page 45 - American Bonanza Society

www.bonanza.org
The term “Building” in the policy includes not only the
designated building structure, but may also include other
items such as:
• Completed additions
• Fixtures, including outdoor fixtures
• Machinery and equipment permanently attached to the
building
• Personal property owned by you that is used to maintain
or service the building or structure (see the policy
for limitations)
Contents
In addition to the Building you probably have personal
property or “contents” stored inside the hangar that need
to be covered. The term for that in the policy is “Your Business
Personal Property.” This normally covers contents
located in or on the designated building or in the open (or
in a vehicle) within 1000 feet of the described premises,
consisting of the following:
• Furniture and fixtures
• Machinery and equipment
• “Stock”
• Personal property owned by you and used in your business
• Your interest as tenant in the improvements and betterments
of a hangar
Even if you do not have coverage on the building,
these items can be insured on a Contents Only policy
that is written to cover the property of a tenant (you). You
can also cover “Personal Property of Others,” “Personal
Property at Undescribed Premises,” and “Personal Property
in Transit.”
It is very important to send a copy of any hangar
lease to your ABS Falcon insurance representative for
the review and approval of your aviation insurance
underwriter. This will not only assure you don’t violate
the insurance conditions of your aircraft policy, but
will also allow your agent to review any additional
insurance requirements in the lease. The ABS Falcon
Insurance program has some great markets for your
hangar insurance needs, so please do not hesitate to ask
us for a quote.
John Allen is president and owner of Falcon
Insurance Agency, which he founded in 1979 in Austin,
Texas. Falcon now has 12 offices across the country
employing over 90 full-time aviation insurance
professionals. Prior to entering the aviation insurance
industry as an underwriter for USAIG, John served in
the United States Air Force as a pilot.
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34 AMERICAN BONANZA SOCIETY MAY 2013