Code of Federal Regulations

Title 14 - Aeronautics and Space
Volume: 3Date: 2021-01-01Original Date: 2021-01-01Title: Section § 198.7 - Amount of insurance coverage available.Context: Title 14 - Aeronautics and Space. CHAPTER I - FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION (CONTINUED). SUBCHAPTER N - WAR RISK INSURANCE. PART 198 - AVIATION INSURANCE.
§ 198.7 Amount of insurance coverage available. (a) For each aircraft or insurable item, the amount insured may not exceed the amount for which the applicant has otherwise insured or self-insured the aircraft or insurable item against damage or liability arising from any risk. In the case of hull insurance, the amount insured may not exceed the reasonable value of the aircraft as determined by the FAA or its designated agent. (b) Policies issued without premium may be revised from time to time by the FAA with notice to the insured, to add aircraft or insurable items or to amend amounts of coverage if the insured has changed the amount by which it has otherwise insured or self-insured the aircraft or itself.