Eclipse Aviation will partner with Global Aerospace to provide aircraft hull and liability insurance to owners of Eclipse 500s. “While it is too early to set premiums, Global expects insurance premiums for the new Eclipse 500 will be similar to those for existing aircraft,” said Eclipse officials.
Financing, Insurance and Taxes » Aviation Insurance
Issues regarding aviation insurance.
Following last September 11, aircraft owners and operators began bracing for massive hikes in insurance coverage and changes in the limits of that coverage. Now, a year later, their fears are being realized. But while rates have risen, sometimes triple those before September 11, the increases are not without some justification. The question is, just how much is justified?
Eclipse Aviation announced that it will partner with underwriter Global Aerospace Underwriters to provide hull and liability insurance to owners of owner-flown Eclipse 500s.
If aviation insurance news has been mostly bad since September 11, there is still one small bright spot in the industry. Life insurance premiums for corporate pilots have either remained stagnant or actually decreased since last September. And aviation operators have an increasing variety of choices for providing life insurance for their employees.
Insurance underwriter Global Aerospace will partner with Eclipse Aviation, manufacturer of the Eclipse 500 personal jet, to provide hull and liability insurance to owners of the new five-passenger personal jet.
Travelers’ aviation unit last month introduced a new workers compensation insurance program for corporate flight departments. According to the company, its aviation workers compensation program will provide “top-quality workers compensation coverage” for general aviation flight departments–including pilots, ground crew and administrative staff–to help keep rising loss cost trends under control.
July 1 is the 75th anniversary of United States Aviation Insurance Group, better known as USAIG. That day, the New York-based company celebrates not only three-quarters of a century as America’s oldest insurer of general aviation airplanes, but also as an aircraft operator, using general aviation in the conduct of its business.
All aircraft using European airspace are facing the prospect of having to carry minimum levels of third-party liability insurance. Under European Commission (EC) proposals now being debated by the European Parliament, operators of aircraft of up to 25 metric tons mtow (55,115 pounds) would be required to have minimum cover
According to London-based insurance adjuster Airclaims, from an insurer’s point of view 2002 was a fairly “benign” year, with hull and liability losses of about $1.1 billion. It is a welcome respite from 2001 and 9/11, which drove losses to levels now estimated in excess of $6 billion.
Barely into the new year, aircraft owners and operators are opening letters from their insurance companies offering additional coverage for acts of terrorism.