“Your aircraft insurance policy does not renew automatically, and we will require current and updated information from your insurance broker. In the meantime, you are hereby notified that premium and/or coverage may change depending on the information we receive.” We all know filling out these forms is about as much fun as having the proverbial tooth pulled but we are also talking about a system designed to protect all that you have worked hard to build. Here are three ways you might be sabotaging your own insurance renewal:
- Procrastinating on completing the requested updates until the last minute. Renewal notices including the renewal update forms are typically sent 60 to 90 days in advance of the policy expiration. If they are returned promptly, it gives your broker the current information and more importantly, time to properly market your account with other insurance companies. It takes time to negotiate with each underwriter on pricing and coverage.
- Leaving questions blank or giving vague or half-answers. Many insureds leave questions blank or give half-answers because they are under the impression that if they answer yes to a question that asks if they are engaged in a certain activity, they will be charged more premium - as if they leave it blank or give a half-answer it will be covered, right? The questions on applications are designed to identify uninsured exposures. If a yes answer to a question identifies an uninsured exposure, wouldn’t you want to know what it would take to plug this gap in your protection? Often coverage can be added at no additional premium. If there is a premium, you can decide whether to pay it, or possibly not engage in the activity. To not address it is a decision, maybe not the best one.
- Not providing enough details. Like it or not, underwriters are generally forced to get to know you (and judge you) through a piece of paper, and they love paper with plenty of details! If you are doing all the right things but are not taking the time to document them or otherwise let your broker know, you lose the horsepower that creates for your renewal. Completely filling out applications, renewal questionnaires and pilot forms in a timely manner gives brokers much-needed ammunition when they go to bat for your coverage and premium. Do not forget to forward a copy of training certificates, including any events such as in person training seminars or online safety courses that you may have completed during the year.
If you have questions about your policy, AssuredPartners Aerospace, AOPA’s partner for Aircraft Insurance can help guide you through the renewal process.
Call 800-622-2672 today to speak with one of our experts or visit www.ap-aerospace.com today to learn more. We look forward to serving all your aviation insurance needs.
As AOPA’s strategic partner for aviation insurance, AssuredPartners Aerospace, one of the nation’s largest aviation insurance firms, provides the absolute best insurance protection to fit your needs. Whether you’re flying your own airplane, renting, instructing, or running an aviation business, we have an unmatched depth of knowledge and resources driven by the desire to set a new standard for service and responsiveness. With more than 25 years’ experience serving pilots’ aviation insurance needs, our expertise has been developed over years of working closely with the nation’s best insurance carriers. We understand the exposures that make aviation insurance unique.