Archive for January, 2018

New Professional Liability Product Offers Peace of Mind to Aviation Pros

Tuesday, January 30th, 2018

Re-posted from Global Aerospace

Business in general, and the aerospace business in particular, is extremely fast paced. Despite their best efforts, aviation professionals, like all professionals, can and do make mistakes. These errors cover the spectrum of things from inadequate pre-buy inspections, to improper engine overhauls, to inadvertent disclosure of confidential information.

While these mistakes don’t result in property damage or bodily injury, they can have an adverse impact on a client’s business that produces financial ramifications. Consequently, these “errors and omissions” may create exposure for the service provider that results in monetary loss, including costs associated with their legal defense.

Historically, professional liability policies to cover the mistakes of those in the aviation and aerospace industry have been difficult or costly to obtain. Some aviation pros have looked to traditional errors and omissions insurance providers for coverage. However, those insurers are unfamiliar with the unique exposures in the industry and tend to charge more for policies.

Other people seeking coverage purchase a policy from the international surplus lines market, but have to endure the high costs charged by providers in London and elsewhere. In short, there has not been a product ideally suited to meet the professional liability needs of those in aviation-related fields.

Introducing Aviation Professional Services Liability Insurance

As the need for an affordable errors and omissions-type policy provided by a U.S. insurer that is familiar with aviation risk became apparent—both through observation and many inquiries from people in the industry—Global Aerospace decided to develop a product that addresses that need. The result is our Aviation Professional Services (APS) Liability Insurance.

This claims-made insurance covers wrongful acts that result in financial loss that is measurable in monetary terms but that does not occur as a result of bodily injury or property damage. Wrongful acts are errors or omissions committed by a policyholder that arise out of the rendering of or failure to render aviation professional services. The coverage is designed to help professionals in a number of aviation- and aerospace-related fields, including:

  • Auditors
  • Engineers
  • Safety experts
  • Consultants
  • Maintenance providers
  • FBOs
  • Aircraft sales dealers

These are just a few examples. Virtually anyone involved in the aviation and aerospace business can benefit from APS liability insurance.

Delivering Benefits for Your Defense

A substantial benefit of the Global Aerospace APS liability policy is that it contains no limitation on defense costs. Some general professional liability policies outside of the aviation industry include defense costs within the policy limits. With those policies, each dollar spent to defend a claim or suit reduces the amount available to resolve the claim on behalf of the policyholder. A limitation like that could be significant. The Global Aerospace APS liability policy eliminates that uncertainty because defense costs are paid in addition to the limit of liability. This results in even greater value for the aviation professional.

An Important New Insurance Solution

We believe that APS liability insurance is one of the most important business investments aviation professionals can make. And if the tremendous interest we’ve seen from clients, the brokerage community, and the industry in general in the short time since our new coverage was announced is any indication, we’re not alone in that assessment. This new product clearly and effectively addresses an unmet need.

Aircraft Insurance Broker Welcomes 19th Year of Continuously Insured Pilots

Monday, January 8th, 2018

Working for you

As many new business owners do, Jon Harden was working around the clock and weekends his first few years at AIR. It was one Sunday in February when Pete called. Pete has owned eight aircraft and currently is the proud owner of a Beechcraft Baron. Each year Pete participates in the Bonanzas to Oshkosh (B2Osh) formation migration from Rockford, Illinois to Oshkosh, Wisconsin.

“I was expecting to have to leave a message after dialing a couple of options. Instead, Jon picked up, on a Sunday nonetheless! I immediately switched to him and haven’t looked back!” Pete explained.

After each flight to EAA AirVenture/Oshkosh, Pete makes a point to stop by and catch up with Jon at the AIR booth in Hangar A. While Jon does not have to work weekends quite as often these days, he still operates at the same level of prompt customer service.

Unique Aircraft

Another Beechcraft has found its home at AIR over 18 years ago. Ingrid is often found at Frederick Municipal Airport flying her Bonanza or enjoying AIR’s summer cookouts. But her true pride and joy has been covered through AIR for 17 years now, a newly restored J3 Lenape Papoose. This 1939 Piper Cub is equipped with a 3-cylindar radial engine and is one of only three flying in the United States! This very Cub once held the world record for aircraft time aloft. Ingrid’s Cub graces many of AIR’s marketing materials!

Ray was AIR’s 32nd client and he still insures through us today! Besides his Cessna 172, AIR also protects Ray’s 1977 Varga. Known for its reliability and simplicity, Varga pilots could spend the whole day boasting about their aircraft. However, not all insurance markets readily write this make and model aircraft. Since 1999, AIR agent Chris Wolbert shops all the major aviation insurance markets for Ray’s Cessna and Varga each year before renewal. Chris has earned Ray’s business year after year by providing competitive rates for both aircraft and by keeping them on one policy for increased convenience.

