per year. Corporate aircraft insurance typically get more favorable rates when you look at it as a percentage of the hull value. For example, a $10,000,000 Embraer Legacy may see an annual premium of $35,000 to $50,000.
Certificates of Insurance
If a bank or leasing company is involved, they will have aviation insurance requirements for the aircraft. The financial institutions may want to be listed as Additionally Insured with a Breach of Warranty in their favor. Other common certificates of insurance are for hangar lease agreements, municipal airports, and Mexican or territory certificates.