Posts Tagged ‘renters insurance’

A Real Conversation on Aviation Insurance

Thursday, December 1st, 2016

View the Original post on the Airplanista Aviation Blog

By Victoria Neuville,

Airplanista Guest Blogger

The sun was setting as Bill pulled out folding chairs for himself and his friend Jeff. The soda cans hissed as they opened and the men sat down and breathed in the airport scenery. The hangar chat soon turned towards aircraft insurance. Bill’s Cessna 180 policy was expiring next month and he was surprised to hear he was paying considerably more than Jeff who also had a Cessna 180! Bill promptly pulled out his cellphone to call a fellow pilot who was an aviation insurance broker.

Leaning forward in their chairs, the pilots listened intently to the woman over the speakerphone. “Let’s make sure this is an apples to apples comparison first as there are several items to take into consideration when it comes to aviation insurance rates,” she explained. Bill trusted Victoria to provide honest feedback, he wanted an insurance broker who is immersed in the aviation industry and specializes in aviation insurance to protect his assets.

“Pilot experience in the aircraft being flown is a primary factor in determining insurance rates. Jeff has over 2,000 hours experience in tailwheel aircraft and has an instrument rating. Bill, you are relatively new to tailwheel aircraft with 50 hours of tailwheel time. This, plus the fact that an instrument rating can save a pilot around 10% on their insurance explains why your rates are higher than Jeff’s.” she clarified.

Victoria then taught Bill and Jeff about the importance of knowing the value of their aircraft. While some owners carry liability only, most pilots opt to carry hull coverage on their airplane. Those who insure their aircraft for more than true market value are paying for more insurance than is necessary. If the aircraft were to sustain major damage the insurance carrier may just pay for it to be repaired when the plane would otherwise be totaled. On the other end of the spectrum, underinsuring may result in a “constructive total loss” where the cost of repairs plus salvage value exceeds the insured value.

Satisfied with Victoria’s explanation Jeff interjected, “How much liability coverage should I carry?”

The liability portion of an aviation insurance policy includes protection for property damage and bodily injury. The pilots were recommended to purchase as much liability that is affordable to them. Industry standard and the minimum required by most airports is $1,000,000 liability with a $100,000 per passenger sublimit. This limit states that property or persons outside of the aircraft can receive up to $1,000,000 for damages. Individuals inside the aircraft have $100,000 available for injuries. It is important to be aware that some outdated policies are written with a per person (versus per passenger) sub-limit stating that all individuals both inside and outside the aircraft only have a maximum of $100,000 available. In any case the maximum available for all bodily injury and property damage combined would be $1,000,000 total.

Insurance policies containing no per passenger or per person limit are often called “smooth limits”. While not available in every situation, it is in the interest of the insured to inquire if smooth limits are available on their policy.

To keep the discussion going, Bill inquired what he should do if he were to fly a friend’s airplane or rent from a flight school.

“Non-owned insurance, often called renter’s insurance, provides coverage when operating an aircraft that is not owned completely or partially by the pilot. Unlike owned policies, non-owned insurance premiums are rated on the limits of coverage purchased, not pilot experience. An ATP and a student pilot could have the same rates if they purchased the same limits. Since both of you are individual aircraft owners, your insurance may already have non-owned coverage included when flying a similar category and class aircraft. An additional policy may not be needed!”

She then explained the importance of non-owned coverage. Many pilots assume they are covered under their flight school or the aircraft owner’s policy. Sometimes that is true; however, that does not exempt the insurance carrier from subrogating (recovering their loss) against the pilot responsible. Another essential aspect of the non-owned policy is it covers the liable pilot’s legal fees. Often an hour of a lawyer’s time costs more than the insurance policy itself.

Many flight schools require non-owned coverage so that the renter pilot can cover their deductible in the case of a loss. In addition, when non-owned physical damage is purchased the policy may include loss of use, so the flight school can recover lost earnings while the aircraft is off the flight line.

