Archive for March, 2018

Splash in at Seaplane-A-Palooza in April!

Tuesday, March 27th, 2018

For the eager pilots ready to start the fly-in year, the perfect warm up to Sun ‘n Fun is happening next month at the Tavares Seaplane Base (FA1) in Tavares, Florida. Dubbed America’s Seaplane City, Tavares welcomes seaplane pilots and enthusiasts alike to their annual Seaplane-A-Palooza on April 7th and April 8th, 2018.

Activities

Last year, over 50 seaplanes attended to visit with various exhibitors and sponsors. Excitement is gearing up for other great activities as well. Seaplane Bingo, spot landings, a seaplane beauty contest, flying scavenger hunt, and a pancake breakfast are all planned to make Seaplane-A-Palooza an unforgettable event!

Flying In

Seaplanes are instructed to contact UNICOM on frequency 122.975 prior to your arrival. Parking is free at the red and white tie off posts, subject to space available. Visit the Tavares website for more information. Those pilots wishing to park their aircraft on land can fly into the Leesburg International Airport (LEE) where a shuttle will be provided to the base.

Seaplane Insurance

Aviation Insurance Resources (AIR) is a sponsor of Seaplane Bingo and will have a table at Seaplane-A-Palooza. AIR agent Victoria Neuville will be on hand to answer all your seaplane insurance and other aircraft insurance questions. All the agents at AIR are pilots and shop all the major aviation insurance markets to obtain the best rate and the broadest coverage on your aircraft insurance. For your seaplane insurance call 877-247-7767 or submit your seaplane insurance quote request online today!

2018 promises a year full of more airshows, fly-ins and aviation events. What is on your aviation calendar this year?

What Happens if My Aircraft is Involved in an Accident?

Thursday, March 22nd, 2018

We all realize that there is risk involved in owning and operating an aircraft. Comprehensive aviation insurance policies afford substantial protection from that risk. We hope you’ll never face a situation that puts your aviation insurance to the test. But if you have a mishap from which property damage or injury result, it is helpful to understand how the aviation claims process works.

What Can Trigger a Claim?

Most aircraft insurance policies respond to two types of claims: those that involve physical damage to the insured aircraft and those resulting in legal liability that result from damaging someone else’s property or causing an injury. The details can vary from one policy to the next. In this article, we will consider mostly physical damage claims.

Some of the most common types of insured damage to an aircraft result from events like these:

  • Hard landings
  • Bird or wildlife strikes
  • Gear-up landings
  • Collisions with hangars, buildings or support vehicles
  • Taxiing incidents
  • Wind, lightning, or hail storms

Legal liability can result from many of these events, which cause damage not only to the insured aircraft, but to third party property as well. Examples are hitting a runway light, colliding with a hangar or ramp aircraft, jet wash and prop wash, or even something like paint overspray.

Of course, aircraft mishaps that result in injuries to passengers aboard the aircraft, people on the ground or even in another aircraft are also a serious concern.

Because each aircraft incident or accident is unique, it is important to be familiar with the provisions of your insurance policy and what the process is for getting the insurance provider involved to protect your interests.

The Aircraft Insurance Physical Damage Claims Process — Step by Step

When aviation incidents or accidents causing damage to the insured aircraft occur, the claims process typically is as follows:

Step One: Immediately following an incident or accident. First and foremost, seek medical attention for anyone who has been injured. As soon as reasonably possible, contact your insurance broker or the insurance provider directly to notify them of the loss and to coordinate next steps. It is also important to protect the aircraft from further damage.

Step Two: Gather pilot information. Take steps to secure copies of the pilot’s license and logbook, medical certificate, the aircraft log books and all other aircraft documents. In addition to cooperating with any investigating authorities such as the FAA or NTSB, the insurance provider may ask that you complete an incident report describing the pertinent details.

Step Three: You and the insurance provider begin the process of determining whether the aircraft is economically repairable. It may be necessary to obtain repair proposals to determine whether the damage is repairable or whether the aircraft is a total loss. A number of factors, including the aircraft’s insured value, the complexity of the repairs and particular policy provisions may come into play.

Step Four: In the event the aircraft is repairable, you will authorize the repair facility to make the repairs. Virtually all policies pay for the cost of repairs with “materials of like kind and quality.” In other words, the goal of the repair is to restore the aircraft to the condition it was in just prior to the incident.

