How Do You Combat Such a Market?
We weren’t going to leave you with all the bad news and not offer ways to navigate! From what we’ve seen, the most sweeping changes are coming in the training and capacity (amount of coverage) areas. In other words, less flexibility on training options and less willingness to offer higher coverage limits. Therefore, it’s paramount that policy holders put a strong emphasis on their training plans going forward.
In most cases, the considerations afforded for in-house training or non-sim training are behind us (depending on several factors of course). Thus, expect to be required to do a little more going forward. The definition of “a little more” will vary based on operation, type of aircraft, etc., but it will be there, nonetheless. Second, expect a reduction in coverage limit if you don’t plan on making considerations elsewhere. This could mean single pilot limits are reduced, it could mean single pilot operations are unavailable, or it could mean more conservative training requirements will be necessary to maintain expiring limits. The point is, those operating with heavy training considerations should start planning for changes, as they will be reduced or vacated altogether in an effort to shore up exposure.
We’ve seen this enough already to know it’s becoming a market-wide thing. Lastly, be fully transparent and detailed with renewal updates. As mentioned above, updated/current information has never mattered more than it does now, especially for transition pilots and owner/operators. We will always be here to guide you and answer any questions as we wade through this dark period together.
Many of you have already experienced the items mentioned above, others will very soon. We’re simply opening up this topic to give people a heads up, with the hope of avoiding shell shock. Please let us know if you have any questions or how we can help!