Whether you need to store your own personal aircraft or you work as a fixed base operator (FBO), if you own an airplane hangar, you will need to be sure to insure it and protect your finances by purchasing the right kinds of insurance coverage. An independent insurance agent in the Trusted Choice® network can help you find and compare policies from a number of providers so that you can build an aircraft hangar insurance portfolio that is both comprehensive and competitively priced.
It is important that owners of airplane hangars purchase insurance coverage that meets their very specific needs. FBOs who offer fueling, de-icing, parking, storage and other aircraft services have very different insurance needs than do hangar owners who use them solely to store their privately owned planes, tools and maintenance gear.
Most airplane hangars cost between $10,000 and $40,000, and the larger ones often used by FBOs are usually even more costly. Additionally, the tools and gear kept inside these hangars can be quite expensive. By protecting your investment with a sound airplane hangar insurance portfolio, you obtain peace of mind so that you can focus on the skies.
Hangar keepers insurance is a specialized type of liability coverage created for owners of airplane hangars who allow third-parties to keep their planes in their care. For example, an FBO who offers parking and storage services to clients faces liability risks if a client’s airplane is damaged while it is being kept in his hangar.
Hangar keepers insurance provides coverage for others’ property while it is in your care, custody or control for purposes of storage, repair or safekeeping. In the event of a liability lawsuit related to damage to airplanes in your care, your hangar keepers insurance policy provides coverage for damage, court costs, legal fees and other related financial losses.
When building your airplane hangar insurance portfolio, you have the option to supplement your hangar keepers insurance with a number of different kinds of policies. The types that are right for you are dependent on how you use your hangar. Some coverage types that your independent insurance agent may recommend include the following:
Not all of these insurance types are right for all hangar owners, so it is important that you discuss your particular situation with an experienced insurance agent who can help you determine and find the aircraft hangar insurance coverage you need.
After you purchase an airplane hangar, be sure the speak with someone who is knowledgeable about insuring it. Independent agents in the Trusted Choice network can help. An experienced agent can help you understand your various coverage options and can work with you to determine the right amounts of coverage to adequately protect your financial interests. These agents can then shop around for coverage and can assist you as you compare offerings from a variety of insurance providers who offer this specialized coverage. Contact a Trusted Choice agent near you to start comparing quotes for airplane hangar insurance.