Insurance
Hi
Im considering purchasing a share in an aircraft and have been told the insurance covers £3.5M - 3rd party. Nothing else (I havent seen the docs yet and will review this week) but....
If it is only 3rd party - is that normal? What happens if something goes wrong (say engine failure, not my fault) and I land but I write off the aircraft - do I then owe the other syndicate members the value of the remaining shares and if so do I need to get additional insurance to cover this (eg comp) and if so does anyone have any pointers?