Archive for the ‘Aviation Insurance’ Category

Aviation Insurance Resources – What’s in it for Me?

Tuesday, April 17th, 2018

Before most decisions are made, in one form or another, the decision-maker asks, “What’s in it for me?” Before you decided to purchase an aircraft, many questions whirled through your mind. But they all pointed back to how that purchase benefits YOU. With several aviation insurance brokers at your hands, how do you choose the agent that best fits your needs? Here’s what’s in it for you at Aviation Insurance Resources (AIR):

  • Pilots Protecting Pilots – It’s not just a fancy tagline on our website. It’s truth. All the agents at AIR are pilots so we all share a unique experience and love for the air as our customers. We work closely with insurance underwriters to serve the needs of the pilot population. For example, AIR has led the industry in insuring unmanned aircraft (UAS/UAVs) and light sport aircraft (LSAs) with ease.
  • Specialists – From non-owned to personal owned aircraft, from single-ship flight schools to corporate aircraft fleets, from workers compensation to event liability, we specialize in all things aviation. Not boats. Not cars. Not health insurance. Aviation insurance. We understand the nuances of aviation insurance and the details necessary to provide proper coverage.
  • All Markets – To become appointed with an insurance carrier, aviation insurance brokers must go through a vetting process. This means meeting specific standards of practice and policy minimums. Not all agents have access to all these markets, but AIR does. These markets are all vying for your business therefore creating competition and keeping your aircraft insurance rates low.
  • Choice – With AIR you are not married to one quote and one policy’s set of conditions. If you have certain specific needs (approved training facilities, lower open pilot warranty, higher limits) AIR can supply a more flexible policy by shopping all the aviation insurance markets. We can tailor a policy to you!

So, what’s in it for you? A team of dedicated, knowledgeable, pilots providing you with the broadest policy at the best available rates. To find what’s in it for you call 877-247-7767 or submit and insurance quote request 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!

Light Sport Insurance – 13 Years Later

Friday, December 15th, 2017

In 2004 the introduction of the Light Sport Aircraft (LSA) category opened new opportunities for the aviation community. Limited to two seats and a maximum speed of 120 knots, light sport aircraft do not require a medical, making it the perfect solution for aging pilots. The lighter aircraft also promised an inexpensive opportunity for students to make their aviation dreams come true with a minimum flight time of only 20 hours to become certified.

Quite a few vintage aircraft meet the conditions required under this new category, such as Piper Cubs and Aeronca Champs but many aircraft manufacturers jumped at the opportunity to market new state-of-the-art sport aircraft featuring modern avionics and complete aircraft parachutes. New aircraft emerged in both the standard and experimental LSA categories to include Flight Design, Remos, and RANS.

Aviation Insurance Resources (AIR) was one of the first aviation insurance brokers to work closely with industry underwriters and sort through what was needed to properly insure light sport category aircraft. Initially, insurance rates were a concern as newly manufactured sport aircraft had higher hull values and many are built of lighter, composite material. In addition, the availability of spare parts in the case of a claim on a European built LSA was a concern.

Today, the insurance process is practically seamless for LSAs. AIR offers insurance solutions for homebuilt ELSAs during the construction process, for restoring vintage LSA qualifying aircraft, and insurance for renting or owning light sport aircraft. Time flies, and the light sport category is now well over a decade old and continues to grow.

AIR understands the budgeting needs of aircraft owners and aviation business operators, because they are pilots, too! Serving fellow pilots for over 18 years, AIR shops all the aviation insurance markets to obtain the best rate and broadest policy coverages. To obtain a light sport aircraft insurance quote call 301-682-6200 or visit www.AIR-PROS.com to complete a quote request today!

Compare Rates & Save on Aircraft Insurance

Friday, October 20th, 2017

A simple internet search will lead to a plethora of websites ready to compare rates from vacations to hotels and insurance. Almost anyone can easily identify Flo from Progressive Insurance, that cheery face advertising the one-stop insurance shop for auto and home insurance. Today, it has never been easier to compare and ensure you are getting the best bang for your buck…and that includes aircraft insurance!

