The Middle East Business Aviation Association (MEBAA) general assembly elected two new board members yesterday and held an insurance workshop for its MEBAA aviation insurance scheme (MAIS).
Wajdi Al Idrissi, managing director of Saudia Private Aviation (SPA), and Richard Gaona, president and CEO of Comlux Management, will join other industry leaders to promote business aviation in the region and beyond as members of MEBAA’s board.
“Regulations which are imposed upon business aviation, but were designed for commercial operators, are not effective,” said Al Idrissi. “Despite sharing the same airspace, the two have such different ways of working that regulation is becoming counter-productive to operational efficiency for business aviation and, in the worst cases, is bringing safety standards into question.”
Al Idrissi is an increasingly influential voice in regional business aviation as he increases SPA’s fleet and turns Saudi Arabia into a thriving bizav hub. SPA operates four Dassault Falcon 7Xs (the world’s 7X largest fleet) and also owns six Hawker 400XPs.
“It is important that Saudi Arabia has decision-making involvement with MEBAA,” Al Idrissi said.
The MAIS insurance scheme was launched at the 2011 Dubai Airshow in partnership with Willis Aerospace, the Abu Dhabi National Insurance Company and Chartis Insurance.
Henry Adair, regional practice leader at Willis, said the insurance scheme would accommodate hulls up to $350 million and liability up to $1 billion. At inception, the scheme covered only aircraft with a maximum hull value of $80 million and liability of $550 million.
“MAIS now provides all MEBAA members with the opportunity to benefit from economies of scale characterized by fleet rates, as well as significant coverage benefits,” said Adair. “As such the scheme is proving an extremely attractive solution to their insurance-buying requirements. With Chartis and ADNIC ensuring that individual members are not penalized in terms of pricing by the claims of other members, this has been a significant and positive change to previous attempts at this type of concept.”