What is Aircraft Hull Insurance?

What is Aircraft Hull Insurance?

The main body as well as the structure of an aircraft is known as the hull. This includes the propulsion system and equipment usually installed in the aircraft. Aircraft hull insurance protects the owner against financial losses caused by physical damage to the main body of an aircraft. This coverage applies to different types of risks, including those related to war and terrorism.

Do you need Aircraft Hull Insurance?

Hull Insurance is a type of aircraft insurance that protects you against financial losses in case your aircraft suffers physical damage. Which makes it a valuable coverage to have. Especially if you consider the replacement and repair cost of a jet that one owns.

This insurance reduces the burden on your pockets and gives a piece of mind.

When can we claim Aircraft Hull Insurance?

Aircraft hull insurance can be claimed in the event of physical loss or damage to the aircraft itself. This includes:

• Accidents, such as collisions, hard landings, or bird strikes
• Natural disasters, such as hurricanes, tornadoes, or floods
• Fire, theft, or vandalism
• Other unexpected events that can cause significant damage or even total loss

How to claim Hull Insurance for an aircraft?

In order to make a claim you’ll have to submit proof of loss/damage to the insurance company. This proof can be an accident report, damage assessment, or police report.

Here are some tips for filing a successful aircraft hull insurance claim:

• Report the loss to the insurance company as soon as possible.
• Document the loss as thoroughly as possible.
• Keep all receipts and other documentation related to the loss.
• Cooperate with the insurance company’s investigation.

Bonus Read

While claiming Hull insurance for your aircraft, you must remember that the insurance company may send someone to assess the damage to the aircraft. If they believe that the loss was caused by the aircraft owner’s negligence they may deny the claim.

Also, the company may require the aircraft to be repaired or replaced before they will pay the claim. And, they may pay the claim in installments.

Always read and do thorough research before buying any insurance or policy.