The cheery faces at Aviation Insurance Resources (AIR) may be a bit different from Flo’s. You may see them with windblown hair following an open cockpit airplane flight or losing their voice after running an outreach event at a local airport. But what they have in common with this fictional insurance agent is that they compare rates to obtain the best rate and the broadest coverage on your aircraft insurance!

To do this, AIR shops all the major aviation insurance markets. They work closely with aviation underwriters and know the ins and outs of owning or renting an aircraft because they are pilots themselves! As an example, AIR can save a pilot up to 50% on their aircraft insurance and 6% on renter’s insurance when compared to the only aviation insurance direct writer, Avemco.

Do yourself a favor and start saving money on your aircraft insurance. An online quote request is just a click away. Or call 301-682-6200 to start talking to an aviation insurance specialist at AIR today.

Aircraft Insurance – A look back

Monday, September 18th, 2017

18 years ago, the aviation insurance industry looked quite different. Besides insurance direct writer, Avemco, only eight other companies offered aircraft insurance.  To gain access to these companies, a pilot must go through an aviation insurance broker. Since the 90s, the aviation insurance industry has grown considerably. There are now 18 aircraft insurance carriers vying for a pilot’s business. Competition is fueling the rates and premiums are lower than ever, therefore benefiting the consumer.

In 1999 a new aviation insurance broker came on the scene: Aviation Insurance Resources (AIR). Established by former Avemco employees, these pilots set out to create an aviation insurance brokerage that provided the best rates and the broadest coverage for their clients.  This was a period of high premiums, strict training requirements, and transition pilots were near impossible to insure. However, AIR was appointed with all the aviation markets, offering their customers all the available options in the industry.

Today, new aircraft insurance policies have been developed including the LSA class and Unmanned Aerial Vehicles (UAVs). Within the past decade insurance carriers have improved and enhanced their policies to maintain customer loyalty. Policies have since been written in a much broader language, training requirements are more lenient, higher liability limits are available, and transition pilots are easier to insure at the right price-point. AIR has been at the forefront of all these changes and passing along the savings to their insureds.

Soon AIR will be celebrating their 20th anniversary. Many of their insureds have been with them since day one and many other pilots are constantly discovering the benefits of calling these aviation insurance specialists. The pilots and agents at AIR focus on integrity and place customer service as a priority above profit. To have an agent start shopping all the markets on your aviation insurance policy call AIR at 301-682-6200 today!

Aircraft Insurance – Call that Middleman!

Wednesday, March 1st, 2017

The Avemco Insurance Company has released a new advertisement in AOPA Pilot depicting a man in a suit falling out of the sky. The text reads “We got rid of the middleman” and correctly states that Avemco is the only direct aircraft insurer. This silly ad creates quite the visual, however, there are several reasons why it’s important to have that insurance middleman in your life!

Competition

Why contact a direct insurance underwriter when you can have over 18 carriers competing for your business-all with one call? The ultimate benefit of this competition is the price. You are more likely to obtain a lower premium when requesting quotations from 18 companies versus just one. Avemco sets their own rates. While the employee you speak to has the simple authority to provide a quotation, they can only supply one quote. An aviation insurance broker does the work for you-obtaining competitive rates from multiple insurance carriers. More options equal more savings!

Choices

As stated above, Avemco can supply only one quote and therefore one set of policy terms. Access to multiple carriers creates more flexibility in policy conditions. For example, most pilots transitioning into new aircraft are required to complete some dual instruction or formal manufacturer training which can be costly. Training requirements vary by underwriter and the pilot can pick the policy that has the training requirements that best fits his or her needs. Other options that vary from carrier to carrier would be available liability limits or the open pilot warranty.

Change

The aviation industry is ever-changing and it is important to have an insurance policy that changes with it. Most insurance carriers have adapted a “per passenger” policy form. Meaning the sub-limits on the liability portion of your policy are limited to passengers only. Avemco still uses a below standard policy form, their sub-limits are written on a “per person” basis. Therefore, anyone injured inside or outside of the aircraft are limited to only $100,000! In addition, thanks to the many aviation insurance carriers in the market, it is possible to obtain a policy without a sub-limit, also known as “smooth limits”.