“I really appreciate what the agents at AIR do because they are pilots, not just insurance agents!” airline pilot Curtis exclaimed. All insurance agents at AIR are pilots and are passionate about the aviation industry they serve. Each pilot has a different background and a diverse blend of aeronautical experience.

Curtis is approaching his 19th renewal with AIR. He prefers to keep all five of his aircraft on one convenient policy as well. He currently owns a Cessna 140, Cessna 150, a Piper J3 Cub, an RV-8 and a multi-engine amateur built aircraft, the Wickham B. The Wickham B is the only aircraft of its kind, designed by Jim Wickham, an engineer with Boeing in the late 1960’s. It sat in storage for several decades before being restored in 2002 and later purchased and flown by Curtis.

Bob’s 1950 Beech 35 Bonanza is a show stopper. In fact, it has made it to the centerfold of an aviation magazine! Featuring a IO 470 D’Shannon engine upgrade, an advanced avionics suite, and superior paint and interior, his number one priority was properly insuring the aircraft he invested so much into. When shopping for aircraft insurance, Bob encountered the issue that the stated Bluebook Value of the aircraft was much less than the value due to its extensive upgrades. That’s when he connected with Jon Harden, the founder of AIR. In June, he will be trusting AIR with his aircraft insurance renewal for the 19th year straight! His Bonanza is, of course, still in impeccable shape.

Access to all the markets

Flying out of NJ, Joseph owns a Piper Arrow. 18 years ago, Joseph connected with AIR’s regional office in Bradford, PA, then run by agent Lee McKinley. Since Lee’s passing, Joseph has worked with Victoria Neuville out of AIR’s Frederick, MD headquarters. Despite the years that have passed and the office transition, AIR has been able to ensure Joseph a steady premium and he is now paying less than several years ago! This is because AIR shops all the aviation markets to obtain the best rate. Thanks to a competitive market, Joseph has not seen that much fluctuation in his insurance rates over the years. Having access to multiple insurance carriers also provides flexibility when customizing the right policy before committing to one insurance company’s guidelines.

Commercial aviation insurance

All the previously mentioned clients are aircraft owned for pleasure and business use. AIR’s expertise also extends to workers compensation, FBOs, maintenance facilities, flight schools, charter, flying clubs and more! The oldest aviation sales company still in operation in Oklahoma City also happens to be one of AIR’s oldest clients as well! Southern Wings Aircraft Sales is a very successful family owned business specializing in selling corporate twin and turbine aircraft. Cycling through many aircraft throughout the year, Southern Wings insurance policy allows for sales and demonstration of the aircraft. The ease of adding and deleting newly acquired or sold aircraft can be attributed to AIR’s prompt service and organization.

Airshows

AIR is well equipped to insure your airshow or aviation event. But what’s more fun than insuring airshows is attending them! 2018 will mark the 19th consecutive year AIR has had a booth at EAA AirVenture, commonly known as Oshkosh, the world’s busiest airport for one week each July. Each year you can find us in booth 1120, next to Trade-A-Plane. Oshkosh is comparable to a family reunion, but for pilots. This is often where we meet our customers in person.

“I’ve been attending AirVenture since I was 10 years old. What’s great about being an exhibitor is all the new people you meet and finally putting a face to the name or voice of our customers,” said AIR agent Victoria Neuville.

As AIR’s 19th anniversary approaches much remains the same. AIR continues to provide service with integrity from a group of knowledgeable insurance agents and pilots. The proof is in the numbers, over 80 clients have had coverage with us for 18 consecutive years! To begin creating a life-long relationship with an aviation insurance broker that shops all the markets to provide you with the best rates and the broadest coverage call 301-682-6200 or visit www.AIR-PROS.com today!AIR logo 2016.2.26 WEB

AIR to Attend 2018 US Sport Aviation Expo

Thursday, January 4th, 2018

The 14th Annual US Sport Aviation Expo (also known simply as Sebring to pilots) is fast approaching! From January 24-27th pilots and exhibitors will gather at Sebring Regional Airport for four days of aviation fun. Aviation Insurance Resources (AIR) agents Joe Cacho and Gregg Ellsworth will be in booth 410 to help pilots with their aviation insurance needs.

This year’s Sebring highlights include:

  • Key Note Speaker Captain Rahmani, the first female fixed-wing pilot with the Afghan Air Force
  • Ford Tri-Motor flights, helicopter and biplane rides
  • 2nd & 3rd class medical exams on site
  • Zenith hands-on kit building workshop
  • DroneZone – featuring one of the largest drone races in the world
  • Exhibitor showcase flights
  • Workshops, forums (including speakers Patty Wagstaff and Rod Machado), and aircraft displays

Tickets are $25/day or $75 for a four-day pass for adults. EAA and AOPA members can receive a $5 per day discount. Youth tickets are $10 a day and children 10 and under are free. Tickets are available online and at the door.

The US Sport Aviation Expo offers the perfect start to the airshow and aviation convention season. We hope to see you there!