Rental Insurance

[DFH65]

Rental Insurance - does this little piece of paper mean anything?

Does this mean anything? I would imagine that that without some statement about subrogation I need more information than this. I find the wording interesting the "You" are insured.

 

[JimNtexas]

$100K per person is way to low, if you have assets get your own non-owner policy! The hull insurance looks fine.

As far as what's behind that scrap of paper, there's no way to know.

 

[Jimmy cooper]

Call a good insurance company and let them explain about renters insurance. I use Avemco. You'll find its important.

 

[DFH65]

I understand renters insurance. I am just curious if this piece of paper actually provides any coverage at all to the renter.

 

[PPC1052]

Is there supposed to be an attachment? If so, I can't see it.

There are three parts to an insurance policy: 1) the dec sheet "the declarations", 2) the body and 3) the endorsements. Without all three, you cannot determine what coverage you have. It is these three items that comprise your policy.

I am guessing (but I don't see the document your are refering to) that you are looking at just a dec sheet. That will tell you who is insured, what the limits are, and generally which forms are part of the policy. If so, it doesn't have any discernable meaning without the other two parts of the policy.

Alternatively, you might be looking at a certificate of insurance, which is evidence of coverage, but isn't the insuring agreement. It doesn't mean anything, other than that coverage was in place on the date it (the certificate) was issued. It doesn't really tell you what those coverages are. (Again, you need to read all three parts of the policy to make that determination.) Sometimes, a certificate will make a representation to a specified third person that coverage is in place, and won't be rescinded without some kind of notice. That can in some states create a third party beneficiary status in the third party with respect to the coverage such that they can't just stop coverage without giving the required notice to that third party.

 

[alfadog]

IDK, it does say that YOU are insured. Seems to me that they are basically providing renters insurance to you. Of course you would want to read the policy.

 

[midlifeflyer]

I understand renters insurance. I am just curious if this piece of paper actually provides any coverage at all to the renter.

The piece of paper doesn't. Only language in insurance contracts "actuallly provides and coverage at all" to anyone.

It looks like a a document from an FBO that claims its policy provides coverage to its renters. That's very nice if accurate, but I personally wouldn't feel comfortable about its accuracy without a chance to examine the policy.

 

[midlifeflyer]

$100K per person is way to low, if you have assets get your own non-owner policy!

Might be difficult to get a renter's policy with better limits than those. Doable, but the standard ones from Avemco, AOPAIA, etc, have similar "per seat" coverage limits.

 

[PPC1052]

I found the picture.

It might be something which you can use to argue they are contractually obligated to provide some insurance to you, or a promise that you relied on to your detriment if there is no insurance. But it is not insurance. Of course, there is nothing that spells out what the terms are. So, there is no guarantee that the coverage must apply to everything that may happen, or what actually will happen to you. Consequently, such an argument would never be a slam dunk.

 

[tehmightypirate]

Can't the person(s) renting the aircraft charge for lost time or other damages not covered by hull damage? That's primarily why I carry renters insurance regardless of what the rental company or club has for insurance.

 

[DFH65]

Next time I am up there I will ask for more details. Just thought the wording was interesting.

 

[asechrest]

The blatant spelling errors don't give much of a warm fuzzy.

Since my vocation is insurance, I'll provide some typical advice: they either provide you the complete policy (which should include all policy language) so you can determine for yourself whether coverage is adequate, or you take your insurance matters into your own hands and procure insurance on your own. And the latter suggestion might be a good idea anyway considering you never know at any given moment whether their insurance actually remains in force.

 

[Jimmy cooper]

Avemco is a little higher than most but for a reason. When you call, they will spell out exactly what each point you raise means and the ramifications in a patient educated way. They will also explain what some competitors fail to explain and why they are cheaper. Been with them off and on 40 years. Excellent service. They also paid off, in full , within 10 days when a hangar collapsed on my airplane.

 

[MyassisDragon]

Little off subject, but close.
Has anyone here (or know of someone) made an actual claim on a renters insurance policy?
If so how did it go?

I have always wondered if this little squirly guy shows up at your door with 1000 reasons you are not actually covered and that the policy was just to give you the same warm fuzzy you get from vending machine travel insurance policies.

 

[tehmightypirate]

During my solo someone banged a prop with a rental 172 when he lost control and veered off the runway. Don't believe he had too much trouble with rental insurance and that was entirely his fault (though not negligent, if I recall he just had a bout of bad luck).

 

[poadeleted20]

Can't the person(s) renting the aircraft [I.e., the FBO or flight school] charge [the renter pilot] for lost time or other damages not covered by hull damage?

Yes, they can sue you for uninsured damages. Whether or not your liability policy covers that or not is something you'd have to research in your policy. However, if you are an Insured on their policy (as the original post posits), there are problems with them doing that -- it's more or less suing themselves.

And please pardon the bracketed insertions in your quoted post, added for clarity based on my understanding of your intent.

That's primarily why I carry renters insurance regardless of what the rental company or club has for insurance.

Just make sure that's covered by your liability coverage. It won't be covered in your hull coverage.