New Flyers Association carries the bulk of insurance on aircraft and rental, and there are a few key points on our policy that we want to share.
- Our insurance has signed a waiver of subrogation, which means that our insurance company has waived their right to sue you if you damage an aircraft. This means there is a dramatically lower risk to the pilot for using NFA airplanes!
- There is a $1,000,000 total policy limit on property damage and bodily injury.
- There is, on behalf of the renter pilot, Bodily Injury coverage of $100,000 for each person in the aircraft.
- Our policy also includes $1,000 per person, $6,000 total medical services coverage for small injury. Medical services coverage is a simple no-hassle type of coverage, and is separate from the liability coverages.
- We do require renters and students flying solo to carry $10,000 non-owned hull liability to cover our deductible and include loss of use coverage.
- Our policy's general terms are available for review here. Our Policy Declarations is here.
In addition, should a loss (insurance speak for damage or accident) occur, NFA and aircraft owners will waive our right of subrogation as long as these conditions are met:
- The member makes the full renter’s insurance claim and the damage is covered by insurance.
- The cause is not linked to gross negligence.
- The member is authorized to use the equipment and is fully compliant with the Membership Agreement and Operating Rules.
The person who is responsible for aircraft are those who are acting as pilot in command, meaning it is the instructor while you are being trained, and you when you are acting as the pilot, such as during solo. Because we don't want to chase anyone down with a really big stick (they are heavy, dirty, and sometimes have little bugs in them), we
require ask nicely :-) that members carry their own policy to supplement ours. This insurance is called "Non-owned hull liability".
Quotes vary for these policies, but usually renter's insurance will cost around $300 or so for a year of coverage. You can get some optional extras to further decrease your risk, so be sure to talk to your insurer and thoroughly understand your policy!
We provide some information about three insurance contacts whom we know members have used in the past. Please note that NFA does not endorse any particular insurer or agency, we only recommend that you be sure to understand your policy thoroughly, and any risks involved with the language in the policies.