Product liability insurance isn’t your everyday policy. “Without experience in aviation law, regulations and coverages, generalist insurers don’t understand the risks,” explained Jaime Benthusen, product liability director for NationAir Aviation Insurance (Booth No. 5105). Benthusen was on hand at Heli-Expo 2014 to introduce the company’s product liability coverage and risk assessments for rotor-wing aftermarket parts firms.
There has hardly been a better time to be a buyer of aviation insurance, as all signs point to a buyer’s market. Several factors are driving lower rates in this insurance segment, including fewer airline accidents, lower overall insurance claims, the economy, more underwriters entering the market, increased adoption of safety management systems and more sophisticated aircraft. AIN talked to David McKay, president and CEO of insurer USAIG, to get a better sense of this market. USAIG and McKay are here at the Paris Air Show supporting long-time customer Bombardier.
The Middle East Business Aviation Association (MEBAA) general assembly elected two new board members yesterday and held a workshop for its MEBAA aviation insurance scheme (MAIS). Saudia Private Aviation managing director Wajdi Al Idrissi and Comlux president and CEO Richard Gaona were elected to the association’s board, where they join other industry leaders to promote business aviation in the Middle East.
Aerospace insurance provider Global Aerospace has been selected as the aviation insurance claims manager and advisor for the FAA. Under the agreement, Global Aerospace will provide insurance expertise, assist in claims settlements and advise the FAA on commercial aviation insurance matters with respect to war-risk coverage provided by the agency under authorization from Congress.
More than 100 business aircraft, with a nominal overall value of more than $1 billion, are currently covered under the FinServe European Business Aviation Placement (F-EBAP) “privileged” insurance program sold by independent broker FinServe Aviation Insurance (Stand 383), which is celebrating its 25th anniversary.
The Middle East Business Aviation Association (MEBAA) launched an aviation insurance group discount program for members on Tuesday at the Dubai Air Show.
Swiss Re Corporate Solutions has set up a New York City-based underwriting team to develop its general aviation portfolio in the U.S. The company has also expanded its presence in Canada and its relationship with Seattle-based London Aviation Underwriters.
FinServe Aviation Insurance introduced an insurance program designed specifically for business aircraft owners and operators in Europe. According to the company, the program covers a broader range of risks associated with business aviation than a standard aircraft insurance policy.
The repercussions of last year’s collapse of the hangar complex at the Dulles Jet Center continue to roil and will for years to come, according to industry sources. On Feb. 6, 2010, the weight of accumulated snow caused the roofs of three of the four hangars to collapse, damaging or trapping 19 business aircraft. Insurance agents quickly descended on the scene to assess the situation.
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