Information required for hangar insurance
Aircraft hangar insurance is not often a topic that causes a flurry of web browser tabs to open or that rises in the rankings of Google search results. In light of recent natural catastrophes, aircraft owners and operators should be mindful of the importance of bringing this back to the forefront of their thoughts. However, what about the roost? While aircraft insurance is pretty common information and common sense, what about its roosting place? When it comes to ground service equipment (GSE), hangars are frequently home to tens of thousands of dollars in tools, parts, and other equipment, but protecting this asset is often overlooked in favour of insuring the aircraft itself. It is past time to shine a light on the important information you should know regarding airplane hangar insurance.
What is the importance of aircraft hangar insurance?
In addition to aircraft insurance or warbird insurance, aircraft hangar insurance is necessary for a number of reasons that are pretty clear. Aircraft insurance is generally intended to safeguard the aircraft while it is in service, but it can also cover specific aircraft components that are highly expensive. Turbine engines, for example, should have their own coverage levels stated because the cost of replacing them alone is so high compared to other vehicles. Once again, aviation insurance is largely concerned with protecting the aircraft while it is in service. A solid hangar insurance policy becomes essential when an aircraft is kept static in a hangar, as aircraft insurance coverage diminishes when an aircraft is kept static in a hangar.
When an aircraft is not in motion, the insurance on the aircraft typically expires. With the exception of commercial airliners and some charter aircraft, the great majority of aircraft spend the most of their lives in hangars. Hangars, because they are man-made structures, are vulnerable to natural calamities such as wind, flood, and fire, among others. Hangars are also considered to be industrial facilities since they hold machinery as well as the numerous tools, fluids, and components that go with them. When it comes to aircraft hull insurance, it is important to remember that it also includes protection for the aircraft’s tools and ground support equipment.
There are several different types of hangar insurance.
Hangar insurance is often seen as a one-size-fits-all product, however this is not always the case, as demonstrated by the following examples. Types of hangar insurance are differentiated by whether the insured is a private owner of an aircraft and a hangar, an aircraft owner who leases space, or the owner of one or more aircraft and a hangar.
Insurance for hangars and airplanes for private individuals who own both hangars and airplanes.
It is mandatory for the private owner of a hangar and aircraft to get owner’s insurance for both the aircraft and the hangar building, as well as owner’s insurance for all equipment contained therein. In the event that the property is destroyed, the owner has a strong interest in ensuring that the entire property is completely rebuilt.