Hangarkeeper's Liability Insurance: Protecting Aircraft in Storage
Hangar keeper’s liability insurance is a specialised type of insurance designed to protect hangar operators and aircraft storage facilities from liability claims arising from damage or loss to aircraft in their care, custody, or control.
This insurance coverage is essential for companies that provide hangar storage, maintenance, and repair services for aircraft.
What is hangar keeper’s liability insurance?
Hangar keeper’s liability insurance provides coverage for damages or losses resulting from:
1. *Aircraft damage*: Damage to aircraft while in storage or undergoing maintenance.
2. *Aircraft loss*: Loss of aircraft due to theft, fire, or other covered events.
3. *Liability claims*: Claims made by aircraft owners or operators for damages or losses.
Benefits of Hangar keeper’s Liability Insurance
1. *Financial protection*: Hangar keeper’s liability insurance provides financial protection against costly liability claims.
2. *Risk management*: Insurance coverage helps hangar operators manage risks associated with aircraft storage and maintenance.
3. *Compliance*: Some regulatory bodies or aircraft owners may require hangarkeeper’s liability insurance coverage.
4. *Peace of mind*: Insurance coverage provides peace of mind for hangar operators, knowing they’re protected against unexpected liability claims.
Factors Affecting Hangar keeper’s Liability Insurance Premiums
1. *Type of aircraft stored*: type and value of aircraft stored in the hangar.
2. *Hangar operations*: Type of services provided, such as maintenance or repair.
3. *Security measures*: Presence and effectiveness of security measures to prevent theft or damage.
4. *Claims history: The hangar operator’s history of claims and losses.
Challenges in Hangar keeper’s Liability Insurance
1. *Risk assessment*: Accurately assessing the risks associated with aircraft storage and maintenance.
2. *Liability limits*: Determining adequate liability limits to protect against potential claims.
3. *Policy terms*: Understanding policy terms, conditions, and exclusions.
Hangar keeper’s liability insurance is a critical component of risk management for hangar operators and aircraft storage facilities. By understanding the benefits and challenges of this insurance coverage, hangar operators can make informed decisions about their insurance needs and protect themselves against costly liability claims.
