What is the legal framework for aircraft insurance?
In South Carolina, the legal framework for aircraft insurance is established mainly by the Federal Aviation Administration (FAA). The FAA requires all aircraft owners and operators to hold adequate liability insurance coverage for their aircraft. This insurance is necessary in case of an accident caused by the aircraft, or if the aircraft suffers damage or loss. The FAA also requires aircraft owners and operators to hold hull insurance on the aircraft. This insurance covers damages and losses associated with an accident, such as physical damage to the aircraft itself. This coverage is generally provided by private insurance companies. The FAA also requires aircraft owners and operators to have passenger liability insurance. This coverage covers any liability incurred in the event of injury or death of a passenger due to an accident involving the aircraft. This coverage is also provided by private insurance companies. In addition, the FAA requires aircraft owners and operators to purchase a form of property damage insurance. This coverage covers damages to property that result from an accident involving the aircraft, such as damage to land, buildings, and other structures. There are also other types of aircraft insurance available, such as cargo insurance and international liability insurance. All of these types of insurance are subject to the regulations set forth by the FAA and state laws. Overall, the legal framework for aircraft insurance in South Carolina is established mainly through FAA regulations and state laws. This framework ensures that aircraft owners and operators are fully protected in the event of an accident or other damage to the aircraft.
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