Owning and operating an aircraft hangar is a venture that offers unique opportunities for aviation enthusiasts and entrepreneurs alike. It provides a rewarding experience, a sense of community, and the chance to contribute to the aviation industry.
Setting the Foundation: The Prospect of Owning and Operating an Aircraft HangarExplore the prospect of being an owner and operator of an aircraft hangar, the rewards it brings, the associated risks, and managing it.
A Place to Call Home: The Rewards of Owning an Aircraft Hangar
The Business of Aviation: Opportunities and Risks
The Responsibility of Safety and Maintenance
Building a Thriving Community: Fostering Connections
Shielding Your Investment: Hangar Insurance
Hangar InsuranceAircraft Hangar insurance plays a vital role in protecting the investment and providing financial security. By understanding the prospects, embracing responsibility, and securing appropriate insurance coverage, hangar owners can embark on a fulfilling career in the aviation industry.
What is Aircraft Hangar Insurance?
What types of coverage are included in hangar insurance?
Are there different types of hangar insurance policies available?
How are premiums for hangar insurance determined?
Does hangar insurance cover liability claims from hangar operations?
Can hangar insurance cover aircraft stored within the hangar?
Does hangar insurance cover natural disasters such as hurricanes or earthquakes?
Is hangar insurance required by law?
Can hangar insurance cover business interruption due to hangar damage?
How can hangar owners ensure they have adequate insurance coverage?
The Risky Nature of Hangar
In order to protect your hangar you will need what's called hangar structure insurance. This will make sure damage to your hangar from natural causes like high winds, will be covered. If your hangar is to be used as a business from either maintenance or storage or planes you may want to consider business property insurance as this will cover tools and machinery used inside your hangar. As a business it is generally recommended to have general liability insurance which covers any third party injuries that may happen like falling on steps. If you have planned on storing any fuel or combustibles in your hangar you may want to consider pollution liability insurance incase of spills creating environmental damage.
Any fuel or tools/machinery stored in your hangar is then covered under another insurance as above liability and structure insurance does not covere them. These property will need to insure under property or equipment insurance. So, if someone breaks in you can have things like that covered. Airplanes and materials that come with it are expensive so if you have one it's best to get coverage, whether you leased or own the hangar. For valuable and expensive equipment, you may have to insure as schedule and provide a valuation on the replacement cost if an accident occurs.