Buying a Hangar..

[NT5224]

Im with Bruce. Why insure the hangar?

 

If your aircraft are already comprehensively insured then all you are insuring is a steel shed, maybe some concrete poured on the ground and presumably any tools or bits and pieces within it.  Unless you are worried about third party liability -and that is another story....

 

When I last re-insured my home I was asked if I had an airstrip? I was told (as Jaba-Who also found), that the insurer was concerned aircraft  might 'crash into my house' on landing or takeoff,  and that deserved a higher premium.  My strip is a couple of kilometres from the house through thick woodlands so it would have to be a pretty disastrous landing at the strip to impact our  home buildings... ? 

 

I won't bother insuring my hangar. As long as my aircraft is insured against fire, theft and accident, Im not too worried about what happens to $10,000 bucks worth of steel posts, cross members, sheeting and concrete. Having an aircraft hangared reduces the  insurance premium on the aircraft, whether the hangar is insured or not. In fact,  would hangar  and contents insurance complicate an insurance claim for an aircraft damaged on the  ground, for instance through a hangar fire? 

 

Alan

 

Sorry Jaba-Who, this was written and posted before reading  your response to Bruce

 

 

[old man emu]

Actuaries (blokes who work out the cost of a risk ... to the insurance company) are like WH&S inspectors who require people working in factories where no vehicles are moving to wear Hi-viz clothing - just in case. No assessment of the likelihood of an incident. They only assess the level of adverse effect.

 

Bankstown and Camden Airports have Bellman hangars built in WWll, and the original hangar of the Macarthurs is still there. More chance of their collapsing due to rust than due to aircraft impact.

 

 

[BirdDog]

Jaba-who, do you have the option of NOT insuring ? Some risks are so unlikely that I reckon you should carry the risk yourself.

 

For example, why insure against being abducted by aliens?

 

There are 2 categories where is makes little sense to insure: Firstly, where you can afford to carry the risk yourself, and secondly, where the event is so unlikely that it has never happened except in the imaginings of insecure people.

 

You raise a good point.  I had discussions with my hangar owner who advised that there is no contents insurance on the hangar, so if I choose to leave tools etc, and it gets broken into, then it's on me.  Of course my plane is covered by its own insurance, so it does not make sense for him to cover contents etc.  That would save some coin I guess.

 

 

[facthunter]

I can't see why you would expect him to cover damage to your plane unless the Hangar caused it like a short circuit in the electrics or such..  Aviation is a bit of a magic mystery so all things that can be gouged will be.. Nev

 

 

[BirdDog]

I can't see why you would expect him to cover damage to your plane unless the Hangar caused it like a short circuit in the electrics or such..  Aviation is a bit of a magic mystery so all things that can be gouged will be.. Nev

 

No no!  I never expected his insurance to cover my bird - That's what I pay for.  He was purely advising that if I left any possessions in the hangar and it was broken into, it's on me.  To which I agreed!! 

 

 

[facthunter]

The YOU was anyone. . A general comment.   I should have said any reasonable person or just anyone.  Nev

 

 

[BirdDog]

The YOU was anyone. . A general comment.   I should have said any reasonable person or just anyone.  Nev

 

Ahh!  Gotchya! All good mate.  ?