Insurance Related FAQs
Insurance Related FAQs:
Q: What will I be responsible for if an aircraft is damaged while I’m operating it?
A: Renters and solo students will be responsible for the first $10,000 damage to an aircraft while the aircraft is under their care, custody, and control. Renters and solo students are responsible for any and all damages resulting from negligence while the aircraft is under their care, custody and control.
Q: What can I do to be protected from having to pay the full $10,000 deductible in BFC’s insurance policy?
A: One option is to purchase your own renter’s (non-owned) insurance that will decrease the deductible to the amount in that policy. Our insurance broker, Axis Insurance, has an option for students and renters which we have used for several years that can be easily and quickly obtained. The Canadian Owners and Pilots Association (COPA) also have an insurance plan for COPA members. To become a COPA member go to https://copanational.org/memberships. To purchase insurance from either of these providers follow the links on our Insurance – Solo/Renters web page.
Q: What exactly is renter’s insurance?
A: Renter’s insurance, also called non-owned insurance, is an insurance policy that decreases the deductible that you are responsible for in the event that an aircraft which you don’t own but are operating is damaged.
Q: What is the difference between renter’s insurance and non-owned insurance?
A: There is no difference between a renter’s insurance and non-owned insurance, it’s just different names for the same thing. It is called non-owned insurance because the deductible coverage that you purchase can be used against the deductible on any rented or borrowed aircraft, not just aircraft owned and operated by BFC.
Q: What do I have to do to purchase the renter’s insurance? Is it a simple process?
A: It’s a simple online process. To purchase insurance from either of these providers follow the links on our Insurance – Solo/Renters web page to set up an account and apply for the insurance.
Q: Will there be a deductible that I must pay if I have the renter’s insurance and damage an aircraft?
A: Yes, there is a deductible with both of the plans and you will be responsible for that.
Q: What about liability insurance that covers bodily injury and property damage?
A: This has not changed, BFC’s insurance policy will still provide you with third party liability coverage up to $5,000,000 for bodily injury and property damage. Note that the COPA insurance plan also includes non-owned liability coverage options to provide up to $3,000,000 coverage. If you purchase insurance through the COPA plan we recommend the lowest limit because you are already covered for liability up to $5,000,000 under BFC’s insurance policy.
Q: What if I have an accident when I am flying with a flight instructor?
A: If you are flying in a BFC aircraft with a BFC instructor you will be fully covered under the BFC’s insurance policy, even if you are in the left seat and manipulating the controls.
Q: What if I do not purchase my own insurance policy for the $10,000 deductible?
A: If you are a renter or solo student, you will be responsible for the first $10,000 damage whether you have additional insurance or not. The renter’s insurance will pay a portion of the $10,000 deductible reducing your financial risk. As before, renters and solo students are responsible for any and all damages resulting from negligence while the aircraft is under their care, custody, and control.
Q: What if I am not flying, but have an accident while taxiing?
A: Since the aircraft is under your care, custody, and control during taxiing, you are responsible for the damages.
Q: What if I do not follow BFC’s rules or applicable regulations and act in a manner that is deemed negligent while operating a BFC aircraft?
A: You will be responsible for the full damage of the aircraft, not just the $10,000 deductible.
Q: I’m an international student, can I still purchase the renter’s insurance?
A: Yes, if you have a Canadian address and are living in Canada during your flight training then you can buy the renter’s insurance.
Q: What if I am not a Canadian citizen, can I still buy the renter’s insurance?
A: Yes, if you have a Canadian address and are living in Canada during your flight training then you can buy the renter’s insurance.
Q: If I am on a flight test will I be responsible for damage?
A: No, If you are on a flight test with a BFC or Transport Canada examiner then the BFC’s insurance will cover you. This applies to both single and twin-engine aircraft.
Q: Do I have to be a COPA member to purchase the renter’s insurance?
A: You must be a COPA member if you wish to purchase insurance through the COPA insurance plan. If you purchase insurance through the Axis Insurance program there is no membership requirement.
Q: Are there other providers for renter’s insurance?
A: BFC has not researched other providers however it is very likely similar insurance is available from other sources.
Q: Does BFC recommend that I buy the renter’s insurance?
A: BFC highly recommends that you purchase the insurance.
Q: If I purchase the renter’s insurance do I own the policy or does BFC?
A: The policy would belong to you only. It can be used to decrease your financial risk with any rented or borrowed aircraft, not just aircraft owned and operated by BFC.
Q: Can I buy renter’s insurance for more than $10,000 coverage?
A: Yes, both the Axis and COPA insurance plans provide options to purchase additional coverage, which would only be beneficial to protect you in the event that the damage is deemed to be due to negligence while the airplane is under your care, custody, and control and the damage amount exceeds $10,000. With the price of aircraft parts skyrocketing, almost any damage is going to cost more than $10,000 to fix.
Q: Can I use the renter’s insurance on aircraft that are not being rented from the BFC?
A: Yes, the policy belongs to you and can be used to decrease your financial risk with any rented or borrowed aircraft, not just aircraft owned and operated by BFC.