Call

We challenge you to see the results a middleman can provide! At Aviation Insurance Resources (AIR) all our agents are pilots so we understand your needs as a pilot and aircraft owner. The graphics below say it all-our efforts will save you both time and money. Call our agent and pilots at 877-247-7767 or click here to request a quote online to start saving today!

 

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Three Questions to ask your Aviation Insurance Broker

Thursday, February 23rd, 2017

Most pilots are benefiting from the aviation insurance industry today. With over 18 major aviation insurance carriers competing for their business, the market is insteep bank 2010-01-31 a bidding war that drives rates down, thus rewarding the consumer. However, pilots and aviation business owners are not provided direct access to these markets and must apply for insurance through broker. How do you know you’re choosing the right one?

Here are three questions to ask your aviation insurance agent:

  1. Do they specialize in aviation insurance?

Aviation insurance varies greatly from car, homeowners, and life insurance. It is not a one size fits all industry and there are many nuances to an aviation insurance policy that other product lines do not factor in. It’s important that your insurance broker understands what makes aviation insurance unique. An agent specializing in the aviation insurance industry will be aware of the details necessary to provide the proper coverage.

  1. Are they a pilot?

Many aviation insurance agents are connected to the aviation industry somehow. But are they an actual pilot? Has your agent been at the controls of an aircraft and understand the thrill of having your shirt cut on the first solo? Every pilot shares and celebrates certain benchmarks in their training. Choose an agent who shares similar experiences and understands how those benchmarks impact your insurance rates!

  1. Are they appointed with all major aviation insurance markets?

This one is a biggie. As mentioned earlier, there are many insurance carriers vying for your business. To ensure that all the markets are covered on your aviation risk, it is important to find an agent that is appointed with each of these markets, submits your quotation to all of them, and maintains a good relationship with their underwriters.

These three questions are an excellent guide in narrowing down a specialist that can best represent your interests at a competitive rate. Headquartered in Frederick, MD, with regional offices throughout the country, pilot run and owned Aviation Insurance Resources (AIR) meets all the requirements above. The pilots and agents at AIR focus on integrity and place customer service as a priority above profit.  As each of our agents share a different story and background in aviation, we know you do as well. To receive the best options on your aviation insurance policy please call us at 301-682-6200 or request a quote online today!

Aviation Business Owners: Yes, you do need to carry Workers’ Compensation!

Thursday, January 26th, 2017

Do you have one or more employees at your company? Did you know that you are required by law in most states to carry workers’ compensation insurance? Even if you contract workerefueling jpg smrs, you may still be required by your state to cover their on-the-job risks!

Each state carries different regulations. For example, Alabama only requires workers’ compensation when four or more individuals are employed and defines officers and members of an incorporation as employees. In Iowa LLC members are not included as employees. Trucking company owners and operators in Indiana are excluded from workers’ compensation law as are agricultural business with low payrolls in Kansas. Some states allow businesses to self-insure while others would have to file for an exemption. Of course, laws are always changing and it is important to stay up-to-date with insurance regulations within your state.

Most states follow regulation recommendations provided by the NCCI, the National Council on Compensation Insurance. NCCI was established to gather industry data and use that date to provide annual reports and rate recommendations. States not following the NCCI manual may have their own fund with set rates or allow private companies to offer insurance, therefore promoting competition.

It is not uncommon for aviation businesses to run into aviation exclusions while seeking workers’ compensation insurance. That is why many companies depend on the agents at Aviation Insurance Resources (AIR). All AIR agents are pilots that are passionate about the aviation industry. AIR works with all major aviation insurance markets, finding your company the broadest coverage and the best available rates. Options like Pay as You Owe (PAYO) help business have more manageable and predictable audits.

The goal of workers’ compensation is to provide coverage for employee injuries at the workplace as well as litigation costs for the employer. Your insurance carrier will also work with your team to create a safer work environment, preventing future losses and therefore decreasing your premiums.

What do we need to get started? It’s very simple! Tell us a little bit about your operation and provide us with the number of full time and part time employees, their roles and their salaries. To request an aviation workers’ compensation insurance quote please call 877-247-7767 or request a quote online today! We look forward to serving you!

 

Aviation Insurance FAQ – Medical Limits Explained

Thursday, December 29th, 2016

ambulanceQ: What are medical limits on my aircraft insurance policy? Isn’t bodily injury included in my liability section?

