Can I insure my aircraft under a group name?
You can insure your aircraft under a group name so long as the group is a legal entity which is permitted to form a contract. Simply specify the name of the group and provide the name of a nominated contact person who has authority to arrange the insurance on behalf of the group.
We can cater for equity and non-equity groups. With regard to the latter, use of the aircraft by a group member will not be regarded as ‘rental’ for insurance purposes so long as:
- The member pays a regular amount to the membership group as an appropriate contribution to the fixed costs of the maintenance and running of the aircraft.
- The amount paid by the member for any flying hours on the aircraft does not exceed the costs incurred directly in association for such flying (e.g. fuel used).
- The member has a signed agreement to be part of the membership group.
- There is no element of profit for the aircraft owner in any payment made by member to the group. The aircraft has not been made available for use as part of a commercial operation for the provision of aircraft for use.
If you are in any doubt as to whether the use of the aircraft constitutes rental, please contact the applicable regulatory body for your aircraft for clarification of their regulations regarding hire and reward.