Page 14 - Volume 14 Number 1

INSURANCE
In the October 2019 issue of King Air, I stated there are two parts to your King Air insurance policy regarding claims. One aspect – third party liability – was covered in detail. The second aspect is physical damage that occurs to your aircraft. When your King Air is damaged, many emotions are triggered. It is important to be informed and knowledgeable about how to proceed through the claims process. Much like an engine failure after takeoff, there are memory items to be done immediately and a checklist to perform afterward. Being prepared is crucial and enables you to deal with it in a more effective manner.
Turbine aircraft insurance policies are very inclusive to provide coverage when your King Air suffers physical damage. The primary reason for a claim to be denied, or not fully covered, revolves around wear, tear, deterioration, freezing or excessive heat.
Be Prepared
First, let’s start at the beginning – being prepared before a claim happens. Aircraft insurance policies should not be bought solely based on price. While cost is important, it should not be the determining
12 • KING AIR MAGAZINE
by Kyle White
factor. Your insurance broker should explain to you the differences among carriers, coverages and options so you can secure the best value for your needs. The aviation insurance market is changing rapidly; premiums are rising, while coverage and liability limits are being reigned in. When seeking the right carrier for your needs, ask these questions:
1. How long has the carrier been in the aviation sector? Are they financially sound?
2. What is the carrier’s reputation for paying claims?
3. How is their service to your broker?
4. Is the carrier flexible when exceptions you may need are requested?
Once you have narrowed down the markets, review your risk profile with your broker. Go over the 30-plus ancillary coverages and see how important they are to your needs, discuss possible claims scenarios and how they would be addressed by the carrier. Review the contracts with your vendors. What do those contracts require of you, and who is responsible should damage occur to your King Air? Specifically, look at your hangar lease!
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Hull Claims
JANUARY 2020