What is the legal framework for aircraft insurance?
The legal framework for aircraft insurance in Louisiana is based on the federal regulations set out by the Federal Aviation Administration (FAA). These regulations require that all aircraft must be insured before they can be operated. This insurance must provide coverage for any damage or injury caused by the aircraft while in operation. It must also provide liability coverage for any damages or injury caused to another person or property due to the operation of the aircraft. Each aircraft must have a minimum of $100,000 of liability insurance coverage and a minimum of $50,000 of hull insurance coverage. These limits can be increased by a pilot to provide additional protection. If the aircraft is being leased, then the lessee must also obtain a separate insurance policy that provides them with some protection against property damage and liability. Aircraft insurance policies must be purchased from a company that is authorized by the FAA and approved by the state of Louisiana. The policy must include a statement that will explain the coverage provided. A pilot may also be required to provide proof of the aircraft insurance prior to operations and must keep it current at all times. Additionally, pilots must also maintain an aircraft accident report log that records any accident or incident that occurs while the aircraft is in operation or on the ground. This report must be submitted to the FAA with any insurance claim. Overall, the legal framework for aircraft insurance in Louisiana is significantly more complex than purchasing standard auto insurance. It is important for pilots to understand and comply with all of the applicable federal and state requirements before operating their aircraft in Louisiana.
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