Does your policy match your premium?
A variety of factors can influence the premium you pay for coverage. How can you be sure you’re in the best position to keep your premiums reasonable, even after a loss?
- Work with a broker with a broad market reach. An agent with more connections will be able to pull more offers and find the carriers best fit for your specific operation.
- Assist your agency in finding the right carrier by providing accurate, up-to-date information. You will need to inform the agency of what aircraft you own and how your pilots use them. Feel free to show off your pilots’ ratings and flying hours. The more impressive your pilots’ résumé, the more likely you are to see a reduced premium.
- Don’t wait until your policy is up for renewal to provide updates. A mismatch of assets and policy helps no one, even if it’s only for a few months.
- When you first receive your policy, it may be tempting to just toss your policy in a drawer and forget about it. We strongly recommend that you review it thoroughly and look over the exclusions. You might discover you’re missing coverage in a vital area. Your agent is trained to help you understand your policy. Utilize them if you have any questions. Sometimes, a minor fix, like adding an endorsement, is all it takes to patch your coverage gaps.