Step Five: When the final cost to repair is established, the insurance provider will calculate the amount it will pay you. You can use that payment, plus your own payment for any deductible amount or uncovered costs, to pay the repair facility, after which the aircraft is returned to service. In most cases, the process is then complete.

Step Six: If the damage renders the aircraft a total loss, the insurance provider will make payment for the insured value, less any deductible. The policy will specify how the loss will be made payable, and typically requires that you and any lienholders are included in the payment. The insurance provider is entitled to the benefit of its remaining value once a total loss is paid. Within practical economic constraints, your preference as to the disposition of the aircraft may be taken into consideration as part of an agreed cash settlement. You should expect to work with your insurance provider to finalize the transaction through an FAA Aircraft Bill of Sale and an insurance document known as a Proof of Loss used to document the transaction.

Tips for Streamlining the Aircraft Insurance Claims Process

You and your insurance provider have a common goal when it comes to aviation claim handling: to resolve the claim promptly to the mutual satisfaction of the parties in accordance with the terms and conditions of the insurance policy. Here are some tips for streamlining the claim process:

Review your aviation insurance information periodically to ensure you have a general understanding of the insurance benefits afforded by your policy.

Report incidents promptly. The more time that elapses between an incident and the initiation of the claim process, the more difficult and time-consuming it can be for the insurance provider to perform research and reach proper determinations on what amounts are payable.

View your interaction with the insurance provider as a collaboration. The insurance provider’s goal is to provide prompt and fair claim handing and settlement of claims, in accordance with the terms and conditions of the insurance policy. Your cooperation makes the process much more efficient.

Understand the concept of “like kind and quality” when it comes to repairs. The goal of a repair is not to make an aircraft “like new,” but rather to return it to its condition immediately prior to the incident. Along those same lines, conditions discovered during the repair process that are not directly the result of damage sustained in the incident may not be payable under the policy. During the repair process, stay in close contact with the repair facility and the claims handler to fully understand what repairs will be reimbursable under the policy.

Consider the reality that a serious accident could occur. Ensure that anyone who may be involved in managing your affairs, such as a spouse, family member or business partner, knows where to find important information about your aircraft (pilot and aircraft log books, for example) and your insurance policy. Also, give some thought to how your aircraft is registered to make its disposition easiest on your next of kin.

Ensure that anyone you allow to operate your aircraft is properly trained and credentialed to do so and that they meet the pilot requirements of your insurance policy.

Take advantage of technology like your smartphone camera and digital documents to capture and share information about the incident with your insurance provider.

Partnering to Simplify the Aviation Insurance Claim Process

Your insurance provider’s top priority is handling your aviation losses efficiently and effectively so you can receive the appropriate benefit promptly. Treating this interaction as a collaboration is the best way to achieve a satisfying outcome.

The Top 9 Easiest Aircraft to Insure

Tuesday, March 20th, 2018

Aircraft insurance is in a class of its own. A great diversity between pilot backgrounds and category and class of aircraft factor into the policy’s final premium. The main influence in setting these rates will be the hull value of the aircraft and the pilot experience. Let’s look at the top 9 easiest aircraft to insure:

New Pilots – Many of your typical trainer aircraft receive preferred rates. These aircraft are vast in numbers, have easy access to parts, and are sturdy enough to handle consistent hard landings from a student pilot.

  1. Cessna 150/152

The Cessna 150 series is a staple for beginning aviators. These 2-seat aircraft are cheaper to rent and even easier to insure. The Cessna 150 is a budget friendly choice for any pilot when comparing their hull value and annual insurance rates.

  1. Cessna 172

A lot roomier than its little brother the Cessna 150, the Cessna 172 is a 4-seat reliable trainer and personal plane. For older model Cessnas it is quite easy to obtain Cessna aircraft insurance for under $1,000 annually.

  1. Cessna 182

For over 60 years the Cessna 182 Skylane has been a top choice for aircraft owners. Featuring a 230-horsepower engine the Cessna 182 provides everything pilots love about the Cessna 172 with a bit more bark.

  1. Piper PA28-140, 150, 151, 160, 161, 180, 181

Where Cessna has their 150s and 172s, Piper Aircraft created the PA28 series. Cherokee, Warrior and Archer insurance rates have remained low and prove to be an affordable aircraft to insure.