Bill smiled, “Here’s a question. Why should we call you for our aircraft insurance?” Victoria laughed, “Great question! Most insurance companies do not work directly with the insured, so a broker is required. However, not all brokers are alike. Competition is the fuel behind industry rates and working with an aviation insurance broker that is appointed with all the major aircraft insurance markets will save you both time and money on your policy.  Access to multiple insurance carriers also provides flexibility before committing to a specific carrier’s requirements. Also, being able to work with a broker who specializes in aviation insurance and understands the industry as a pilot themselves adds a lot of credibility.”

“Thank you for taking the time to explain aviation insurance to us tonight. You have been so very helpful, let’s just hope I never need it!” Jeff exclaimed when their conversation was over. Bill nodded in agreement. The sky was getting dark and the moon sent shadows across the taxiway. The hangar door shut with a clank and the Cessna 180 awaited behind closed doors for its next flight.

Victoria Neuville is an instrument rated commercial pilot, the author of the Turbo the Flying Dog book series and a co-host on the Stuck Mic AvCast aviation podcast. She has over 6 years of experience as an agent managing accounts for Aviation Insurance Resources (AIR), an aviation insurance broker headquartered in Frederick, MD. When you call AIR at (877) 247-7767 to speak with Victoria, make sure to mention you heard about AIR on Airplanista!

AIR FAQ – Helicopter Non-Owned Coverage

Tuesday, November 17th, 2015

Q: My friend told me that I need insurance for renting an aircraft. Aren’t I covered under my flight school’s policy?

A: Although flight schools carry protection for their aircraft, this protection does not necessarily extend to the renter pilot. Often the flight school agreement holds the renter responsible for any and all damage if a loss were to occur. In addition, an insurance carrier may seek to recover their losses by subrogating against the renter responsible for an accident.

Q: I rent a helicopter from a flight school. I know there is fixed wing non-owned insurance, but can I get covered for rotorcraft rental?

A: For years, helicopter renters have been greatly exposed due to the lack of non-owned rotorcraft coverage in the aviation insurance market. Aviation Insurance Resources (AIR) has worked diligently to fill this need and now offers helicopter renters insurance! All of the agents at AIR are aircraft renters or owners themselves, so they understand that while most pilots never plan on having an accident, they can occur. This coverage can certainly bring “peace of mind” in the unlikely event that was to happen.

Q: I’m on a budget, is buying a renter policy really worth it?

A: Often pilots are unaware that their defense costs are also covered in a renter policy. In the event that a suit were to be brought against the renter pilot after an accident by an injured party (bodily injury or property damage or damage to a helicopter), a legal defense is provided by the insurance company and they will try and settle the suit within the limits of coverage purchased. Without coverage, just an initial consultation with an attorney for a couple of hours today would cost in excess of $500 alone. A non-owned rotorcraft insurance policy can start at as low as $304 annually for liability only! Discounts are also available if you are claims free or if you have completed a FAAST Wings phase within the last 12 months.

Q: I’m juggling a full time job along with helicopter flight training several times a week. How much paperwork is involved in securing non-owned helicopter coverage?

A: Good news! Starting helicopter renters insurance has never been easier! With one visit to our website, you can start coverage in under ten minutes and receive binder confirmation almost instantly! Simply click here to get started! Prefer to talk to an aviation insurance professional prior to starting coverage? Our agents and pilots are standing by to assist you with any questions and insurance needs. Simply call 877-247-7767 today!

Your Sun ‘n Fun Packing Checklist

Wednesday, April 15th, 2015

Each year, thousands of pilots and aviation enthusiasts descend upon Lakeland, Florida for a week of fun, sun and of course, aviation! This year’s international fly-in is Tuesday, April 21st through Sunday, April 26th. Guest performers includsun n fun 2e  the USAF Thunderbirds, the Breitling Jet Team, the Patriot Jump Team, Rob Holland, Jacquie Warda, Mike Goulian, Greg Koontz, Melissa Pemberton and many more! Are you ready?

