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.
Contract fueler and trip support specialist Colt International (Booth No. 6237) has made its initial entry into the aviation insurance business with the launch of Colt Risk Management Services (CRMS). Based on its experience working with more than 4,000 flight departments and operators, the company plans to provide custom coverage solutions for any aviation company.
Aviation Alliance Insurance Risk Retention Group (AAIRRG), an entity that provides product liability insurance exclusively for Arsa member repair stations, will be able to offer that coverage at well below market rates, according to the group.
Buyers of coverage for aircraft, aviation businesses and property have found a silver lining in the recession: relatively stable prices for insurance. Attendees at this year’s Aviation Insurance Association (AIA) conference confirm the news; too much available insurance capacity means that no underwriter has the power to raise prices.
The February 6 collapse of the Dulles Jet Center roof under a heavy blanket of snow– and the estimated $300 million worth of corporate jets damaged or destroyed in the event–has raised questions about insurance liability.
In an economy that has ravaged aviation, one stable segment is the insurance industry, but change is coming. “Nobody knows what [the future is] going to look like,” an industry expert told AIN.
To better understand insurance it helps to understand what it really is. The historical foundation of insurance is that disaster can strike anyone, at any time. The concept of insurance is the good fortune of many helping provide for the bad fortune of a few.