As we researched this article, we heard about a turboprop owner who was renting a single-pilot jet. When asked how he was insuring the jet, he said that he paid a lot of money for insurance on his turboprop and it had better cover him in the jet. He then got concerned and called his broker. Fortunately, his particular policy covered him when he was flying other airplanes—but that’s not always the case. If you’re going to rent a jet, making sure that appropriate insurance coverage is in place is a huge part of the deal.
Jon Doolittle, an aviation insurance broker with Sutton James agency, told us that sorting out the insurance coverage is essential when entering into a jet rental agreement—when things go wrong, they tend to be very expensive things. Doolittle explained that sometimes a jet renter will carry non-owned insurance—also called renter’s insurance. That means the renter has one policy and there is another policy held by the aircraft owner. If something goes wrong in the big-money world of jet repair, that almost guarantees a fight between insurance companies and major delays in fixing the jet—not good for anyone.