For the Flight Line

The excitement of the airshow starts on the flight line. To ensure the most enjoyable experience, make sure you pack a few helpful items:

 -Hat

-Sunscreen

-Sunglasses

-Chair, cushion or blanket

-Camera

-Extra batteries/SD card

-Water

 

Aircraft Camping

Camping with your aircraft is a great way to fully immerse yourself in the Sun ‘n Fun experience. Don’t forget to pack: Sun n fun 1

 -Sun ‘n Fun NOTAMS

-Window sign designating which camping area you are going to:

GAC General Aircraft Camping

GAP General Aircraft Parking

HB/HBC Homebuilt/Homebuilt Camping

HC Handicapped

ONC Overnight Aircraft Camping

SP Seaplane Parking

VAC Vintage Aircraft Camping/Parking

-Aircraft tie downs

-Aircraft sun shades and/or covers

-Toiletry items, towels and flip flops for showering areas

-Power strips for charging phones, tablets, etc.

 

Shopping for an aircraft:

Sun ‘n Fun offers the perfect opportunity to scope out a new aircraft with a plethora of dealers offering anything from experimental to certified aircraft. It helps to come prepared:

 -Know what you need: Light sport? Fixed wing? Rotor wing? Amphibious?

-What is important to you? Aircraft size? Efficiency? Performance? Speed?

-Money: know your financing options and decide on a budget

-Have a list of questions ready. Meet and discuss these with aircraft dealers

-Insurance: call your aircraft insurance specialist at Aviation Insurance Resources (AIR) for an insurance quote!

 

Every year Sun ‘n Fun brings the pilot community together for a week to celebrate aviation and the team at Aviation Insurance Resources always looks forward to it! Are you ready?

To learn more about how Sun ‘n Fun or Aviation Insurance Resources, please contact us by calling 877-247-7767 or visit AIR-PROS.com today and request an aircraft insurance quote online! You can also follow us on FacebookTwitterLinkedIn, and Google+.

Why bother with aircraft renters insurance?

Wednesday, February 18th, 2015

The excitement of showing up at a flight school to learn something new or borrowing a friend’s plane for only the cost of gas can quickly be overshadowed if there is an accident. Often, pilots find out all too late that they may not be covered under the aircraft owner’s insurance. With annual premiums as low as what it may cost for an hour of an attorney’s time, non-owned aircraft insurance, often known as renters insurance, can offer peace of mind for both parties involved.

Why bother? – The Renter/Borrower

It is best to think of the non-owned aircraft insurance policy as a legal defense. Regardless of fault, a renter policy will provide the insured with a legal defense if they were to be sued. Often, non-owned policy premiums are lower than what it would cost to simply consult a lawyer. In addition, if the individual named in the lawsuit should become responsible for the aircraft owner’s deductible, renters insurance policies cover physical damage, along with damage to property or bodily injury.

Why bother? – The Aircraft Owner or Flight School

An important factor to a flight school’s success is keeping clients happy and often, chasing down an insurance deductible can put a kink in that relationship. Requiring aircraft renters to purchase non-owned coverage will keep both parties content if this situation were to occur. Even if the aircraft owner were not to seek the deductible from the individual responsible for damage, this does not stop the insurance company from pursuing compensation. Non owned insurance policies will protect the insured renter/borrower from subrogation.

Another important aspect of non-owned coverage is loss of use. Typically, flight school insurance policies do not cover the financial loss the business may incur while an aircraft is off the line. This is where the renter’s aircraft insurance policy steps in, protecting the company from potential financial loss.

Why bother? – Aviation Insurance Resources

As pilots and current aircraft renters and borrowers themselves, Aviation Insurance Resources (AIR) understands the value of renters insurance. That’s why they’ve provided a quick and easy way for flight schools to offer their renters and pilots to obtain renters insurance.

Non-owned aircraft insurance is now available to be purchased online directly through the AIR website! Through a premier partnership with Starr Aviation, AIR offers personal non-owned aircraft liability protection in standard, experimental, multi-engine and helicopter aircraft! Pilots can now sign up and pay for insurance in an easy and secure policy porthole, receiving instant binder confirmation. To start coverage, simply follow this direct link. This online method has made it simpler for flight schools to request their renters to obtain coverage as well.

