Breakdown of hangar and property insurance
If you have your own personal aircraft, or if you own an aircraft hangar, you’ll need to invest in insurance – the same as you would for a car. Personal planes and aircraft hangars are very valuable assets and you want to protect them and keep them in top condition at all times. Having good hangar insurance is one way you can do that. Our team at Monmouth Executive Airport is happy to explain the importance of hangar insurance and property insurance within this article. Here are some of the basics:
- Each aircraft owner and each hangar owner has specific needs, and insurance helps them meet their specific needs. This includes aspects like fueling, de-icing, parking, storage, maintenance, and other services provided in hangars.
- For airports like Monmouth, hangar and property insurance is essential when renting out hangars to third parties. Insurance acts as coverage for another person’s aircraft while they’re in the airport hangar, and helps protect you in case something happens.
- You can customize your hangar insurance portfolio to include exactly what you need. Common types of insurance are:
- Hangar structure insurance: Hangars can easily be damaged by strong winds, heavy storms, and other weather occurrences.
- Business property insurance: This covers the equipment inside your hangar, like tools and any machinery.
- General liability insurance: This policy provides coverage if third-party injury or damage occurs while in your hangar.
- Auto liability insurance: This is important if you have a shuttle that drives people to and from your hangars, or two and from their aircraft upon take-off and landing.
- Pollution liability insurance: In the event of an accident, flammable liquids like fuel and other chemicals can leak into the surrounding ground and water. This policy covers costs associated with clean-up and any damage caused.
Invest in aircraft and hangar insurance
There are certain unavoidable liabilities you’ll encounter when you own an aircraft hanger, or when you’re working with hangars and aircrafts. Heavy machinery, combustible materials, and expensive equipment means that insurance is essential. If you’re unsure about which policies you should include in your hangar insurance portfolio, we recommend speaking with an experienced insurance company that works with hangar owners, aircraft owners, airport owners, and others in the aviation industry.
Aircraft hangars are a big investment. Keep your property safe and mitigate any risks with property insurance, also learn more about potential liabilities that come with owning an aircraft hangar. For more information about hangar insurance and property insurance, please contact our team at Monmouth Airport today. We look forward to hearing from you.