Insurance & Risk Management

The purchase of insurance protection against financial, damage and injury losses resulting from aircraft and airport operation accidents is a decision to be made after thorough discussion with insurance consultants and the company’s legal department. The aviation department manager and those responsible for handling the company insurance should remain in close communication during preparations and negotiations for any aviation-related insurance contracts. The basic coverage in the aviation insurance market are physical damage to the aircraft (hull insurance), aircraft liability insurance and airport liability (premises) insurance.

“Insurance Coverage for War Risks, Hijacking and Other Related Perils”

FBO “Hold Harmless” Agreements Are Not Harmless (member PDF)
by Sue McKeon, Cooling & Herbers, PC

Resources

Four Questions to Ask When Renewing Your Insurance Policy Sept. 9, 2020: NBAA Domestic Operations Committee Vice Chair Eric Canup shares his experience renewing the company's aviation insurance in an environment of consolidation, contraction and decreased competition. Learn how he went from two years of back-to-back, double-digit increases in insurance premiums to saving more than 20%.
How to Sell Yourself in the Aviation Insurance Market Sept. 17, 2010: Differentiation, setting you apart from the rest, is the key. So how then do you create an environment where the underwriter will take an interest in your account?
Insuring the Bird April 1, 2007: Brint Smith, ARM of John F. Throne & Co. Insurance Marketing, Inc. gives an overview of insuring business aircraft in an effort to cut through the gobbledygook and help operators buy the coverage they need.
Subrogation Clause (Waiver of) - WHAT? Feb. 23, 2007: Stuart Hope, Vice President and Co-Owner of Hope Aviation Insurance, Inc, provides an overview of waiver of subrogation clauses.
Additional Insured - Who Needs It? Feb. 15, 2007: Stuart Hope, Vice President and Co-Owner of Hope Aviation Insurance, Inc, answers frequently asked questions about providing others with additional insured status on liability policies.
What is a Broker of Record Letter (or Agent of Record Letter) and what does it do? Aug. 4, 2006: Stuart Hope, Vice President and Co-Owner of Hope Aviation Insurance, Inc, reviews the Broker of Record letter, which suspends a broker's ability to negotiate on an operator's behalf with the insurance company.
An Objective Look At Diminution of Value Claims May 12, 2006: When an aircraft owner has a hull loss, repair costs are fairly straightforward.
Are Independent Contractors Putting Your Operation at Risk? Oct. 17, 2005: Thomas K. Coughlin, AAI, is president and CEO of Air-Sur, Inc. provides an overview of the potential liability risks associated with the use of independent contractors.
Extra Expense Coverage Aug. 15, 2005: Extra Expense coverage is part of the physical damage section of your aircraft policy, and possibly one of the most misunderstood coverages it contains.
Non-Owned Aircraft Liability Insurance Aug. 8, 2005: In order to protect the corporation when it charters an aircraft on company business, it is recommended the corporation request additional insured status under the charter company’s insurance policy
Beware of the Fellow Employee Exclusion May 20, 2005: Written by Tom Chappell, Chappell, Smith & Associates, Inc., this resource provides an overview of the Fellow Employee Exclusion, which is designed to eliminate coverage in an employee versus employee lawsuit.

News

Podcast: How Smaller Flight Operations Can Mitigate Rising Insurance Premiums Sept. 23, 2024: As aviation insurance premiums approach record highs, industry experts share cost-management strategies for smaller operators.
Industry Professionals Discuss Bizav Challenges at NBAA, AIA Workshop Jan. 25, 2024: More than 70 aviation professionals met Jan. 23, 2024, for an engaging, interactive workshop, hosted by NBAA and the Aviation Insurance Association, to focus on the issues most important to today’s business aviation industry.
International Aircraft Insurance: Pay Attention to Detail Nov/Dec 2023: Even if the insurance policy for your aircraft is labeled as a ‘worldwide policy, it probably isn’t, say experts. Aviation insurance brokers share tips on what you should pay attention to regarding aircraft coverage for international trips.
Podcast: Answering More Aircraft LLC Insurability Questions Oct. 2, 2023: A recent NBAA News Hour webinar answered some common questions regarding insurability of business aircraft held under an LLC. In fact, there were so many questions that they couldn't all be addressed during that webinar, so we've brought back three of the presenters to answer them.
Tips for Ensuring Your Aircraft is Insurable July 17, 2023: A diverse group of experts from the insurance, legal and aviation fields gathered July 14, 2023, to discuss ways to mitigate the continued misuse of dry leasing and what responsibility brokers and underwriters have when issuing aviation insurance policies for dry leases.
Common Challenges Addressed at Virtual NBAA Small Operators Symposium June 21, 2023: During NBAA’s first virtual Small Operators Symposium industry experts shared insights on the current state of the insurance market, how to safely integrate lower-time pilots, key legal considerations for small operators and using independent contractors.
NBAA Launches Free Virtual Symposium for Small Operators June 5, 2023: On June 20, NBAA will host its first virtual Small Operators Symposium, a free online community event that builds on the success of the association’s annual in-person symposium at NBAA-BACE.
Operational Changes Can Have Broad Impacts Sept/Oct 2022: When acquiring a new aircraft or contemplating a change to your current aircraft’s operations, consider the tax, regulatory and risk impacts of those changes.
Experts Offer Aviation Insurance Best Practices Nov/Dec 2021: Experts say to get the most competitive rates, operators should approach the insurance process with an attitude of professionalism.
Bolen: Value Proposition for Business Aviation Improving Oct. 16, 2020: NBAA President and CEO Ed Bolen and fellow general aviation (GA) leaders discussed new trends and priorities for the industry on an Oct. 15 webinar hosted by the National Aircraft Finance Association.
NBAA News Hour: Adapting to the New Insurance Status Quo Sept. 21, 2020: A Sept. 18, 2020, NBAA News Hour webinar examined the challenging new status quo for business aircraft insurance.
White Paper Offers Suggestions on How to Save on Aircraft Insurance Sept. 14, 2020: A new members-only resource offers tips for reducing aircraft insurance costs.
COVID-19’s Impact on an Unprecedented Aviation Insurance Market May 19, 2020: The aviation insurance market was already tight, due to increased hull and liability claims in the 2010’s. Insurers and attorneys examined the effects of the pandemic on a May 18, 2020, NBAA News Hour webinar.
NBAA Offers Tips to Mitigate Insurance Rate Hikes Nov. 26, 2019: Business aircraft operators are seeing sharp hikes to their insurance premiums. NBAA offers steps they can take to minimize those increases.
Experts Offer Tips to Mitigate Insurance Rate Hikes Nov. 11, 2019: After several years of relatively low premiums, business aircraft owners and operators now face steep hikes to their insurance premiums. But, there are ways for conscientious operators to ease some of that pain.
Flight Crews: Tips for Insuring International Flights Oct. 16, 2018: Checking with an aviation insurance broker to make sure that you have appropriate coverage can prevent issues in foreign countries.
Aviation Insurance Claims Case Review Among the Educational Offerings at NBAA2012 Sept. 28, 2012: Educational session 'Aviation Insurance Claims: Case Review' is set for Oct. 30, 2012, at NBAA2012.
Business Aviation Insurance Cycles: What You Should Know for 2011 Jan. 14, 2011: For much of the past decade, business aviation operators have enjoyed a buyer's market for aviation insurance. In 2011, that cycle is ending and prices are likely to rise.

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