Final answer:
Aircraft Liability insurance covers legal liabilities resulting from the ownership or operation of aircraft, not including airshows or air meets. It is different from Hangarkeeper's, Aviation Product, and Airport Liability.
Step-by-step explanation:
The liability arising from the operation of aircraft, excluding airshows or air meets, is referred to as Aircraft Liability. This type of insurance covers the insured against legal liabilities that may arise due to the ownership or operation of aircraft. It is not to be confused with Hangarkeeper's Liability, which relates to damages or losses to aircraft under the care, custody or control of a hangarkeeper; Aviation Product Liability, which covers the manufacturers and maintainers of the aircraft against the liability of their products or completed work; or Airport Liability, which refers to the liability to third parties on the ground and other risks associated with airport operations. Aircraft Liability specifically addresses the risks associated with flying and operating aircraft.