What Insurance Must a Plane Owner Have?
The requirement for a plane owner/operator to have insurance is codified by FAA regulations (Commercial Space Transportation, FAA, DOT). These regulations prescribe insurance and other financial responsibility requirements for the conduct of licensed launch activities and further states that each insurance policy be placed with an insurer that is licensed to do business in any state, territory, possession of the United States, or the District of Columbia. The purpose of the requirement is to ensure that additional insured’s may have legal recourse against the insurer within the United States.
Aviation as a whole has many different options. Being involved in commercial aviation may mean that your role is that of aircraft manufacturer or flight training centers, agricultural aviators, air cargo or air charter service. You may be a pilot or a pilot and a plane owner. Your plane could be one of a type that has different uses and considerations. Such as:
- Single/Twin Engine
- Cabin Class
- Very Light
- Turbojet
- Antique
- Home built (kits)
- Experimental
- Sport
- Non-owned renters
- Helicopter
Each facet of the industry requires specific expertise in their operation and within their insurance policy. Aircraft insurance policies are written using language unique to the industry. FAA language differs from policy language. Therefore, you need an aviation lawyer in Arkansas who will understand your needs and required aviation insurance for your purposes.
The governance for the insurance carrier within the state of Arkansas is law enacted by the Arkansas State Legislature but you need an insurance specialist who understands the nuances of the different type of aircraft and the implications of their use and the options of the types of insurance that should be provided. There are many options for insurance and these are different depending on whether you are operating a plane for private, corporate or commercial use. Even pilot life insurance has unique considerations.
If you have questions about Arkansas aviation insurance you should contact The Hershewe Law Firm for assistance toll-free at 1-877-382-9734 or contact us via web form.
