Loss Of Licence Insurance

Commercial pilots and restaurant owners both rely on their licence to do their job. Without it, a commercial pilot’s career would be over and an alternative career would be needed. Unexpected events can affect anyone and not just a commercial pilot’s career. If you do lose your licence you need something to fall back on in the waiting period.

For example, if commercial pilots have their licence revoked during their aviation career, it’s nice to know that they have loss of licence insurance policy regulated by the financial conduct authority in place to cover their temporary loss of income.

Loss of licence insurance is there to provide cover cover in case you have your licence revoked. These losses can be considerable and may run into the hundreds of thousands of pounds. Some loss of licence insurance policies will have a sum insured of up to £250,000, but it’s important to understand the sum insured of your loss of licence insurance policy places.

Every loss of licence insurance policy will have some exclusions and exceptions.  As well as placing an upper limit on the lost income you can claim (i.e., the sum insured), some companies in the aviation industry may also have specific requirements you must fulfill to ensure your loss of license claim remains valid. Usually loss of licence insurance cover temporary loss of income, but an insured person may not be able to claim if they have not fulfilled their obligations, forcing them to look for an alternative career.

When you compare loss of licence insurance quotes with Brisco Business, you will be provided with further information on authorised and regulated loss of license insurance policies, and will be able to check the sum insured of each loss of licence insurance policy before making your decision.

The cost of loss of license insurance depends on factors like the type of business you run, your income levels and how much cover you opt for. For example, an insured person running a pub or restaurant would likely pay a different price for licence insurance than someone in the aviation industry. 

The financial conduct authority regulates different types of loss of license insurance that can cover you if you lose your licence. The most common authorised and regulated loss of license type for an insured person is called loss of earnings insurance, which will provide cover for the temporary loss of their income if they are unable to work.

Loss of licence insurance is a type of insurance that covers the cost of retraining and temporary loss of earnings if you are unable to work due to losing your professional licence.

The waiting period and cost of retraining can be significant, so a loss of licence insurance policy that is regulated by the financial conduct authority can be a vital safety net for many people, including commercial pilots.

Yes, loss of licence insurance is important for professionals who rely on their licences to earn a living. If you lose your licence, you may be unable to work and experiencing temporary loss of income if you aren’t an insured person. Authorised and regulated loss of license insurance can help you cover your living expenses while you are unable to work or are looking for an alternative career.

Loss of licence insuranse is also known as professional liability insurance. This type of insurance is important for professionals such as doctors, lawyers, and accountants who could be sued for negligence. If you are found liable for damages, your professional liability insurance can provide cover for the costs of a lawsuit if you are an insured person.

Loss of licence insurance is not required by law, but it is strongly recommended for professionals who could lose their livelihood if they lost their licence. If you want to be an insured person, talk to your insurance agent for further information on whether loss of license insurance is right for you and whether a licence policy regulated by the financial conduct authority would cover a temporary loss of income.