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On average, you will pay about $40,000 for a hot air balloon. Unfortunately, according to Bristlebane Hot Air Ballooning, the average pilot will have an accident rate of 33.62 accidents for every 100,000 hours of flying logged.
That’s where hot air balloon insurance comes in.This is a specialty insurance for hot air balloon business such as balloon owners, pilots, repair stations, and hot air balloon event organizers.
Hot air balloon insurance offers cover against the cost of potential risks arising from the use of the hot air balloon, including loss or damage to the vessel itself. Some of what’s covered include:
Hot air balloon liability insurance provides you as the insured party protection against any claims brought against you due to injuries and damages during your hot air balloon trips.
The public liability policies cover all the amount of damages that your hot air balloon will be legally liable to pay concerning bodily injury on a third party and loss of or property damage.
Overall, the public liability policy covers any costs arising from an occurrence in connection to the control or use of the hot air balloon. On the other hand, providers will often offer passenger liability as part of their hot air balloon liability insurance offering.
As an industry standard, most providers will pay a maximum of $1,000 for property damage for any one of the passengers on board the hot air balloon.
Add personal accident insurance to your hot air balloon insurance plan if you operate a hot air balloon yourself. Personal accident insurance kicks in when you sustain an injury due to an accident or any other occurrences that result from the use of the hot air balloon for commercial or recreational purposes.
Personal accident insurance for hot air balloon operators works in three ways, specifically:
If your hot air balloon causes an accident in the airport or runway’s premises and third parties sustain injuries or property damage, add airside vehicle liability.it insurance to your hot air balloon insurance plan.
Airside vehicle insurance will compensate affected third parties including the airport or runway’s management. Airport and runway managements will require you to get airside liability insurance having $1 million-$5 million coverage.
Add travel insurance if you’re an enthusiast who loves to take your hot air balloon to events such as the Albuquerque International Hot Air Balloon Fiesta, Teton Valley Balloon Rally, Great Dono Balloon Race, and more.
In connection, hot air balloon travel insurance has cancellation coverage. This functions to recover all non-refundable costs. In other words, cancellation coverage sees to it that your investments aren’t wasted when a hot air balloon event is canceled.
Hot air balloon insurance also provides coverage for medical care. Coverage for medical care applies if you sustain an injury or illness while on the way to a hot air balloon event.
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The insurance policies above are solely useful for hot air balloon owners, operators, and owner-operators.
Get general liability insurance and don’t shoulder the burden when people, who sustained injuries or property damage due to an accident in your hot air balloon event, file a claim.
So how does general liability insurance for hot air balloon events work? This will cover or reimburse the medical expenses of injured third parties. General liability insurance will also refund the value of damaged properties.
General liability insurance for hot air balloon events has additional inclusions such as advertising injury coverage and products and completed operations coverage.
Workers’ compensation insurance kicks in when a seasonal or part-time employee of your hot air balloon event sustains injuries due to a slip and fall accident, explosion, impact, or any other accident. Particularly, it will cover the following on the seasonal or part-time employee’s behalf:
You’ll hire equipment for your hot air balloon event-lighting, speakers, seats, staging, and many more. And so, ensure that you don’t incur losses when something happens to rented equipment; buy equipment insurance for hot air balloon events.
Equipment insurance will refund the losses of the owner if the equipment you rented sustains damage or becomes lost due to fire, theft, vandalism, weather, and other covered perils.
Note that coverage doesn’t apply if such rented equipment becomes lost or damaged while being hauled.
Hot air balloon insurance cost $97 per month or $1,164 annually for a $1 million general liability coverage. The hot air balloon insurance policies you buy are usually sold in $1 million in increments.
It would be best if you purchased a contract with limits of above $2 million. You can add a liability policy with a $2 million limit. Suppose you decide to add on additional policies. On average, you will pay about $40 per month for each additional $1 million of coverage you add on.
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Here’s a breakdown of the best hot air balloon insurance companies in the market today. Read the reviews to know their pros, cons, and pricing for a $1 million hot air balloon liability insurance.
CoverWallet hot air balloon insurance is an insurance plan for hot air balloon recreational ride and sightseeing businesses.
It doesn’t cover hot air balloon events or individual hot air balloon owners, operators, and owner operators. You can also go for a BOP to get comprehensive coverage at cheap rates.
Average cost: $67 per month
Tivly® provides hot air balloon business insurance. Policy options are workers compensation insurance, general liability insurance, commercial property insurance, and a BOP. This company allows you to get insured online or with the help of an agent.
Average cost: $70 per month
NEXT doesn’t sell hot air balloon insurance. However, it has an entertainment business insurance plan where your hot air balloon business can get covered.
Inclusions are professional liability insurance, general liability insurance, workers compensation insurance, and commercial auto insurance.
Average cost: $73.84 per month
Thimble doesn’t cover hot air balloon businesses but events. That said, approach this company if you’re a hot air balloon event organizer.
You can get covered for one day up to five days. Inclusions in this company’s event insurance are cancellation coverage, liability insurance, and liquor liability insurance.
Average cost: $115 for a one day hot air balloon event insurance coverage
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
