You should definitely have your own insurance policy even if you rent or borrow an aircraft. Most people think they will be automatically cover on the owner’s policy, but that’s not the case. The insurance carrier could make a payment to the actual owner of aircraft and then collect the
FAQ Group: Transport
The appropriate coverage is different for everyone. It will be based primarily on the exposures you have during operation of the aircraft. Factors that go into determining the appropriate limits include: number of passenger seats, average passenger load per flight, the composition of the passengers (employees, family, etc.) and what
Typically, a standard boat policy covers you in the event of a loss or damage resulting from a collision, fire, lightning, theft and vandalism. Consult with a Premier Private Client advisor to tailor the right solution for your watercraft based on your cruising itinerary.
Your financial risk as a boat owner doesn’t just include the cost of replacing or repairing your boat. For instance, you should consider potential medical bills if you, someone on your boat, or another person is injured in an accident. Also, there is potential liability for repairing property damage. The
An uninsured driver is someone who does not have insurance, or whose insurance company either denied their claim or was not financially able to pay it. An underinsured driver is someone who met minimum legal financial responsibility requirements, but did not have coverage limits high enough to pay for the
I have an old vehicle which I do not want to spend a lot on to insure. Is there any reason why I should carry higher than my state’s minimum liability limits?
Even if you have a “junker,” that on the surface is not very valuable, you may want to carry higher than your states minimum liability limits. That will help protect your personal assets from any excess liability assessed in the event of an accident.
Some insurers may provide coverage for business use vehicles depending upon the type of vehicle and its particular use in business, but you may need to purchase a commercial auto policy to receive the coverage you need. You should consult with a private client advisor to determine a solution that
If you have any financial assets, even retirement savings, but you have an auto insurance policy with your state’s minimum liability requirements, you are likely underinsured. In an event where you become liable over your limits, you could be forced to liquidate assets. So how much insurance do you need?