Making your private aircraft available to members of the public is certain to affect your existing aircraft insurance requirements and you will need to consider certain policies, such as passenger liability insurance.
What business opportunities are available for private aircraft owners?
Owning a private plane is not only an excellent source of enjoyment and freedom but also a viable method of generating additional income. Potential money-making opportunities for private aircraft owners include:
- Private jet chartering
- Offering piloting lessons
- Aerial advertising
- Operating as a passenger air carrier
- Using your plane for aerial photography
How to make sure your private aircraft is properly insured
The type of private aircraft insurance policy you will require largely depends on the type of service you will be providing and the individual specifications of the aircraft itself. It is therefore very difficult to prescribe a one-size-fits-all insurance policy to private aircrafts used for business.
However, there are certain aircraft insurance policies which are more common that you may not have needed when using your plane for just personal use, for example:
Passenger Liability Insurance
If you will be transporting members of the public, then you may require passenger liability insurance. Passenger liability insurance covers the risks for passengers travelling in your aircraft and offers financial protection if a passenger is injured or worse. This is usually covered on a cost-per-seat basis with a coverage limit for each passenger.
There are a number of other potential aircraft insurance policies that you may need to consider:
- Public Liability Insurance
- Ground Risk Hull Insurance (not in motion)
- Ground Risk Hull (in motion)
- In-Flight Insurance