Many a pilot has stated that they fly to leave the worries down on the ground. With Aviation Insurance Resources and their renters insurance program, this is one less worry that a pilot will find themselves flying away from.

 

New & Easy Insurance for Rotorcraft Renters

Wednesday, October 22nd, 2014

From survey to rescue uses, to just being able to land in your own backyard, helicopters are useful and enjoyable aerial vehicles. However, it is important that the pilot and their family are properly protected. Helicopter renter pilots can now have peace of mind with simple, easy to start insurance coverage.

What’s Covered

The Starr Aviation non-owned helicopter insurance policy covers your pleasure and business related flying in non-owned, fixed wing and rotor aircraft. The policy provides coverage for non-pressurized land aircraft having a piston powered single engine no more than 450 rated horsepower and no more than 7 total seats. The airplane or helicopter can be certified as standard, experimental, restricted, or light sport! From a Robinson helicopter to a Rotorway, or a Bell, Hughes or Safari, this policy has you covered.

Helicopter Flight SchoolsVictoria Heli

Generally, helicopter flight schools have large deductibles. Therefore, it is beneficial for a helicopter flight school to require non-owned rotorcraft insurance of its student and renter pilots. This insurance not only protects the renter pilot, but also the flight school’s deductible and loss of use.

Instant Quote and Coverage

Aviation Insurance Resources (AIR) understands how busy life can be. Items such as helicopter renter’s insurance often get buried deep in to-do lists, which may become forgotten until it’s too late. That is why AIR, along with Starr Aviation, is happy to offer an instant quote and ability to purchase coverage online. After purchasing, a copy of your payment and binder confirmation will arrive in your inbox giving you a piece of mind the next time you fly. Simply click here to get started.

 

About Starr Aviation

With each team member, on average, enjoying over 15 years of aviation insurance experience, Starr Aviation is highly competent, allowing us to be a major provider of insurance for varying aircraft hull & liability risks. Starr offers comprehensive coverage for an extensive range of aircraft hull and liability exposure and our experienced underwriters develop programs tailored to each of these specific risks, including fixed and rotor wing aircraft for both commercial and corporate operations.

About Aviation Insurance Resources

Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all of the major insurance markets and offers the broadest package of protection and the best available rates. To learn more about the Aviation Insurance Resources and non-owned rotorcraft insurance 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+.

Aircraft Renter’s Insurance Made Easier

Tuesday, October 14th, 2014

Renting an aircraft or borrowing one from a friend comes with a lot of responsibility. A thorough pre-flight is important to ensure the previous pilot did not leave any damage. Maybe you need to get the aircraft back on time before the next pilot has signed up for it. Perhaps, the rule is to top the tank off after you land. Have you thought about if you are actually protected by the owner’s aircraft insurance?

When you rent or borrow an aircraft you may not be protected by the owner’s aircraft insurance policy (including your local FBO). If there is an accident you may be held legally liable for damages to the aircraft, or even worse, injuries to others out of your own pocket.

NEW: Easy Quote & Purchase Online

Aviation Insurance Resources (AIR) provides a full range of aircraft insurance, including non-owned insurance for aircraft renters. AIR prides itself in being a one stop shop for all things aviation insurance and now has just made purchasing non-owned aircraft insurance even easier!

AIR is excited to announce that non-owned aircraft insurance is now available to be purchased online directly through our website! Through a premier partnership with Starr Aviation, AIR offers personal non-owned aircraft liability protection in standard, experimental, multi-engine and helicopter aircraft! Pilots can now sign up and pay for insurance in an easy and secure policy porthole, receiving instant binder confirmation. To start coverage, simply visit our website and click on “non-owner” or follow this direct link.

Flight Instructors

Certified Flight Instructors (CFI) providing instruction in someone else’s aircraft could also be liable for the instruction they provide. CFI non-owned aircraft policies and the exclusive SAFE CFI member policies are now available to start coverage online as well!

