In addition to the costs of acquisition, prospective buyers must consider the costs–especially insurance and taxes–they will incur once they own the aircraft. To that end, aircraft management contracts with well thought-out insurance provisions should be integral to the aircraft acquisition process, said Bill Kingsley, an account executive with the Addison, Texas-based brokerage AirSure.
As of this month, USAIG (U.S. Aircraft Insurance Group, Booth No. 1730) has contributed more than $5.1 million toward Bell, American Eurocopter, MD Helicopters and AgustaWestland training programs through the company’s preferred policyholder program.
As worries about the economic health of insurance giant AIG dominated headlines last month, they also sparked concern among business aircraft operators about the state of their insurance coverage.
Wichita-based PIM Aviation Insurance, an insurance broker serving the business and commercial aviation market since 1982, recently added life insurance for pilots to its portfolio. Pilots interested in obtaining a free quote can stop by Booth No. 5111. PIM partnered with several insurance companies willing to provide competitively priced life insurance for pilots when they are operating aircraft, the company said.
It’s true, the price of jet-A has risen steeper than a max-power climb gradient. But the cost of many other business aviation staples has remained relatively stable, and in some cases nosed over in the past five years. Even fuel prices have come down somewhat in recent weeks. These are among the findings of a comparative survey of business aviation costs and operational data compiled by NBAA Convention News.
The economic health of insurance giant AIG has sparked concern among many business aircraft operators who have contacted NBAA with questions about the state of their insurance coverage.
The world didn’t necessarily become a more dangerous place on Sept. 11, 2001, but the terrorist attacks that day impressed upon business travelers just how dangerous the world can be. The knee-jerk reaction of many companies was to ban all employees from flying on company business.
If you’re the kind of pilot who relishes the moment when you flee the FBO in the crew car for a round of golf or a night on the town, there is a phalanx of insurers and associations that are out to change your lifestyle. The National Air Transportation Association (NATA), NBAA and the Flight Safety Foundation are leading the charge, staunchly backed by insurance companies such as U.S. Aviation Underwriters.
To better understand insurance it helps to understand what it really is. The historical foundation of insurance is that disaster can strike anyone, at any time. The concept of insurance is the good fortune of many helping provide for the bad fortune of a few.
There was no such thing as aviation insurance when Shakespeare penned, in Henry VI, “The first thing we do, let’s kill all the lawyers.” If there had been, the quote might have been a bit longer, according to many in the industry. Next to lawyers, everyone loves to hate insurance agents and underwriters.