Midyear Policy Checkup
I hope everyone is having a great summer! With vacations, family events, back-to-school planning, airplane trips, and so many other summer activities, it’s easy to forget about the less-exciting obligations. Whether it’s your flight physical, a dental visit, or maybe even an oil change, there are certain annual events that we simply don’t look forward to as much as others.
Nonetheless, that lack of excitement shouldn’t discount their importance. Routine maintenance is a critical part of our everyday lives, whether we’re talking about our aircraft, our homes, or even our bodies. An oft-forgotten or overlooked item that should also be on that list is your insurance policy. We’re not saying you have to do something drastic like reread your policy (because everyone reads it at least once, right?), but it is worth taking a step back every so often to think about the state of your aircraft and your operation.
Ask yourself, “Has anything changed with my company? Do I offer more services? Has my aircraft value changed? Have I added any pilots lately? Am I planning a trip outside the USA?” The answers to these questions may change throughout a policy year, especially with commercial operators. In the pursuit of business growth, it is critical that you make sure your insurance policy is keeping pace with the evolution of your operation.
The policy you bound six or eight months ago may not fully cover what you’re doing now, so it’s always best to take inventory of what may have changed since then. If you have any doubts or questions, by all means, give us a call.