July 22, 2013
Your first task is to compile a list of aviation insurance companies with a good track record. The best place to start is with operators of similar aircraft. Once you get some recommendations, research those companies’ website for information about their underwriters.
Look for companies with higher AM Best and S&P financial ratings. These insurers can, and typically do, charge a higher premium for their policies, but only because they can, and typically do, provide more responsive claims service.
The best insurance brokers deal with underwriting companies every day on multiple aviation risks and have large books of business with each, giving them more buying power. Plus, they’ll know which underwriter at each insurance company is the most reasonable to deal with for a specific type of aircraft, what a competitive rate should be on a particular account, what coverages are available at no charge, and how hard to negotiate.
Here are a few good questions to ask yourself as you consider prospective brokers:
For more information please visit AOPA Insurance Services online.
Brenda J. Jennings, senior vice president of AOPA Insurance Services, is an aviation insurance professional with more than 35 years of experience.
AOPA Products and Services,
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AOPA is asking the FAA to withdraw a proposed airworthiness directive that could affect thousands of ECi cylinders.
FAA personnel reallocations, terminated government contracts in an effort to save costs, glitches with progress on the Digital Imaging Workflow System, and the government shutdown have compounded to produce a larger-than-usual backlog of special issuance medicals for tens of thousands of pilots.
AOPA thanks our members for their continued support in protecting the freedom to fly.