Insurance Requirements For A Private Jet Aircraft
Insurance requirements for private jets are different from US states and countries. Generally, all aircraft require insurance. This article is a basic overview of those insurance requirements.
There are a few variables that will determine the type of insurance that you will require for your private jet. They depend on MTOW (maximum takeoff weight), flight time, number of flyers, licensing, age and logged flight time of the jet and more.
Generally, proof of insurance for the aircraft must be carried on the plane.
Private Jet Aircraft Aviation Insurance Rules
The most common example of general insurance required for a private jet aircraft is hanger insurance. Depending on the hanger in which you store your private jet or the FBO that services it and your ownership. For example, a leased aircraft insurance coverage may be determined by the leasing company. If your aircraft is “ultralight” it is not considered an aircraft according to the Federal Aviation Administration (FAA), they are considered vehicles and should be insured as such. Liability insurance, in the United States, generally will need to provide $100,000 of coverage per passenger.
International Private Jet Aircraft Aviation Rules
For any flights outside of the home country of origin, insurance requirements become more expensive and complicated. Insurance values are calculated using International Monetary Fund amounts (SDR’s). In Canada and the European Union, minimum liability coverage is at least one million US dollars for the lightest aircraft. The largest jets can get up to $116 million USD.
European Private Jet Aircraft Insurance Rules
The required liability insurance for aircraft operated in the European Union is $250,000 SDR’s. Equivalent to $378,425 USD. This will vary depending on the weight of the aircraft (MTOW). The chart below can detail this a little better.