Aviation insurance underwriter USAIG is adding financial incentives for operators with Performance Vector (PV) Plus policies to be IS-BAO registered or meet the Business Aviation Safety Consortium’s (BASC) requirements for a full-service member organization, the aviation insurance underwriter announced today.
Under the company’s Good Experience Return program, PV Plus policyholders with no losses after a year will yield a 5 percent premium return for having IS-BAO or BASC accreditation. This is additional to potential 5 percent premium returns for twice-yearly pilot simulation-based training in make and model and fleet use of an approved FOQA/FDM program. Operators that employ all three best practices can recoup a combined 15 percent of their premium after a no-loss year, USAIG said.
“The PV Plus component to ‘achieve or maintain IS-BAO registry’ was established because the process of meeting the IS-BAO standard and passing external IS-BAO audits strengthens the standardization and safety practices of a flight operation and serves to validate the presence and effectiveness of managerial safety functions,” said USAIG director of aviation safety programs Paul Ratté. Meanwhile, “BASC has grown steadily and established itself as an effective alternative resource that spurs and helps business aviation organizations to optimize the effectiveness of their safety management and standardization practices.”