Non-Owned Aircraft Insurance January 11, 2010Posted by aviationspecialist in Uncategorized.
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I could write a long-drawn out article on the why’s and how’s of non-owned policies, but I would most likely lose you to sleep in the first few lines. Instead, let me just put it this way. When you rent or borrow an airplane, most likely the operator you rent from has insurance and will be covered in case of an accident. He will get his money and be made whole again. (Which is, by the way, the principle of indemnity and central to understanding insurance, but that is for another article) Very likely, however, you will not be protected as a named or additional insured on the policy, which means the insurance company may subrogate and take you to court. Not to mention the attorney’s of the other parties involved. A non-owned policy provides you coverage in these situations, and places your insurance carrier and it’s attorneys between you and the unfortunate situation at hand.
The bottom line, if you rent or borrow an airplane, get a non-owned policy. This way when you borrow your buddy Joe‘s airplane, and then ding it on landing, you and Joe can still be friends while letting the insurance companies hash out the dollars and cents.
Check out our Free Stuff December 31, 2009Posted by aviationspecialist in Uncategorized.
We have added a new page, Free Stuff. Check it out. Right now you will find a free downloadable E-book about learning to fly, and some free downloadable airplane card models. Enjoy!
Something New… December 29, 2009Posted by aviationspecialist in Uncategorized.
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I then moved on to an idea about the future of General Aviation, and where we will be in 10 years. Well, that’s pretty simple. Fuel will be different, but the same. Regulations will change. Airspace will change. I have a hunch that the President and his TFR’s will still get in the way. Not a lot of imagination or insight there.
So here is what I have settled on. A “motivational statement” if you will. As a pilot, and an insurance agent, I spend a majority of my time trying to mitigate risks. For 2010, I am suggesting to you that now, in this economy, in this industry, NOW is the time to take some risks. Start a business, change a career, build an airplane, open a shop…do SOMETHING new and different this year. You won’t regret it.
Used Aircraft Purchasing Do’s and Don’ts December 21, 2009Posted by aviationspecialist in Aviation.
We have a new article posted, with permission, on the articles page. It is a very thorough discussion of the elements involved in purchasing a new aircraft, and includes some things you might not have considered. Have a look, it will be worth your time.
Thanks go to John T. Van Geffen, Esq., at Michael L. Dworkin and Associates for allowing us to use his work.
Before You Buy… December 18, 2009Posted by aviationspecialist in Aviation.
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Before you upgrade that Cessna 172 to a 210, that King Air to a Citation, or that Hawker to a Gulfstream, give your Aviation Insurance Agent a quick call and let him know what you, or your flight department, are planning to do.
Your insurance agent can help you to analyze the ramifications of your decision, both from a financial standpoint and from a safety perspective as well. He is an aviation professional and, just like an attorney, is a licensed fiduciary agent. He might not have good news for you, but remember, he is always there to help.
What is Risk? December 17, 2009Posted by aviationspecialist in Aviation.
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In the insurance world, risk is defined as the probability, or possibility, of loss. The aviation insurance companies, or underwriters, evaluate all of your factors individually and determine if they are willing to accept your portion of the financial risk. What factors determine your individual risk? Age, flight experience, training, make and model of aircraft, kind of operation, loss history, etc, etc. Why is this important to know? Before you submit to the underwriters, sit down with your broker and discuss your individual risk factors. When you give your broker the “macro view” of your situation, he has all the information he needs in order to prepare a complete quote. More importantly, he will also be in a better position to help you find ways to mitigate, or control, your individual risk factors