Aerospace insurance provider Global Aerospace has been selected as the aviation insurance claims manager and advisor for the FAA. Under the agreement, Global Aerospace will provide insurance expertise, assist in claims settlements and advise the FAA on commercial aviation insurance matters with respect to war-risk coverage provided by the agency under authorization from Congress.
The Middle East Business Aviation Association (MEBAA) launched an aviation insurance group discount program for members on Tuesday at the Dubai Air Show.
The Aeronautical Repair Station’s efforts to create a risk-retention group to provide commercial liability insurance for its members is closer to fruition. In late June, the Aviation Alliance Insurance Risk Retention Group (AAIRRG), established by ARSA and Polaris Enterprise Group, received its certificate of authority (insurance license) from the state of Montana.
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.
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.
With the country in mourning for the tremendous loss of life from the terrorist attacks, the financial loss seemed to pale by comparison. But as Americans began to recover from the initial shock, the economic concerns loomed darker, and the insurance industry was among the first to feel the fiscal effects. It was also one of the first to put measures into effect to minimize losses and recover from the economic blow.
Despite the economic uncertainty in the U.S. and abroad, the mood was decidedly upbeat at the Aviation Insurance Association (AIA) convention April 26 to 29 at
the Gaylord Opryland resort in Nashville. In fact, due in part to the downturn in financial circles, aviation insurance–a truly worldwide industry–has been experiencing a mini-boom that is benefiting the insured, large and small.
You roll up to an FBO in a multi-million-dollar business jet, and they roll out the red carpet. Your passengers disembark and you stroll into the office. There, the smiling customer service representative hands you a document. “It’s just our standard hold-harmless agreement,” she says. “We need your signature.”
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.
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