Aviation Loss Payments:  Clear Title = Clear Skies

Archive for the ‘Insurance Products’ Category

recreational plane on the ground

Aviation Loss Payments: Clear Title = Clear Skies

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.

Posted on September 19, 2022
light aircraft on a small airfield

Top 10 Factors That Affect Aviation Insurance Premiums

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.

Posted on June 15, 2022
airplane crashed on beach

Sustainable Practices in Claims Management

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.

Posted on March 18, 2022
aircraft in bad weather

Safety Update: The Case for Reconsidering Unpriced Exposures

When people think of aircraft insurance, what typically comes to mind is cover for accidents, hard landings and the like. In fact, most “technical” pricing of aircraft insurance uses only operational statistics and basic exposure data points (aircraft values, passenger numbers, etc.) to determine equitable premiums.

Posted on January 28, 2022
artificial intelligence

AI Update: Artificial Intelligence and Products Liability

With a simple voice command, Siri provides you traffic and weather updates; your “self-driving” car may take you to a doctor’s appointment; a medical algorithm may assist in the interpretation of your chest X-ray; and a financial algorithm analyzes and makes recommendations affecting your finances.

Posted on January 18, 2022
woman preparing for takeoff

5 Important Tips When Renting Aircraft

While renting any vehicle comes with risk, there is much more at stake when that vehicle is an airplane. The consequences of mechanical problems with the aircraft, operator (i.e., pilot) error, etc. can be significant and put people, the plane and other property in harm’s way.

Posted on November 29, 2021
light aircraft at hangar

Aircraft Registration, Title and Insurance: What You Need to Know

As a requirement of aircraft ownership in the US, you must register your airplane with the Federal Aviation Administration (FAA). It is not a difficult process, and there is helpful information available on the FAA website. It is, however, an important process for a few reasons. One is simply that it is a legal requirement for all owners to register their aircraft and to have the registration onboard the aircraft.

Posted on October 29, 2021
aircraft pilot

Partnering to Protect You: Special Programs for U.S. Policyholders

From participation in safety programs to encouraging interest in aviation and educating the next generation of industry professionals, the sharing of knowledge is essential to everyone involved in aviation. For that reason, Global Aerospace has developed or supports several programs designed to advance the industry and also make it easier to obtain aviation insurance.

Posted on August 25, 2021
aircraft ready for boarding

Global Aerospace and Brexit

The United Kingdom’s decision to withdraw from the European Union, commonly referred to as Brexit, came about as a result of a referendum held in 2016. The UK had joined the European Economic Community, as the EU was then known, in 1973, but its involvement was politically contentious for much of the period.

Posted on May 20, 2021
insurance counter

Our Future: Together

2020 has been a challenging year. It is our hope that our industry will come out of these difficult times with renewed purpose, finding greater strength and resilience from each other. We recognise that during these times, our clients need dependability, confidence and trust in the people they choose to do business with.

Posted on February 9, 2021