Insurance Discounts

Flying safe can often lead to helpful discounts on your aircraft insurance and these are available online with just a click of a button! Discounts are available for pilots who are claim free, pilots who complete a phase in the WINGS pilot proficiency program prior to beginning coverage, and those who have completed the OpenAirplane Universal Pilot Checkout.

About Starr Aviation

With each team member, on average, enjoying over 15 years of aviation insurance experience, Starr Aviation is highly competent, allowing us to be a major provider of insurance for varying aircraft hull & liability risks. Starr offers comprehensive coverage for an extensive range of aircraft hull and liability exposure and our experienced underwriters develop programs tailored to each of these specific risks, including fixed and rotor wing aircraft for both commercial and corporate operations.

About Aviation Insurance Resources

Aviation Insurance Resources provides a full range of aircraft insurance and aviation insurance products to clients of all sizes. AIR represents all of 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+.

It’s No Surprise – Increased Limits are Available for Flying Club Insurance

Friday, May 9th, 2014

Many pilots believe aircraft ownership is only a dream, but then find that they can not only make that dream come true, but do so in a cost effective way: Through a flying club. When someone buys a share in a flying club, the annual aircraft costs are distributed amongst the group, resulting in less out of pocket expenses and more time in the air for the pilot.

It is not a surprise that one of the most important costs of flying clubs is insurance. Typically, due to the nature of risk that flying clubs present to the insurance industry, only a certain level of liability limits are available. Recently, a major organization has announced their ability to offer increased liability limits in flying club insurance. This, in fact, is no surprise to the aviation insurance industry, and something that the knowledgeable agents at AIR have been offering for years and are delighted to offer to flying clubs.

Most flying club insurance policies offer a $1,000,000 combined single limit property damage and bodily injury limit with a $100,000 per passenger sublimit. Sometimes, flying clubs are interested in higher limits but find that they are not always available through their current insurance policy. While higher limits sometimes cannot be offered through the flying club insurance policy, higher limits for an individual member of the flying club can be achieved through ‘stacked limits’.

Higher liability limits are available to individual members of the flying club by establishing individual a non-owned aircraft policy. This affordable policy will be “stacked” upon the main flying club insurance policy offering extra limits for that individual.

Flying Club Insurance from Aviation Insurance Resources

At AIR, we provide a full range of aircraft insurance and aviation insurance products, including Flying Club Insurance. We pride ourselves on finding the insurance policy that best meets the needs of ALL of your members, no matter the size of the club or the type of aircraft. AIR agents believe in serving your flying clubs needs with integrity, by informing the club of all the necessary options to cover your insurance risk. AIR will work diligently to find a flying club insurance policy that offers increased limits or will inform the club if we determine that stacked limits are the best route. AIR represents all of the major aviation insurance markets, so it is no surprise that we offer the broadest package of protection at the best available rates.

To find out more about Flying Club Insurance, please contact Aviation Insurance Resources by calling 877-247-7767 or visit AIR-PROS.com today and receive a free Aircraft insurance quote! You can also follow us on FacebookTwitterLinkedIn, Pinterest, and Google+.

Announcing Collaborative Aircraft Rental Insurance

Thursday, April 3rd, 2014

This week at Sun N’ Fun, OpenAirplane announced their newest program: Collaborative Aircraft Rental. With the tagline “put your aircraft to work” OpenAirplane is offering just that-putting your aircraft to use when you are not using it. OpenAirplane is making it easy to make some extra cash by offering your airplane as a rental aircraft to qualified OpenAirplane users.

Operated completely through an easy to navigate website, the aircraft owner sets the wet rental rate and OpenAirplane connects users to the rental. Owners will be able to breathe easy knowing all pilots must complete the required Universal Pilot Checkout before they rent. Detailed information on that pilot will be available online for the owner to approve prior to approving the rental and following the flight, both pilots and aircraft owners are invited to rate the experience. All payments will be handled through the OpenAirplane system making for less paperwork and no processing fees for the aircraft owner.

