Travelers’ Atlanta-based aviation division yesterday announced that it will be expanding its corporate flight coverage to include hull and liability insurance for Part 135 and small business accounts.
Types of insurance
Corporate aviation operators at all levels received good and bad news from insurance representatives at the 26th annual Aviation Insurance Association conference held in Kansas City, Mo., on April 29 and 30.
On September 24, Signature Flight Support began requiring customers at its worldwide chain of 46 FBOs to sign an “indemnification agreement for acts of war and terrorism.” The “hold harmless” agreement was the result of a decision by insurers to cancel Signature’s extended coverage endorsement for war risk liability insurance, effective 8 p.m. that day.
Insurance premiums for professionally flown corporate aircraft have decreased slightly off their peaks of last year, but charter and helicopter operators and FBOs are not seeing the same relief, though their rates have generally stabilized.
Since September 11, a growing number of countries are requiring that aircraft overflying or landing at their respective airports carry war-risk insurance.
The following is typical wording found in most aviation aircraft insurance policies addressing exposures covered under war risks. While wording may differ from one insurer to another, all carry similar overall content and intent. It is always advisable to have a qualified aviation attorney examine the policy to determine whether the coverage meets the requirements of your aircraft.
In a world of uncertainty, life insurance remains a priority for many business aviation pilots. Unfortunately, it also remains a much misunderstood subject.
Before September 11, insurance occupied no more than an afterthought in the minds of most in the aviation industry. For years, premiums had remained relatively stable, even reasonable, and standards of coverage conformed to the level of threat, perceived as minimal. In the years ahead, the aviation industry will look back at those as “the good old days.”
EPG Insurance introduced a out-of-warranty maintenance plan that the company said covers almost all unscheduled repairs on small business jets and turboprops. The coverage plan, called Av-Guard, is restricted to aircraft that sell for $3 million or less. It is effective for 12 months or 500 hours of operation, whichever occurs first.
Property and casualty insurance company Travelers is venturing into aviation with its Travelers Aviation division, announced last month.