If your aircraft is stored in a leased hangar, you may be surprised to find out who is responsible for aircraft damage resulting from storm or tornado damage to the hangar. What should you do to protect your investment?
As we begrudgingly make our way through the storm season, while casting a wary eye toward the 2019 hurricane season, this is a great time to review the hazards and coverage associated with these events to make sure you are adequately prepared. The U.S. has already experienced heavy rains, flooding, hail, and tornadoes this year, each bringing their own unique risks to the aviation community.
When winds exceed 50 mph, a light aircraft will do what it was designed to do – take flight! Keeping the plane grounded and intact can be as easy as attaching good tie-down straps and control locks or finding it a cozy spot in a hangar. But the risks and perils don’t stop there, and a number of aircraft owners have some misconceptions about coverage and liability when disaster strikes.
Aircraft hull/physical damage coverage will always be the aircraft owner’s first line of recovery when damage occurs. Properly valuing the aircraft on the policy will ensure the best outcome in a claim, particularly when heavy damages are sustained. Low values lead to undervalued total losses, while high values can invite extensive downtime with unwanted, time-consuming repairs. READ MORE (AOPA)