What is the legal framework for aircraft insurance?
In North Carolina, the legal framework for aircraft insurance depends on the type of aircraft you’re operating. Generally, insurance is required for most aircrafts under the state’s Aircraft Liability Insurance law. This law states that all owners and charterers of aircrafts in North Carolina must carry liability insurance to cover any losses caused by the aircraft in operation. The Aircraft Liability Insurance requirements include liability coverage of at least $100,000 for each passenger, and minimum coverage of $500,000 per incident on any aircraft with six or fewer passengers. This may be increased by the owner or renter if a higher amount of coverage is desired. In general, most of the aircraft insurance policies available in North Carolina will provide riders or endorsements that cover additional risks and damages such as property damage, liability to passengers, third-party damage to property, collision, and ground hazards. However, the exact type of coverage you need for your aircraft will depend on the type of aircraft and the activities in which it is involved. It is important to understand the exact requirements of the Aircraft Liability Insurance law in North Carolina before you purchase an aircraft insurance plan. You may be liable for additional damages that are not covered by your plan, so it is important to ensure that your plan meets all of the requirements of the law. Additionally, you should always read and understand any policies before signing and purchasing them.
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