Aircraft Insurance Renewal Checklist for Australian Owners
This aircraft insurance renewal checklist helps owners review their operations and cover before renewal. Aircraft values change, pilots gain or lose recency, operations expand, avionics are upgraded and contractual requirements develop.
Providing accurate information early gives the broker time to present the risk properly and resolve pilot, value or use questions before the existing policy expires.
For a related check, read the aircraft details insurers commonly request. You can also discuss your cover through ABS’s aviation insurance service.
Speak with an aviation insurance specialist
Discuss your aircraft, operations, pilots, uses and current insurance arrangements with ABS at Bankstown Airport.
Request an aviation insurance review
Ask ABS to compare your current policy with the aircraft and operations you need to protect.
Aircraft insurance renewal checklist: aircraft, pilots and use
Before renewal, confirm the aircraft details and insured value; every pilot and their experience; permitted uses; operating bases and territory; liability limits; claims or incidents; finance or lease interests; and any changes planned during the coming year.
Commercial operators should also verify that insurance evidence aligns with their approvals. CASA requires specified air-transport operators to provide suitable evidence when insurance starts, varies or renews. See CASA’s current guidance.
1. Check the Aircraft and Insured Value
- registration, make, model, serial number and year;
- engine and propeller details where requested;
- avionics, modifications and permanently fitted equipment;
- current market or agreed value;
- finance, mortgage, lease or ownership interests;
- usual hangar, tie-down location and secondary bases; and
- maintenance status and material changes.
Do not leave upgrades or changed ownership until after renewal. If the aircraft was purchased, sold, refinanced or moved, the policy parties and interests may require amendment.
Review whether the value would realistically support repair or replacement following a major insured loss. Underinsurance and overinsurance can both create poor outcomes.
2. Update Every Pilot and Permitted Use
Provide licence type, ratings, total hours, time on type, recency, training, incidents and claims for each proposed pilot. If the policy contains an open-pilot warranty, confirm that every pilot relying on it actually satisfies every condition.
Uses may include private pleasure, business travel, training, hire, charter, aerial work, agricultural operations or other activities. A change that appears small commercially can be significant to an aviation underwriter.
Confirm geographical limits and any planned international, remote-area, unsealed-strip or specialised operations. CASA approvals and insurance permission are separate questions; both must be satisfied.
3. Review Liability, Claims and Documents
- third-party and passenger liability limits;
- airport, hangar, lease or finance insurance clauses;
- losses, incidents or circumstances since the last declaration;
- excesses and pilot-related conditions;
- territorial limits and permitted airports;
- emergency assistance and claims contacts; and
- certificates or declarations required by regulators or counterparties.
Answer proposal and renewal questions fully and accurately. If uncertain whether something is material, disclose it to the broker and allow the insurer to decide.
Frequently Asked Questions About Aircraft Insurance Renewal
How early should renewal preparation start?
Several weeks before expiry is sensible, particularly for commercial operations, complex risks, new pilots or material changes.
Should avionics upgrades be declared?
Yes. Material upgrades can affect aircraft value and description. Provide invoices or updated valuation information where requested.
What pilot information is usually needed?
Licence, ratings, total hours, time on type, recency, training and claims or incident history may be requested.
Can the aircraft use change during the policy year?
Possibly, but notify the broker before the change. The insurer may need to approve and endorse the new activity.
Should incidents be disclosed even without a claim?
Disclose relevant incidents or circumstances when asked. Do not assume an event is immaterial merely because no formal claim was lodged.
Can ABS compare renewal options?
Yes. Adequate lead time and complete information allow ABS to approach appropriate aviation markets and compare terms.
Start the Aviation Renewal Before Expiry Pressure
Provide ABS with the expiring policy, updated aircraft information, pilot details and planned operations. Early preparation improves the quality of the insurance submission and the time available to assess alternatives.
Important information: This article provides general information only and does not consider your objectives, financial situation or needs. Aviation insurance is subject to policy terms, conditions, pilot requirements, limits and exclusions. Operational and regulatory requirements can change. Confirm current requirements with CASA and obtain advice appropriate to your circumstances.
