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Wexford Insurance Solutions
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Frequently Asked Questions
Yes, flight schools can obtain specialized insurance policies that cover their aircraft, instructors, and students. These policies typically include liability coverage for student pilots in training, hull insurance for aircraft used in instruction, and general liability for the school’s operations. Students may also obtain non-owner liability insurance if they’re flying aircraft owned by the school.
Yes, most aviation insurance policies include coverage for accidents caused by pilot error, provided the pilot meets the policy’s qualifications, such as holding the proper licenses and having sufficient experience. However, intentional violations of regulations or operating the aircraft outside of the policy’s terms may result in denial of coverage.
Several factors can influence the cost of aviation insurance, including the type of aircraft, its value, the pilot’s experience and qualifications, how often the aircraft is flown, where it’s operated, and the types of risks being covered. Other factors, such as maintenance history, safety record, and the intended use of the aircraft (e.g., private vs. commercial use), also play a role in determining premiums.
Yes, many aviation insurance policies distinguish between risks when the aircraft is on the ground and when it’s in flight. Ground risk policies cover damage while the aircraft is parked or taxiing, while in-flight policies cover accidents that occur during flight. Comprehensive coverage can include both types to ensure protection in all situations.
Aviation insurance can cover a wide range of risks, including physical damage to aircraft (hull insurance), liability for injuries or property damage caused to third parties, passenger injuries, cargo loss, and damage to non-owned aircraft. It can also include coverage for airport operations, hangar storage, and aviation-related businesses. Policies are customizable based on the specific needs of the aircraft owner or aviation business.
Think of your trucking insurance premium on a risk meter. The more potential risk an insurance carrier views the higher the premium. Here are the major factors when a carrier determines your rate:
- Your Drivers History:Â A clean driving record in any case will help you secure a much lower rate v.s a driving record which has a history of accidents, violations, and more.
- Business Timeline:Â How long you’ve been in business is a huge factor to determining the premium price. In most cases, businesses with over 2 years will receive a much lower premium than businesses that have less than 2 years.
- Cargo:Â What you haul in your truck and how heavy it is being hauled will impact the risk level which will change the premium.
- Location + Operating Radius:Â The longer the operating distance the higher the premium will usually be. Longer distance means more risk because a driver has an increased risk of accidents, falling asleep behind the wheel, loosing focus on the road, and changing weather conditions throughout different areas.
- Vehicle Type:Â Â The heavier the truck, the more the premium will increase. Heavy truck means more risk in event of an accident.
Commercial truck insurance rates are high because insurance companies know that there’s a higher risk of injury and accidents.  Why have the rates risen in the past decade? US Commercial truck insurance rates have risen dramatically over the past few years due to the numerous cases of accidents caused by commercial trucks due to inattentive driving as well as a decreased supply of drivers.
All insurers charge different rates for new trucking companies and owner-operators. You are legally allowed to start a trucking company without a CDL, but if you plan on driving the truck, it is a requirement to have a CDL. Premiums are generally higher when it is not owned by an individual who drives.
Doing your research upfront, taking good care of your truck, and looking for the least expensive coverage available are three ways to save money on trucking insurance.
- Keep your driving record extra clean to get better rates on your auto insurance policy.
- Look into other cheaper options outside of traditional captive insurance agencies. We are an independent insurance agency which means we can quote from a variety of insurance carriers.
Other factors in premium include what you’re hauling, driving radius, time in business, # of trucks, type of trucks, tickets/accidents, the driver(s) history and experience.
Typically, a trucking company will be insured for these lines of coverage: Auto Liability, General Liability, Physical Damage, Motor Cargo Coverage, Comprehensive/Collision Insurance. Contact us at 516-714-5200 for more information about protecting your trucking firms assets.
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