Running an airport is no simple task. It takes a lot of effort and investment to keep an airport running smoothly. It’s not just about the planes taking off and landing on time, there are a lot of other things that need to be taken care of.
One of them is airport insurance. Whether it’s a small regional airport or a large international one, airport insurance is a must-have.
Who Needs Airport Insurance?
Airport insurance is essential for anyone who owns or operates an airport. This includes private airport owners, municipal airports, and government-owned ones. In fact, any entity that is responsible for the upkeep and maintenance of an airport must have adequate insurance coverage.
Types of Insurance Needed by Airport Owners
There are several types of insurance that airport owners need to consider. The most common ones are:
1. General Liability Insurance – This covers the airport owner against claims of bodily injury or property damage that may result from airport operations.
2. Property Insurance – This covers the airport facilities and equipment against damage or loss due to fire, theft, or other perils.
3. Aviation Liability Insurance – This covers the airport owner against claims arising from aircraft accidents or incidents that occur on the airport premises.
4. Workers’ Compensation Insurance – This covers employees who are injured on the job while working at the airport.
5. Business Interruption Insurance – This covers the airport owner against losses due to business interruptions caused by unforeseen events such as natural disasters, power outages, or other disruptions.
How Much Does Airport Insurance Cost?
The cost of airport insurance varies depending on various factors, such as the size of the airport, the number of planes that use it, and the type of services provided.
Generally, the larger the airport, the more expensive the insurance coverage will be. However, it’s important to remember that the cost of insurance is a small price to pay for the protection it provides.
With the help of our professional agent, you will be able to get a tailored policy adjusted to your needs and capabilities.
Airport Risks & Exposures
Airports face a variety of risks and exposures. These can include:
- Damage to aircraft due to accidents or natural disasters.
- Liability claims arising from accidents or incidents that occur on the airport premises.
- Theft or vandalism of airport facilities and equipment.
- Business interruptions caused by unforeseen events such as power outages or natural disasters.
- Workers’ compensation claims arising from on-the-job injuries.
Commercial Insurance And Business Industry Classification
- SIC CODE: 4581 Airports, Flying Fields, And Airport Terminal Services
- NAICS CODE: 488111 Air Traffic Control, 488119 Other Airport Operations
- Suggested Workers Compensation Code(s): 7402 Aviation – Air Traffic Controllers Under Contract With the FAA, 7403 Aviation – All Other Employees & Drivers, 7422 Aviation – NOC – Other Than Helicopters – Flying Crew, 8010 Store – Hardware
Airport Insurance – The Bottom Line
Airport insurance is a vital component of any airport operation. Without adequate insurance coverage, airport owners could potentially face significant financial losses due to accidents, liabilities, or other unforeseen events.
While the cost of insurance may seem high, it’s a small price to pay for the peace of mind that comes with knowing that the airport is protected against potential risks and exposures. Contact General Liability Insure to get a comparison of the best offers for you!