Hull and PIP coverage

Hull coverage insures physical damage to vehicles or vessels, such as airplanes and boats, against risks like collision or theft; PIP (Personal Injury Protection) covers medical expenses and lost wages for policyholders and passengers after auto accidents, regardless of fault. Hull insurance typically applies to commercial assets–examples include aircraft fleets and marine cargo ships–while PIP is mandated in 12 no-fault states including Florida and Michigan.

Hull policies exclude liability for third-party injuries but pay for repairs from perils like fire, vandalism, or grounding. PIP limits vary by state: New York requires a minimum of $50,000 per person while Kentucky sets the minimum at $10,000.

Aircraft hull insurance may offer “agreed value” settlements instead of actual cash value depreciation; this means a Cessna owner receives the full insured amount if totaled. PIP claims cover ambulance fees, rehabilitation costs, funeral expenses, and sometimes essential services like childcare during recovery, as reported by Your Insurance Info.

Most lenders require hull coverage as a loan condition on financed planes or yachts to protect collateral value. Policyholders can combine hull with liability coverage–for example, an airline might carry both to address property loss and passenger injury separately.