A: Much like an auto insurance policy, the medical coverage on an aircraft insurance policy is a coverage paid to anyone injured (including the insured) regardless of legal liability. This amount is generally used for emergency medical attention. It is not always necessary to buy additional medical coverage as third party bodily injury caused by the policyholder would be covered under the liability portion of the aircraft policy. In the case of pilot error, the liability limit applies. However, if a policy holder does not have their own medical insurance, they may decide to purchase higher medical limits in case of an injury.

Most insurance carriers offer medical payments at no additional premium while some do at a nominal charge. Aircraft policies used for pleasure and business or commercial use typically range from $3,000-$5,000 each person. Non-owned or renters insurance policies normally have $1,000 in medical coverage included with the option to increase for an additional premium.

It is important for you to discuss your insurance needs with an agent versed in these policies and who is actively involved in the aviation community. All the agents at Aviation Insurance Resources (AIR) are pilots dedicated to serving others in an industry they share a passion for. We will happily guide you through the insurance process and determine the best coverage and rate that works for your individual situation. To get started, call 877-247-7767 or visit www.AIR-PROS.com today!

You can also follow us on FacebookTwitterLinkedIn, and Google+.

 

 

Aviation Renters Insurance – How much physical damage do I need?

Wednesday, December 14th, 2016

The following is an actual email conversation from December 13, 2016:

Subject: Non-Owned Aircraft Liability Insurance Renewal

I’m trying to figure out how much “physical damage” I need. All the planes I fly have either flying club insurance or on an open pilot policy, but I’m guessing that it protects the club or the owner more than me. I don’t know how much of a redundancy it is. Your thoughts?

Sean

 

Re: Non-Owned Aircraft Liability Insurance Renewal

Hi Sean,

Very good question which many non-owner pilots ask.

The insurance companies will pay the owner of the aircraft for damage caused to an aircraft. Then, depending on the policy language on the aircraft, the insurance company has the option to collect for the damage from the legally liable third party. In other words, the insurance company can collect from you if you are the responsible pilot that damaged the aircraft through your legal negligence. This is called Right of Subrogation. Also, the owner can collect the insurance deductible and loss of use cost from you.

If the flying club is an equity type club, that is all pilots are real co-owners, then the insurance company probably cannot collect from the club member. If the flying club is more of a rental operation to non-owner club members, then the insurance probably can subrogate and collect.

Some FBOs have paid additional premium to have a “Waiver of Subrogation”. This is where the insurance company agrees not to attempt collection from a renter pilot.  Many FBO managers and Club managers simply do not know what their insurance policy allows as respects the subrogation clause. You may have signed a rental agreement that states you must pay the deductible, with no mention that the insurance company will also collect from you.

As a CFI instructing an individual owner in his aircraft, then the insurance company has the right of subrogation to collect from you if you are at fault.  In most cases, you can have the owner amend his insurance policy to provide a “Waiver of Subrogation” to you by name. There should be no premium cost or small premium charge for the owner.  You should also request to be named additional insured, not just a named pilot or meeting the open pilot clause. Being named pilot or meeting the open pilot warranty simply validates the owner’s insurance for them. As the CFI, that does nothing to extend coverage to you unless you are also named additional insured and waiver of subrogation.

Most of our insureds do not actually anticipate the full value of the aircraft as a likely claim. This simply from a cost benefit point of view of premium. They figure a more likely scenario of partial damage such as hard landings, ground loops, gear ups, prop strike, etc. It depends on the type of aircraft you fly. Your current limit of $150,000 is on the high side of what most carry.  But, I recommend carrying the most you can reasonably afford.

Of course, the most important coverage is the bodily injury and property damage, what you have now is our most popular and standard limit of $1,000,000 each occurrence with $100,000 per passenger bodily injury.

I’d be happy to discuss on phone too.

John

Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all the major insurance markets and offers the broadest package of protection and the best available rates. To learn more about the Aviation Insurance Resources, please call 877-247-7767 or visit AIR-PROS.com today and receive your aircraft insurance quote! You can also follow AIR on FacebookTwitterLinkedIn, and Google+.