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The approach of the holiday season commonly prompts reflection on the past year as well as a look forward. That certainly is true for us at Global Aerospace. And while that work continues through November and December, we also pause a bit near the year’s end to consider what it is we really do.
In the field of aviation safety, much of the focus is on scenarios where an aircraft is taking off, in flight or landing. Given the high risk of injuries and property damage in those situations, the emphasis on safety is undoubtedly warranted.
Let’s imagine that, unfortunately, you experienced a loss, incident or accident during which your insured aircraft sustained physical damage. Whether it results in a “total loss” or a “partial loss,” it is commonplace that after the adjustment and settlement of the physical damage insurance claim, the aviation insurance provider’s claim handler prepares to tender its payment of the physical damage loss to the policyholder (the “named insured”) and any additional loss payee(s) endorsed under the aviation insurance policy, unless otherwise directed.
Few issues are as alarming to passengers and concerning to crew members as an in-flight medical emergency. With no way to get assistance from first responders while airborne, flight crews must be capable of delivering emergency care until the aircraft can land safely and first responders have arrived.
We started writing about foam fire suppression events several years ago when we noticed trends relating to inadvertent foam fire suppression system activations affecting our clients. These false activations caused substantial aircraft damage at the outset. In the aftermath, they fostered highly disrupted hangar and flight operations for many private and charter aircraft operators as well as FBO and MRO businesses.
The cost of aviation insurance, like all insurance, is driven by risk factors. The higher your risk of being involved in an incident, the higher your insurance premium will be. The good news for aircraft owners and operators is that there are steps you can take to show the underwriter reviewing your insurance application that you pose a lower risk. In doing so, you can “earn” a better insurance premium.
The RedTail Flight Academy is a charitable 501(c)(3) organization dedicated to “honoring the legacy of the Tuskegee Airmen by providing aviation opportunities for aspiring aviators of color.”
Aviation is both a vital industry and one that has a significant impact on the environment. Concerned parties—from government regulators to aviation companies to private citizens—are increasingly pushing for advances in sustainability.
The processes for adjusting and managing aircraft insurance claims have not changed significantly in recent decades. Depending on the extent of the damage, most hull claims have typically involved an adjuster being on site within a few days of an accident to assess the damage and plan for necessary repairs. However, in a world in which we are increasingly time- and cost-sensitive, as well as environmentally conscious, change is afoot.
When considering the challenges of realizing the goal of flying taxis and personal commuting aircraft, thoughts of airspace management, aircraft certification and operational safety may immediately spring to mind.