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

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

• Be sure to work with a broker that you are comfortable with and who has access to several underwriters/carriers. Having a broad reach in the market will allow your agent to get more offers and finding the carriers that have an aggressive premium for your specific operation. Every carrier has a little different appetite, so finding the right one is key to getting the right policy in force.

• 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.This will include all of the pilot’s ratings and 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 toss 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, then always contact your agent. Sometimes, it’s just an easy fix to add an endorsement to get the coverage you need.

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