AIG Aviation doubles hurricane relocation coverage
Aviation insurer AIG Aviation has announced that, effective immediately, it will increase the amount of its hurricane relocation coverage, from $500 to $1,000, for qualifying policyholders. AIG Aviation increased the amount of reimbursement in light of rising fuel prices.
“Hurricane protection coverage can help offset some of the cost of relocating your aircraft,” said Greg Sterling, AOPA executive vice president of non-dues revenue. “Read your aircraft’s insurance policy to make sure you follow all of the necessary requirements to receive reimbursement.”
The best measure to protect your aircraft is to relocate it outside the area expected to be hit by the hurricane. But if flying it out of harm’s way is not an option, learn how to properly secure it. AOPA offers tips on how to tie down your aircraft in “What to do if you can’t fly away.”
Hurricane protection coverage
If the U.S. National Weather Service issues a “Hurricane Watch or Warning” for the area where an aircraft is principally based, AIG Aviation will reimburse its policyholders for a portion of the “reasonable costs” incurred by the policyholder to protect the aircraft, subject to the following:
- The aircraft must be relocated to another airport, which is at least 100 nautical miles away and not under a “Hurricane Watch or Warning.”
- This coverage only applies to aircraft listed in Item 3 of the Coverage Summary Page, which have Aircraft Physical Damage Coverage C.
AIG will reimburse policyholders up to $1,000 of the amount they incur to relocate the aircraft for all occurrences during the policy period. The costs include the hiring of a pilot, who is not employed by the policyholder, and who meets the requirements of the Pilot Endorsement. Relocation costs must be properly receipted, documented, and submitted to AIG for reimbursement.
AOPA’s Pilot Information Center has compiled a hurricane subject report to help pilots. The most important thing aircraft owners should do now is find out whether their aircraft insurance policy includes hurricane protection coverage.
Make sure your investment is protected and receive reimbursement for relocating your aircraft out of the hurricane’s path by calling the AOPA Insurance Agency at 800/622-2672. An aviation insurance specialist will answer your questions and review your policy with you. More information is available through the AOPA Insurance Agency’s Web site.
August 21, 2008