Application Accuracy
Let’s face it, applications are a pain to fill out. But they are vital to obtaining the best possible insurance premiums available for your particular situation. Filling out an application with accuracy should be your foremost concern when searching for or renewing your policy. Here are the parts of an application:
Named Insured: This can be a person or corporation. The name on the registration of the aircraft, whoever owns the plane.
Year/Make/Model: This is an obvious one. Include the tail number and an accurate hull value. This is the amount it will cost to replace the plane.
Passenger Load: How many passengers will you carry on a regular basis.
What is the plane used for: Be specific here. You’ll want to identify if most trips are primarily family members or for business use. If the plane is carrying high networth individuals, and you want a higher liability amount, carriers will better understand your request. If used for business, include what your company does and who owns the company. If the aircraft is owner-flown, professionally crewed with staff or are contract pilots used.
Aircraft Base: Where is the plane when not in use and is it hangared? Basing a plane on the west coast of Florida or basing it in the middle of the state may affect your premium.
Pilot Questionnaire: This is a very important area for accuracy. The more information your pilot can provide, the better your broker can represent you to the underwriters. Total time in all aircraft models is important but time in make/model is more heavily weighted. Make sure to include recent trainings and annual check ups.
How many hours are estimated to be flown in the next 12 months. Are those trips within the U.S. or is an international trip scheduled?
Time spent to accurately fill out an application is time well spent and could lead to better rates. The more information you can provide to our broker the more comprehensive understanding an underwriter will have of your aircraft usage. Remember less perceived risk equals lower premiums.
