Definition - What does Aviation Insurance mean?
Aviation insurance is a policy that offers property and liability coverage for aircraft. It covers losses resulting from aviation risks that come about due to the maintenance and use of aircraft, property damage, loss of cargo, or injury to people. It protects both its owners and aircraft operators from unforeseen losses.
Aviation insurance is also known as aircraft insurance.
Insuranceopedia explains Aviation Insurance
Many states require aircraft owners and operators to purchase coverage that provides for third party liability, which would have them pay for either part or all the medical expenses of those injured when they are found responsible for an aircraft accident. The premium charge depends on the aircraft being covered, e.g., experimental, standard, or vintage aircraft. Other expenses that aviation insurance may provide for include search and rescue operation costs, personal injuries sustained while operating the aircraft, as well as the costs incurred due to emergency landings.
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