The Open Airplane Network and Proper Coverage from Aviation Insurance Resources (AIR)

With a revolutionary new way to make an aircraft available to renters, this new use must also be properly insured. Aviation Insurance Resources (AIR) and Starr Aviation have been steadfast supporters of OpenAirplane since its creation, assisting OpenAirplane on the insurance side of their program. AIR works with Starr Aviation on renters insurance, pleasure and business policies and on commercial insurance. We are premier partners with Starr Aviation and have been able to create insurance options for those using the OpenAirplane network, making insurance coverage readily available and competitive. Because of this unique partnership, our two companies are the most familiar with OpenAirplane requirements in the aviation insurance market.

Premier Partnerships Offers Non-Owned Aircraft Insurance Discounts

All pilots renting aircraft through the OpenAirplane program must obtain a minimum amount of non-owned aircraft coverage. Due to a premier partnership with Starr Aviation, Aviation Insurance Resources (AIR) now offers members of the OpenAirplane Network up to 10% in savings on their renters insurance!  A 5% discount is available for pilots who have completed the OpenAirplane Universal Pilot Checkout. Simply provide your insurance agent with a copy of the OpenAirplane Universal Pilot Checkout prior to binding coverage to receive your discount. Pilots that are claim free will receive an additional 5% discount resulting in a total of 10% in savings!

When looking to rent aircraft around the country, there is only one website you need to visit: OpenAirplane. Likewise, when obtaining insurance coverage before flying with or making your aircraft available for rental with OpenAirplane, there is only one place you need to call: Aviation Insurance Resources.

AIR offers a wide range of aircraft insurance options for aircraft of all makes and models, from experimental aircraft to standard aircraft, such as Cessna Aircraft, Beechcraft, and Cirrus Aircraft to Robinson Helicopters, builders risk insurance, and Corporate Aircraft.

Click Here for a FREE Aircraft Insurance Quote!

To find out more about Aircraft Insurance Discounts, the OpenAirplane Network and Aviation Insurance, please contact Aviation Insurance Resources by calling 877-247-7767 or visit AIR-PROS.com today to receive your free Aircraft insurance quote!

You can also follow us on Facebook, Twitter, LinkedIn, Pinterest, and Google+.

 

AIR Offers Insurance Discounts for OpenAirplane Users

Thursday, November 7th, 2013

open airplane logoThe OpenAirplane Network was created to make aircraft rental easier, connecting more than 5,000 pilots in one, easy-to-use system. Open irplane makes it easy to find, book, fly, and pay for aircraft rental online or with a mobile device. Now pilots everywhere can rent aircraft without the hassle and expense of a local checkout.

Thanks to an exclusive partnership with Starr Aviation, Aviation Insurance Resources (AIR) now offers members of the OpenAirplane Network up to 10% in savings on their renters insurance!  A 5% discount is available for pilots who have completed the OpenAirplane Universal Pilot Checkout. Simply provide your insurance agent with a copy of the OpenAirplane Universal Pilot Checkout prior to binding coverage to receive your discount. Pilots that are claim free will receive an additional 5% discount resulting in a total of 10% in savings!

The OpenAirplane Network, Rental Aircraft Insurance and Commercial Insurance from Aviation Insurance Resources (AIR)

Aviation Insurance Resources (AIR) and Starr Aviation have been steadfast supporters of OpenAirplane since its creation, assisting OpenAirplane on the insurance side of their program. AIR works with Starr Aviation on renters insurance, pleasure and business policies and on commercial insurance. We are premier partners with Starr Aviation and have been able to create insurance options for those using the OpenAirplane network, making insurance coverage readily available and competitive. Because of this unique partnership, our two companies are the most familiar with OpenAirplane requirements in the aviation insurance market.

AIR offers a wide range of aircraft insurance options for aircraft of all makes and models, from experimental aircraft to standard aircraft, such as Cessna Aircraft, Beechcraft, and Cirrus Aircraft to Robinson Helicopters, builders risk insurance, and Corporate Aircraft.

To find out more about the OpenAirplane Network and Aviation Insurance, please contact Aviation Insurance Resources by calling 877-247-7767 or visit AIR-PROS.com today to receive your free Aircraft insurance quote!