What is the legal framework for aircraft insurance?
In Washington, there is a legal framework for aircraft insurance. This framework is created and enforced by the Federal Aviation Administration (FAA), which sets the regulations for aviation and aircraft in the United States. The FAA requires all aircraft owners in the US to obtain insurance. This includes private owners, aircraft companies, and flying clubs. The required coverage includes liability insurance and physical damage insurance. Liability insurance covers the aircraft in the event of an injury or damage to property caused by the aircraft, while physical damage insurance covers damage to the aircraft itself. The FAA also requires additional coverage, called “hull insurance,” for aircraft that are more than 12 years old. This coverage helps protect the aircraft against damage or destruction from any cause. Aircraft owners in Washington must also adhere to the additional financial responsibility requirements set by the state. These regulations vary depending on the type of aircraft, ownership status, and altitude flown. The minimum amount of liability coverage required is usually higher than the FAA federal minimum requirements. The FAA and Washington state regulations on aircraft insurance provide a necessary framework for aircraft owners in the state. It is important for aircraft owners to understand and follow the regulations, as failing to do so could leave them open to financial and criminal liability.
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