DID YOU KNOW you may already have coverage for renting or borrowing another aircraft?
We get several calls asking to buy coverage for renting or borrowing an aircraft. The first thing we do is check to make sure you are not already covered under your aircraft policy. Why pay for something you already have? In most cases, there is already coverage for the named insured on their current policy. A lot of the companies will cover a non-owned aircraft as long as it is of “like” make and model of the currently insured aircraft. Before you purchase a separate policy, check your current one. It’s quite possible that your liability coverage extends to flying another aircraft while at the same time covering the aircraft itself. If the non-owned aircraft does not meet the policy’s qualifications, we can check to see if your current carrier will endorse your policy to allow rental. If not, we can always look into a non-owned policy for you.
Please remember that non-owned coverage is in excess to the policy on the aircraft itself. These non-owned policies or endorsements only pay out if you are legally liable for the damage to the aircraft.
If you are flying a friends aircraft, it is imperative that you check their policy to make sure you are either a named pilot or allowed to fly under the open pilot provisions. If you do not do this you could be voiding their policy.
Please note different outcomes can occur based on specific policy wording and claim details
Leah Ringeisen, Shanna Linton, & Katie Escalante
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.