Aviation and Marine Insurance
Aviation and marine insurance help protect personal and business aircraft and watercraft in the event of an unfortunate collision, theft or accidental damage. Coverage policies can include:
- Aerospace product manufacturers’ liability
- Airport owners and operators’ liability
- Aviation/Marine general liability
- Carrier’s legal liability
- Hangar keepers protection
- Hull and machinery protection
- Inventory/Cargo coverage
- Marina operators legal liability
- Passenger liability
- Terminal and hangar property and liability
What Does Coverage Include?
Operating an aviation supply company or an airport facility comes with risks. Aviation coverage protects from hazards related to aircraft hull and liability, war, general liability and personal accidents. The terminology involved with this policy is specifically tailored to aircraft.
Marine Cargo and Transit Insurance
Many threats exist when products are being transported around the world. Items can be stolen, accidentally damaged and other malicious actions can occur. Imports and exports can benefit from Goods in Transit (GIT) insurance coverage as part of a marine cargo insurance policy. Marine cargo coverage helps protect goods while being transported, whether by sea or air.
Marine insurance is designed to protect the sea vessel and staff involved in traveling, as well as personally owned boats. The terminology involved with this policy is specifically tailored to watercraft.
Protecting Your Team and Assets
At Gallant Risk & Insurance Services, Inc., we specialize in boat and aircraft insurance. Whether you have a personal watercraft, helicopter, a bass boat, a spacious yacht, or you are a pilot or supply products to an airport, we can recommend an insurance policy to meet your needs and keep your vessels and crew safe in the event of an unfortunate situation.
Frequently Asked Questions About Aviation and Marine Insurance
How do I determine the correct hull value for my aircraft?
If you are buying an aircraft hull insurance policy, it may be written on an “agreed value” basis. This means that both you and the insurance company have agreed on what the value will be before the accident takes place. Most insurance companies will cover the cost of repairing an aircraft if the damage is less than about 65 percent of its insured value. (Some don’t.)
To be safe, the correct insured value should be the amount it would take for you to buy the same aircraft.
What do I do when I discover a loss or damage to a shipment?
You should follow the steps outlined on your Certificate of Insurance:
- Report the loss stating that you want to submit a claim for the loss
- Contact the recommended surveyor to determine the extent of the loss
- Reach out to your cargo insurance broker to simplify the claim process
What happens if I under-value freight for cargo insurance purposes?
The full value of your shipment at its intended final destination should be declared to your insurer when you ship goods. If you under-declare the value of a shipment, your insurer might calculate your payout based on the lower declared amount rather than the actual market value of your goods.
What is the difference between inland transit insurance and ocean cargo insurance?
An inland transit insurance policy covers domestic warehouse to warehouse shipments, while ocean cargo insurance covers international shipments on a warehouse to warehouse basis, including the conveyance of the shipments between the two warehouses.
I invested money in improving my boat/aircraft. Can I increase the insured limit/value based on the improvements?
Yes, you can. Just provide us with the records and the receipts for the improvement (these need to be accepted by the insurer). In some cases, a survey might be needed.
Can I let someone borrow my boat/aircraft?
Well, it depends. Some policies are “named operator,” while others are “permissive use.” The former requires that anyone operating the boat is approved by the insurers or named on the policy for compensation to apply. The latter allows anyone with your permission to use the boat, and coverage still applies.