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The aviation industry operates a fast supply chain with high demands, and extremely valuable equipment. During which, there are critical timeframes in which supply is required, and extremely important maintenance work taking place on fundamental parts of aircraft.
Simply put, if an aircraft or any parts, are damaged whilst in your care, that customer can sue you and your business for damages caused.
It is of great importance, that you check all your contracts and agreements with your customers and partners, as often Hangar Keepers Liability is a legal requirement to service certain aircraft types.
Hangar Keepers Liability – Do You Need It?
This is the most fundamental insurance to cover yourself against damage against control that you don’t own, but have in your hangar or on your premises. It is truly an insurance cover for you and your actions – protecting your business and commercial interests.
If you own or occupy an aircraft hangar or any airfield premises used for commercial purposes, then hangar keepers could be a requirement for you; especially if the hangar or premises is used for aircrafts or aircraft parts.
The critical facts are that Hangar Keeper Insurance protects you and your business, against any damage to aircrafts or parts that belong to someone else. It is very common that mistakes, errors or accidents can happen whilst having aircraft components, parts, engines or even full aircrafts in your care. Unfortunately damage occurs on a regular basis through the pressures of tight deadlines around aircraft maintenance. Whether a technician, aircraft engineer or other maintenance organisations, it is very important that you protect your business against the potential damage to a third party’s aircraft.
So What Is It?
Hangar Keepers Insurance protects you, against damage to a third party’s aircraft whilst it is in your care, custody or control.
What is covered under Hangar Keepers Liability?
This insurance policy covers damage to all types of aircrafts, including jets, that are housed within an airfield hangar or airfield premises. It is additional insurance that protects the property owner or occupier, providing a very important buffer for their own insurance policies. The type of damage isn’t necessarily important, as long as the owner or occupier is found to be liable.
Hangarkeepers caters for any third-party aviation equipment whilst it’s in the custody or control of the insured. It doesn’t need to be inside a hangar, it could be in a factory where you’re working on parts. If your customer sends you a part to provide repairs on, that part is deemed to be in your care, custody or control and it falls under the hangarkeeper’s requirement.
How much does Hangar Keepers Insurance cost?
Nothing compared to the potential business cost of damaging an aircraft that isn’t owned by you or your company. Hangars house hugely valuable aircrafts and parts, and for a very small % of that, you can protect the business.
The price is more often than not, significantly lower than 1% of the cover.
Does it matter how the damage is caused?
The damage can occur for many reasons, but more often than not, this is simply through negligence or not keeping the premises in a suitable state for particular requirements. Often, this can be down to simple things such as the humidity or moisture within a hangar, and the length of time an aircraft is housed on the premises.
However, it has to be the owner or occupier of the premises that is found liable for the damage caused and therefore it is very important to ensure you get the right insurance broker to protect your needs. This can be through simple non-intended negligence, and therefore the insured must get legal protection for damage caused to a non-owned aircraft in their care, custody or control.
Is it just aircrafts that are covered by Hangar Keepers Liability?
In general it is applied to aircrafts, but absolutely it covers equipment, tools and any other parts that may be stored inside the hangar or premises. The cover also protects the exterior of any aircraft in the hangar and any damage that maybe caused by any work, such as painters or hangar staff when simply moving the plane.
If I have a claim against me, what do I do?
If you have hangar keeper cover, then the insurance can also help to cover against court costs, claims processes and legal fees. The insurance policy has to be drawn up to your specific needs and it is best to speak to a specialist aviation broker to advise on the repercussions of this. Flycovr Ltd, can ensure you get the right insurance adviser and you will have the process clearly explained.
Do you have to own the premises to get Hangar Keepers Insurance?
No. You do not have to own the property. If you occupy an airfield hangar or airfield premises for commercial purposes or for the storage of aircrafts, then you still require this cover against aircrafts and parts that you do not own.
Does Hangar Keeper Liability protect the owner of the aircraft itself?
Hangar Keeper protects you, the policy holder, for the cost of damages that may be caused by your actions. This does not protect the actual aircraft owner and does not take the place of the aircraft insurance that they hold. This only covers your mistakes. Nothing else. Therefore, if some damage occurs, that you have not caused, such as acts of god like a tornado whilst the aircraft is in your hangar, then hangar keepers does not cover this.
What is the difference between Premises and Hangar Keepers Liability?
Premises Liability covers claims from members of the public, customers, partners or clients that suffer an injury as a result of an accident or incident that has taken place on your premises. This therefore protects you against claims from any third party against you for something that occurs on your premises where you have been found liable. Hangar Keepers is designed to protect you and your business for incorrect actions taken on another person’s or business’ aircraft or aircraft parts whilst in your care.
Therefore Hangar Keeper’s protects against any damage to the aircrafts, whereas as premises protects you against claims from people that are hurt or injured on the premises. This applies to any property whether a hangar, office or any other commercial storage or maintenance facility.
I already have Products Liability, do I need Hangar Keeper Insurance?
Product Liability covers the costs of claims from individuals who are injured as a result of a faulty product or from a direct consequence of your business maintenance work, services, designs, manufacturers or supplies.
Hangar Keepers is a claim for damage against physical property such as aircrafts, parts or equipment.
What is PPH?
PPH stands for Premises, Products and Hangar Keepers Liability. These are the three insurance areas that often overlap. Flycovr combine aviation expertise an aviation insurance specialists to ensure you get the right insurance product.
These three insurance products are often bought in combination together to ensure you are fully protected. The acronym PPH therefore ties these together, but you can by Hangar Keepers individually as well as with one or all combined.
Who can or should get Hangar Keepers Liability?
- Owners and/or Occupiers of premises that warehouse aircrafts and goods. Such as Hangar’s but also any commercial premises.
- Owners of airfields
- Any Repair, Maintenance and Service provider
- Paint shops
- Aircraft Product Manufacturers
- Ground Handlers
5 Reasons why Flycovr will support you with Hangar Keepers Liability
1. It is really important that you understand all the insurance policies that you have as a business, to cover your financial, commercial and legal requirements. Flycovr Ltd, will ensure you speak with a specialist to carefully understand the insurance that is required specifically for your business needs. Often businesses are overpaying and still underinsured.
2. Hangar Keepers Liability protects your business. It protects you from damage to third party property whilst in your care, and provides a security buffer against any potential claims.
3. Mistakes Happen! A simple error or accident can cost millions. Or even worse, just through unbeknown factors that contribute negligence, the price could be huge.
4. The price is hugely cost effective compared to the potential claim against your business.
5. Instant Peace of Mind. Flycovr will ensure you get independent advice from an aviation insurance specialist who can advise you on the requirements you need to cover your business activity and continue knowing that your finances are secure.