Membership Services
Aircraft Insurance Renewal Application Explained
What happens 90 days prior to the renewal date of your aircraft insurance policy? AOPAIA mails an Aircraft Insurance Renewal Application to the address listed on the policy. This form shows the information that’s currently on file. It asks you, the insured, to review it and make any necessary corrections.
It is important that you review all of it and provide updated information in order to receive the best rate. The first section shows the address and contact information.
The next section lists the aircraft. Pay particular attention to the hull value and adjust it if necessary. This is the value listed on the expiring policy. It is not a reflection of our opinion of the value of your plane. If you don’t mark the application asking for another value, we will use the value shown, assuming it is within the range that the underwriter allows. If the plane was tied and is now hangared, this is where you indicate that. It is helpful to have the estimated amount of a loan, so we will know if we have enough hull coverage on the policy. If you’ve refinanced, mark that here with the new lending institution and/or loan amount. If you want alternate quotes for some other type of hull coverage, such as Not in Motion, mark that here.
The Liability Coverage section shows your current limit and asks if you have interest in higher limits.
The next section is Approved Pilots. This section gets overlooked and it carries the most weight in determining the premium. Generally, higher hours result in lower premiums. Some pilots stop keeping track of their hours after a certain amount, but this is not advisable. Some underwriters want to know how much a pilot flies in a year. You also may need to prove to an adjuster that you have a certain amount of hours in the event of a loss. Make sure we have the correct date of birth on the form. The BFR and Medical columns should show the month and year of the last ones you completed, not when they are due.
The last section refers to claims, violations, or drug or alcohol convictions. It is helpful to include the approximate date of the incident and a brief description of it. We may have it on file already, but we to be certain that there was not an additional incident to the one we have on file. If a claim was paid in the last 5 years, include the amount that was paid.
March 9, 2012
