Insurance that allows rental

[airyharry]

Hello fellow pilots, I'm trying to understand the state of insurance and what is/isn't allowed. I don't own a plane but looking into it, and would like to rent it out occasionally. Would that raise the premium much? I read somewhere that some insurers require that the renter be named on the policy. Just trying to understand how all this works. I'm sure it differs by insurer. I hear about Magnes. Who else is out there? better or worse in your opinion? How can the occassional rental be done without getting into trouble.

[CpnCrunch]

Allianz (through AON) has an open pilot clause that lets any pilot fly who is under 70 with 250 hours and 25 hours on type (plus 50 hrs rectact/float/tailwheel if applicable). I don't think it costs any more to add it. I remember Ahramin saying that EAA has/had something similar. Just ask your insurer and see what they say.

[ahramin]

Same with EAA, experienced pilots need not be named. If you are renting out your aircraft at a profit, I'd be very up front with the insurance company and they may charge extra, they may not. Either way you're covered.

[upup_away]

If you're renting out for a profit, then wouldn't you need to have an OC? Just remember, insurers will deny coverage if you are in violation of the CARS.

CpnCrunch is correct that Allianz has an open pilot warranty on their policies, however they often will remove this if you are constantly adding and removing pilots who do not fit the experience criteria (250 hours total time, etc). Allianz, as well as most other insurers, are accessible by almost any broker and very negotiable when it comes to this stuff, so give your broker a call and have them do the legwork for you. Be weary of using the term 'renting' though, that's a red-flag for many.

I would suggest that if you are letting others use your aircraft and you are looking for remuneration to cover your operating costs, keep the engine running etc.., at no profit, then you should request from your broker to have your policy endorsed for Pilots: "As Approved by the Named Insured". That way you can approve whomever you would like on the aircraft.

If your broker is any good, there should be no additional premium for this. Hope that helps!

[photofly]

Aircraft rental (for profit) doesn't appear to fall under any category that requires an OC, because there's no tranport service offered. But your insruance company will likely want to know that the aircraft is being rented for profit.