Aircraft Hull Deductible Insurance
Most General Aviation aircraft insurance policies apply a deductible under the hull section, which covers physical loss of or damage to the aircraft.
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For general aviation, rotor wing & business jet owners
Most General Aviation aircraft insurance policies generally have a policy deductible amount as standard, in a similar way to a policy excess under a car or home insurance policy.
There are two reasons to have aircraft hull policy deductibles;
- To encourage the policyholder to protect their aircraft as they are responsible for the first part of a claim,
- To remove the insurer(s) from paying small claims where the cost of handling these claims is disproportionate to the amount claimed
The deductible can be expressed as a fixed amount or percentage of the agreed value of the aircraft. Depending on the amount or percentage deductible, an owner or operator may choose to increase or reduce their deductible. Any change is likely to result in an adjustment to the premium charged.
We offer an aircraft hull deductible insurance policy for General and Business Aviation owners, which is a separate policy from a main aircraft hull and liability policy.
Franchise deductibles
In addition to standard aircraft hull deductibles, some policies include deductibles on a franchise basis.
In the event of a claim under the hull section of the aircraft policy, if the amount of the claim is below the franchise deductible amount, then the claim would not be paid under the policy, as the policyholder is 100% responsible for the cost of the claim. However, if the claim exceeds the franchise deductible amount, then 100% of the claim is paid by the insurer (subject to the terms & conditions of the policy).
Gallagher's General Aviation team do not presently offer Franchise Deductible insurance as a separate policy, but this coverage can be offered by certain Insurers as an addition to your existing policy. Please ask your Account Handler if you would like this additional coverage and we will advise if this is available on your policy and provide a quotation accordingly.
If you need to discuss a claim with us please call us on 0800 612 2258.
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