If you own a hangar that houses private jets then it is important that you take out hangar keeper’s insurance.
This type of policy covers damage to jets and other aircraft housed within the hangar and is vital to owners of private jets as it provides a buffer for their own insurance policies from damage that occurs when their aeroplane is housed within the hangar.
In general, most policies cover damage to aircraft that occurs as a direct result of negligence on the part of the hangar keeper. This includes damage to the exterior of the plane caused by hangar staff whilst the plane is being moved.
Coverage is also available for equipment and tools stored inside the hangar. In the event that you are sued for damage that is sustained whilst an aircraft is in your hangar keeper’s insurance can also help to cover legal fees and court costs.
Hangar keeper’s insurance will not pay out for damage that occurs to aircraft as a result of a storm or similar event that is outside the control of the hangar owner. You will only be able to claim for damage that is sustained as a result of negligence on the part of the owner of the hangar.
In the event of a claim if there is any uncertainty about how the damage to the aircraft occurred claims should be submitted to both the hangar keeper’s insurer and that of the aircraft owner.
The insurance providers will then carry out a thorough investigation and ascertain whether damage occurred as a result of negligence. If this is deemed to be the case then the aircraft owner’s insurer will be reimbursed for any claims that have been paid already, and the claim will be eradicated from the aeroplane owner’s insurance record.
Prior to taking out a hangar keeper’s insurance policy hangar owners should ensure that they understand the terms and conditions of the policy in full.