The Ins and Outs of Aircraft Insurance

“One thing is true about insurance: It’s better to have it and not need it, than the other way around.”

– Joel Thomas, President & CEO, Stratos Jet Charters Inc.

When it comes to owning and operating a jet, having the proper aircraft insurance in place is one of the most important responsibilities you can undertake. It’s not a matter of should you or shouldn’t you, it’s more a matter of coverage, provider, and rates.

To better provide our clients with the information they need to make informed buying decisions, we’ve created an aircraft insurance guide to help clarify the types available and how they’re used.

Aircraft Hull & Liability Insurance

For aircraft owners and operators, there are many different variations and options available through an aircraft hull & liability insurance policy. Some owners prefer to purchase hull insurance only while others opt for additional liability insurance as well. Beyond those two basic forms, the options are extensive and can be a bit overwhelming to those new to the industry. To help educate our clients, our goal is to provide as much information as possible.

For a more detailed explanation of hull and liability insurance, please visit the Aircraft Liability Insurance page.

Our Carriers’ Minimum Coverage & Our Own Additional Policy

For clients booking charters, we’ve created our own in-house Air Carrier Due Diligence Program. With this program, each and every air carrier we work with is pre-screened before being hired for a mission. One of the requirements we screen for is that each private aircraft carrier must carry liability insurance at a minimum of $25 million for turboprop charters and $50 million for jets. However, many of the operators we work with greatly exceed these minimums.

In addition to these requirements, we’ve also invested in our own $25 million non-owned liability policy. We maintain this policy to give our clients peace of mind when booking a charter flight with us.

However, some charter clients feel more comfortable with additional coverage, and we’re happy to facilitate that. For more detailed information, please review the Non-owned Aircraft Liability page.

Fixed-base Operators Need Insurance Too

When it comes to aviation insurance, it’s not just aircraft that require liability insurance. Fixed-base operators (FBOs) require a general liability policy too. A proper policy can protect against a third party claim related to property damage or bodily harm.

Working with a reputable insurance broker can provide a policy that offers the appropriate coverage, such as:

  • Premise Liability – Insures the premises against ordinary hazards
  • Hangarkeeper’s Liability – Protects airports from claims related to aircraft damaged while in the care and custody of an airport
  • Products and Completed Operations Liability – Intended to protect the airport from incidents arising from negligent work, and/or faulty products
  • Personal and Advertising Injury Liability – This option can avoid penalties pertaining to “personal injury,” like false arrest, slander, privacy violiations, etc.
  • Contractual Liability – Protects against issues that can arise due to contract disputes

When seeking FBO-related insurance coverage, it’s important to work with a reputable insurance broker that can help you take the necessary steps to safeguard your assets and make sure they’re properly cared for.

Stratos’ Commitment to Honest Advice and Fair Pricing

Aircraft insurance plans are complex and have many different variables, and it can be really challenging to put a policy in place that meets all your needs without consulting an industry expert. That’s why Stratos Jet Charters has decided to partner with an insurance broker that specializes in aviation insurance. We want to lend our expertise and knowledge to our clients to help them make informed buying decisions. Our transparent and informative approach in everything we do is what makes us proud to stand out as a leader in the private aviation industry.

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To find further information on The Ins and Outs of Aircraft Insurance please contact our agent at 888-593-9066 or write to us here.


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