Sec. 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.