How Do I Know I Have the Right Policy for the Right Premium?

With all the variables in aircraft insurance — from type of aircraft and experience of the pilot(s) to finding the right carrier for your situation — what can you do to ensure that you put yourself in the best situation in the event of a loss while keeping your premiums reasonable?

• Be sure to work with a broker that you are comfortable with and that has access to every underwriter/carrier. Having a broad reach in the market will allow your agent to get more offers and to find the carriers that have competitive premiums for your specific operation. Every carrier has a slightly different appetite, so finding the right one is key to getting the right policy in place.
• For your agency to find the right carrier, they are going to rely on you for accurate information about the aircraft, the pilot(s), and the use of the aircraft — otherwise known as underwriting information. This will include all the pilot’s ratings, flying hours, how the aircraft is being used, and obviously any losses in the past. In the following years, any updates on additional ratings or increased flying hours may reduce your premium.
• When you receive your policy, it is strongly recommended that you review it rather than just tossing it in a drawer. Be sure to look over the exclusions. You’ll want to be sure that you are not going to need coverage that would fall into any of the exclusions listed. If you ever are unsure, always contact your agent. Sometimes, it’s just the easy fix of adding an endorsement to get the coverage you need.

If there are any changes in aircraft, pilots, or how the aircraft is being used, be sure to notify your agent so that changes can be made to your policy to reflect those changes. Don’t wait until renewal.