Aircraft Insurance: What Is It and How Does It Work?
Responsible charter brokers, air carriers and travelers all need appropriate insurance. Some of the coverage applies only to the aircraft; other policies cover the traveler and their belongings. At Stratos Jet Charters, we aim for clarity and transparency. So if you’re planning a private jet charter, here is our guide to the three types of aircraft insurance available for your protection and peace of mind.
This type of coverage is familiar to regular travelers. Travel insurance is designed to protect you and your belongings when you travel. Typical coverages include medical and life insurance, personal belongings and baggage coverage, trip interruption or cancellation expenses. Several reputable national firms allow you to purchase travel insurance online. As always, check the policy for any medical exclusions, geographic boundaries and other limits to the coverage.
Non-owned Aircraft Insurance
This is the next layer of protection for you as a traveler. When you charter an aircraft, you are renting it from the carrier. Although charter brokers and air carriers have their own “Hull and Liability” coverage for damage to the aircraft, some travelers prefer to purchase extra rental protection. A non-owned aircraft insurance policy protects you in situations where there is physical damage to the chartered jet, third-party property damage, third-party injuries and legal defense costs.
Hull and Liability Insurance
As noted, Hull and Liability Coverage is a commercial policy carried by aircraft owners and brokers. Travelers do not purchase these policies, but it is good to be aware of them. These aircraft insurance policies include physical damage to the aircraft, medical coverage for passengers and crew, and coverage for personal items including baggage and cargo. Some policies carry third-party liability, which includes damage to individuals or property caused by the aircraft.
Stratos Jet Charter travelers are covered under two aircraft insurance policies: the air carrier’s and our own. Stratos requires that each carrier in our network must have a minimum of $25 million in liability insurance for turboprop aircraft and $50 million for jets. We have also invested in our own $50 million non-owned liability policy.
Stratos has developed a culture of safety in every aspect of our business. Travel with peace of mind, knowing we have made every effort to protect you and your loved ones on your flight.
When you’re ready to charter a luxury private jet and want to ensure the right insurance coverages are in place, call Stratos Jets—888-593-9066.