  1. Piper PA32

Essentially a six-seat version of a PA28, underwriters usually prefer to see an instrument rating and more time for this aircraft. However, even without an instrument rating Piper Cherokee Sixes have quite competitive insurance rates.

Advanced Pilots – Pilots with a bit more time in their logbook and an instrument rating out of their way may be looking for a more cross-country-friendly, all weather aircraft.

  1. Mooney

The popular Mooney M20 aircraft series was developed in the 1950’s. This fast, affordable, 4-seat, retractable gear aircraft is a must-have among pilots making frequent long trips.

  1. Beech Bonanza

Beech Bonanza insurance is a frequent request. Ranging from 4 to 6 seats the single engine Bonanza has been made in many varieties but maintains its place as one of the best-selling aircraft for pilots looking for a little bit more.

  1. Piper Arrow

The Piper Arrow is a retractable gear version of the PA28 series and frequently found as a commercial pilot trainer. While insurance rates are commonly higher on retractable gear aircraft when compared to fixed gear, pilots find Piper Arrow insurance premiums to be very reasonable.

  1. Cirrus

This one may shock most people, as Cirrus got a bad rap insurance-wise for quite some time. While they remain high value aircraft, competition in the industry and improved training programs have brought Cirrus insurance rates down.

Aircraft insurance is not one size fits all. Many pilots purchase a more advanced aircraft as student pilots versus going through the transition period. A low time or student pilot often can obtain insurance for advanced aircraft; it just may be at a higher rate with specific training stipulations. The list leaves out many popular certified aircraft such as the retractable gear Skylane, the Cessna Cardinal, the Piper Lance and does not begin to cover the many varieties of homebuilt aircraft! This is a general list of the most common planes that result in a quick and competitive aircraft insurance quotation.

The key is to purchase your aircraft insurance from a pilot and aviation insurance agent you trust like those at Aviation Insurance Resources (AIR). No matter the make and model of aircraft to be insured, AIR shops all the major aviation insurance markets to obtain the best rates with the broadest coverage available. Call 877-247-7767 or request a quote online to obtain an aircraft insurance quote from AIR today!

 

How One Pilot Saved Over 50% on Aircraft Insurance

Tuesday, March 13th, 2018

The popular aviator saying explains that if you want to make a small fortune in aviation, you need to start with a large one. We all know aviation expenses can quickly add up, so why pay more than you must on your aircraft insurance? Living off their legacy, Avemco insurance continues to sell insurance at a higher premium on an outdated policy.

The proof is in the numbers.

Earlier this month, Aviation Insurance Resources (AIR) established a policy for a Bonanza owner who had two pilots on his policy. This individual was looking to add a third, lower time pilot who was not instrument rated. At $150,000 hull coverage Avemco had quoted their current insured just over $5,000 annually. AIR’s quotation was LESS THAN HALF that at only $2,285.

Where do these savings come from?

Avemco is a direct writer, meaning that they set the premiums and discounts that are quoted. When you call Avemco, you are working with one underwriter and receive just a single quote. AIR is an aviation insurance broker, meaning they shop all the other major aviation insurance markets for your aircraft insurance. In most cases, AIR will receive multiple insurance quotes for your aircraft insurance. More options equal more savings, with competition within the market driving the rates down.

Who offers the better policy?

It is always important to read through your policy and review any questions with your insurance agent. However, the main and most important difference between Avemco and all the other markets is in one simple word. An Avemco policy is written with a per person sub-limit whereas most other policies are written as a per passenger form. The Avemco policy could be leave you short on coverage if an accident were to injure an individual outside of the aircraft. To remain competitive, insurance carriers are often increasing policy benefits while Avemco continue to use their outdated form.

Pilots protecting pilots.

All the agents at AIR are pilots and understand the ins and outs of the aircraft insurance industry. When the Bonanza owner called in for a quote he spoke directly with a pilot, not just an insurance agent. A pilot calling into AIR will speak with an individual who knows the nervousness of a first solo or a check ride and understands what it’s like to transition to a new aircraft. AIR’s headquarters and branch offices are full of pilots from all walks of life, to include CFIs, rotor pilots and balloon pilots!

