Archive for the ‘Insurance Products’ Category
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.
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 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 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.
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.
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.
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.
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.
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.
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.