Buyers of coverage for aircraft, aviation businesses and property have found a silver lining in the recession: relatively stable prices for insurance. Attendees at this year’s Aviation Insurance Association (AIA) conference confirm the news; too much available insurance capacity means that no underwriter has the power to raise prices.
The Aviation Alliance Insurance Risk Retention Group (AAIRRG), developed by the Alexandria, Virginia-based Aeronautical Repair Station Association (ARSA) and Polaris Enterprise Group, received its certificate of authority (insurance license) this week from the state of Montana. AAIRRG will provide product-liability insurance exclusively to repair stations that are ARSA members.
The February 6 collapse of the Dulles Jet Center roof under a heavy blanket of snow– and the estimated $300 million worth of corporate jets damaged or destroyed in the event–has raised questions about insurance liability.
The new Central Europe Private Aviation Association (Cepa) will hold its inaugural conference in the Czech capital Prague on April 22 and 23. The group has been formed to represent and coordinate the interests of business aviation companies in new European Union states, including the Czech Republic, the Slovak Republic, Poland, Romania, Bulgaria, Croatia and Slovenia.
Jet Professionals, a division of Jet Aviation, is making its Crew Advantage program available to business aviation crews globally. Already available in the Americas, starting this month Crew Advantage is being extended to cover Europe, the Middle East, Africa and Asia. The program covers pilots, cabin crew and technical personnel.
Global Aerospace has announced its online insurance certificate processing site, www.eCert.global-aero.com. By early 2010, brokers and customers of the Short Hills, N.J.-based company (Booth No. 1845) will be able to issue and print insurance certificates anywhere in the world.
In an economy that has ravaged aviation, one stable segment is the insurance industry, but change is coming. “Nobody knows what [the future is] going to look like,” an industry expert told AIN.
The 24th annual NBAA maintenance management conference was held in New Orleans last week.
A Massachusetts judge has granted a petition for a temporary restraining order preventing JetDirect Aviation Acquisition Company (JDAAC) from completing the purchase of assets of JetDirect Aviation, at least until a preliminary injunction hearing is held tomorrow at 11:30 a.m. EDT.
“You can bet the insurance market is going to change. All the ingredients are in place and it’s only a matter of time,” Jim Gardner, v-p of Insuramerica Aviation, an affiliate of J. Smith Lanier, told AIN.