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Your aircraft management team will typically perform the following tasks: Therefore, in the ownership cost example we assume an aircraft management company is involved.
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This is where the management tasks are left with your pilot in command. Of course, there is the option of so called self-management. For example, sourcing and managing pilots to making sure the aircraft is airworthy, are all tasks provided by your aircraft management company. Such as including loss of licence cover, personal accident cover and travel insurance.Īircraft management is an essential component when owning and operating a private jet.Īn aircraft management team provide all the necessary services required to fly the aircraft. This is typically chosen by owners who will be flying private jets into hazardous destinations.Ĭrew insurance allows pilots and crew members to be provided with an enhanced employee benefit package. However, owners may also wish to consider aviation hull war insurance and crew insurance.Īviation hull war insurance provides cover for loss of the aircraft due to war, hijack, confiscation, malicious damage and other similar risks. This are two essential pieces of insurance for private jets. Therefore, in the event of a total loss, insurers will pay the agreed value as opposed to the current market value. Hull insurance policies are agreed on a value basis. This then leads to the second part of private jet insurance – hull insurance. While exact details will vary from policy to policy, cover is generally not provided for the pilot in command or the actual aircraft. Third parties in this case include passengers, cargo and baggage. This provides cover against loss, damage or injury to third parties. In simple terms, there are two types of insurance that private jets must have. The hourly charter price is the aircraft’s hourly variable cost, along with factoring in fixed costs and broker fees. This is because, per hour, charter flights cost more. Of course, this hourly variable cost is different to that of the estimated hourly charter price. Therefore, the estimated hourly variable rate for operating the Cirrus Vision Jet SF50 is $732. This is how much extra the aircraft will cost you per flight hour. Therefore, the estimated variable cost for private jets is presented as an hourly figure. Therefore, flying 500 hours per year will result in variable costs 10 times greater than if you were to fly 50 hours per year. See this to learn about private jet fuel costs.Ĭlearly, the more you fly the aircraft, the more fuel it will use. One of the biggest costs when flying by private jet is fuel. The best example of a variable cost in this case is fuel use. Variable costs, on the other hand, are directly proportional to the number of hours the aircraft flies per year. What is Fractional Ownership of a Private Jet?.Everything You Need to Know About Renting a Private Jet.