LRingeisen
Well Known Member
In one of our previous posts, we explained how insurance premiums are like a roller coaster. We also touched on some of differences between a hard market and a soft market. Now that we are in a hard market, we?ve started to notice the underwriter guidelines getting more strict. For example, one of our companies have lowered their age requirements for a new pilot down to 69. (No worries, we still have some great companies that we work with for older pilots and we don?t see this as a trend with all of our companies.) New builds are also seeing tighter restrictions. We're having a harder time getting low time pilots approved and the insurance companies are getting more strict on training requirements.
The major change that we've seen lately is that our two companies who have offered $1,000,000 Combined Single Limits, aka $1,000,000 smooth, have decided to no longer offer this coverage for Vans aircraft. (If you are a Gallagher client and already have this coverage, you?re not at risk of losing it, but feel free to contact your broker to be sure.) This is very concerning to us because we want to make sure you are properly covered in the event of a claim. As of right now, the best liability coverage offered for a Vans aircraft is $1,000,000 per occurrence/$200,000 per passenger with the exception of one company that offers $250,000 per passenger. If you do not already have this coverage, it may be something to reconsider. We have not had any companies stop offering the higher liability, but we also can?t promise that they will continue to offer it in the future.
Below is a link to our previous post regarding a hard market verses a soft market.
http://www.vansairforce.com/community/showthread.php?p=1326358#post1326358
The major change that we've seen lately is that our two companies who have offered $1,000,000 Combined Single Limits, aka $1,000,000 smooth, have decided to no longer offer this coverage for Vans aircraft. (If you are a Gallagher client and already have this coverage, you?re not at risk of losing it, but feel free to contact your broker to be sure.) This is very concerning to us because we want to make sure you are properly covered in the event of a claim. As of right now, the best liability coverage offered for a Vans aircraft is $1,000,000 per occurrence/$200,000 per passenger with the exception of one company that offers $250,000 per passenger. If you do not already have this coverage, it may be something to reconsider. We have not had any companies stop offering the higher liability, but we also can?t promise that they will continue to offer it in the future.
Below is a link to our previous post regarding a hard market verses a soft market.
http://www.vansairforce.com/community/showthread.php?p=1326358#post1326358