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.
Financing, Insurance and Taxes » Aviation Insurance
Issues regarding aviation insurance.
Barely into the new year, aircraft owners and operators are opening letters from their insurance companies offering additional coverage for acts of terrorism.
Atlanta-based Travelers Aviation announced last month that it will expand its corporate flight coverage to include hull and liability insurance for Part 135 and small-business accounts. The new policy, Flight Plan Preferred, provides limits up to $300 million and is “designed specifically for businesses operating smaller turbine/jet aircraft, and for turbine pleasure and business aircraft flown within North America,” according to
Travelers’ Atlanta-based aviation division yesterday announced that it will be expanding its corporate flight coverage to include hull and liability insurance for Part 135 and small business accounts.
Corporate aviation operators at all levels received good and bad news from insurance representatives at the 26th annual Aviation Insurance Association conference held in Kansas City, Mo., on April 29 and 30.
Insurance premiums for professionally flown corporate aircraft have decreased slightly off their peaks of last year, but charter and helicopter operators and FBOs are not seeing the same relief, though their rates have generally stabilized.
Since September 11, a growing number of countries are requiring that aircraft overflying or landing at their respective airports carry war-risk insurance.
The following is typical wording found in most aviation aircraft insurance policies addressing exposures covered under war risks. While wording may differ from one insurer to another, all carry similar overall content and intent. It is always advisable to have a qualified aviation attorney examine the policy to determine whether the coverage meets the requirements of your aircraft.
In a world of uncertainty, life insurance remains a priority for many business aviation pilots. Unfortunately, it also remains a much misunderstood subject.
Before September 11, insurance occupied no more than an afterthought in the minds of most in the aviation industry. For years, premiums had remained relatively stable, even reasonable, and standards of coverage conformed to the level of threat, perceived as minimal. In the years ahead, the aviation industry will look back at those as “the good old days.”