Most people don’t think they need insurance until they need it. The same goes for aviation loss of license insurance. Do pilots need insurance? You might think you don’t need it. But Whether you’re a commercial airline pilot, a private pilot, or even a student pilot, this type of insurance can come in handy in a variety of scenarios. Before we look at the scenarios, let’s understand some basics.
What is Aviation Loss of License Insurance?
Aviation loss of license insurance (also called “LLI”) is a type of insurance that is designed to financially protect pilots in the event that they are unable to fly due to an injury, illness, or other circumstance that prevents them from maintaining their pilot’s license.
While LLI is not required by law, it is highly recommended by most aviation experts. This is because the costs of obtaining a new pilot’s license can be quite high, and LLI can help offset those costs. In addition, LLI can also help cover the costs of retraining if a pilot needs to switch to a different type of aircraft.
Whom does aviation insurance warranties protect?
Aviation insurance warranties cover a wide range of stakeholders within the aviation industry from pilots and maintenance crews to aircraft owners and operators. They provide protection for both the owner-operator and the operator of leased aircraft, as well as any other party connected to the aviation business. In general, these warranties will protect you from any losses or destruction caused by operation of mechanical breakdown or anything else related to flying an airplane.
Why is aviation insurance important?
Firstly, Piloting a plane is inherently risky, so it’s no surprise that the aviation industry is a major participant in insurance. From private commercial jets to personal aircrafts, aviation insurance ensures the security of everyone from the pilots to their passengers. Aviation insurance helps cover certain costs ranging from physical damage or injury.
It also helps ensure compliance with government regulations and local transportation authority standards, allowing for safer and smoother flights for all involved. Having an aviation policy is crucial as it can safeguard not only your business from financial drainage caused by unforeseen expenses but also protect all passengers onboard from preventable tragedies.
What risk is covered by aviation insurance?
Here are 10 scenarios when aviation loss of license insurance can come in handy:
- If you are injured in a flying accident and are unable to fly for an extended period of time, LLI can help cover the costs of your medical bills as well as the cost of obtaining a new pilot’s license.
- If you become ill and are unable to fly, LLI can help cover the costs of your medical bills as well as the cost of maintaining your pilot’s license.
- If you lose your job as a result of downsizing or another economic factor, LLI can help you cover the cost of retraining so that you can find employment flying a different type of aircraft.
- If you are forced to retire from flying due to age or disability, LLI can help you cover the costs of obtaining a new pilot’s license so that you can continue to fly recreationally.
- If you are deployed by the military and are unable to fly for an extended period of time, LLI can help cover the costs of maintaining your pilot’s license.
- If you have a family member who is ill and requires your full-time care, LLI can help cover the cost of hiring a caretaker so that you can continue to fly.
- If you become pregnant and are unable to fly for an extended period of time, LLI can help cover the cost of maintaining your pilot’s license.
- If you take an extended leave of absence from flying for personal reasons, LLI can help cover the cost of maintaining your pilot’s license.
- If you move to a location where there are no flight schools or instructors available, LLI can help cover the cost of relocating so that you can continue your training.
- If natural disasters or other events beyond your control prevent you from being able to fly, LLI can help cover the cost of alternative transportation arrangements so that you can get to your destination safely.
As you can see, there are a lot of different ways that aviation loss of license insurance can come in handy. So if you’re a pilot, make sure you’re properly protected by your LLI policy. It is highly recommended that you work with an aviation insurance broker. They can help you understand your options, find the best deals, and ensure that you have the right coverage you need. So what are you waiting for? Contact us today and start protecting your future!