At the beginning of this month, a Bonanza pilot saved over $2,715 simply by calling AIR. Why pay more for your aircraft insurance? Call 877-247-7767 or request a quote online today!

How to Read your Aircraft Insurance Policy

Tuesday, March 6th, 2018

Congrats! You have purchased your very first aircraft and obtained a low premium through Aviation Insurance Resources (AIR)! You are now provided with a 30+ page aircraft insurance policy, but don’t let it overwhelm you! Today, we will break down the important parts and what you need to know:

Declarations – After the cover pages of the policy (if applicable) are the declarations, essentially a breakdown of the coverages in your policy. Here you will find information on who the policy is issued to, the policy number and effective dates. The declarations also usually contain the liability limits of the policy, aircraft information, and the aircraft hull value if physical damage coverage was purchased. Any applicable deductible will be listed here along with when physical damage coverage is offered (Ground & Flight, Ground Not in Flight, or Ground Not in Motion).

Insuring Agreements – The insuring agreement section of your aircraft insurance policy lists the insurance carriers promises to you. This is what the insurance policy will pay in the event of a loss. This area summarizes the protection provided to you for liability, medical expenses and physical damage. It also goes over the defense provided if you were to become liable for injury to a person or property.

Conditions – Your obligations are covered under the conditions section of the insurance policy. These paragraphs list requirements for coverage to be provided. How to file and document a claim are described in the conditions of your policy.

Exclusions – This area of your policy is exactly the way it sounds. It lists what is specifically excluded from coverage in your policy. If your aircraft is for pleasure and business use only, you’ll often notice that operations for commercial use and hire are often listed under the exclusion area.

Definitions – Throughout your policy you will notice words highlighted in bold. This signifies that this word has a specific meaning to the insurance carrier and its definition within your policy. This section of the policy will define important words in your policy such as:

Insured – who qualifies as an insured under this policy?

In flight – what is required for the aircraft to be considered in flight?

In motion – what is required for the aircraft to be considered moving?

Passenger – who qualifies as a passenger?

…and more

Endorsements – Usually placed towards the end of your policy are endorsements specific to your particular aircraft policy. They contain information such as the pilots allowed to fly the aircraft and any training requirements, lienholder information if there is a loan on the aircraft, list any additional insureds such as an airport and special expanded coverages. These endorsements amend policy wording which can delete or greatly add coverage. For example, non-owned aircraft coverage is usually found within these endorsements.

If you have a question about an item in your policy or can not find something you are looking for, call the pilots and agents at AIR. We will walk you through it! AIR works with all the major aviation insurance carriers and each policy has its differences. It is our job to provide you with the broadest coverage and lowest rates. Give us a call at 877-247-7767 or visit us online to talk about your aircraft insurance policy today!

3rd Annual Aviation Scholarship Announced

Thursday, March 1st, 2018

Aviation Insurance Resources (AIR), a leading aircraft insurance broker based in Frederick, MD, holds fast to their tagline of “Pilots Protecting Pilots”. All the aviation insurance agents at AIR are pilots, and pilots that give back to the community they serve. Today, AIR announced they will be offering their Get into the Air aviation scholarship for a 3rd year.

Previous scholarship winners come from all walks of life, to include an aviation museum director and ice skater working towards a private pilot certificate, a student pilot following in the footsteps of her idols the Women Airforce Service Pilots (WASP), and an aircraft dispatcher who endured a 2-hour commute to learn to fly.

AIR is offering their $500 scholarship to an entrant who shows similar determination, drive, and positive character of the past winners. Applicants will be judged on their one-page essay and a recommendation letter from someone within the aviation industry. The scholarship winner will be announced at the 2018 EAA AirVenture in Oshkosh, WI. The deadline to enter is June 15th. Scholarship applications are available for download at http://www.AIR-PROS.com/scholarship.php.

About Aviation Insurance Resources (AIR)

Since 1999, AIR has remained closely connected to the industry they serve, many of their customers are friends and some are even family. This is because all the agents at AIR are pilots and understand the needs and challenges in owning or renting an aircraft and aviation related businesses. No matter your involvement in aviation, AIR can provide a comprehensive yet economical solution for your needs. For scholarship questions or an aircraft insurance quote call 877-247-7767 or fill out a quote request online today!