Page 18 - November 2022

“As the market is evolving, we must pause and evolve our own navigation of the aviation insurance marketplace. This means our strategy must change too.”
This is where quota-share can, once again, work in your favor. If your carrier appetite has changed where your risk profile is concerned, such as pilot age, a quota-share placement makes it much easier for your broker to remove a participating line carrier and find a replacement, as opposed to finding you a new carrier to assume 100% of the risk, or worse, not being able to find any coverage.
As the market is evolving, we must pause and evolve our own navigation of the aviation insurance marketplace. This means our strategy must change too. You, the King Air owner/operator, should consider how to capitalize
on the market and its options, such as having multiple carriers on your placement. The aviation insurance industry is small, and the underwriters are taking notes. You may not realize it, but you have a reputation amongst the aircraft insurance markets; humans are building out your quotes, not computers. Use this human element to your advantage. Start aligning yourself with a “brand ambassador.” One of the easiest ways to start building your “brand” is by showing loyalty to your current carrier. If you open your policy up to a quota-share placement, you allow other carriers to have a slice of your business, while keeping them competitive on pricing and still show loyalty to your “lead” carrier.
Your broker is another major representation or ambassador of your brand. They should be respected by the underwriters they work with and viewed as conducting business with integrity and trust. You also want to be confident they understand your specific needs and develop a strategy, with your input, to place your coverage.
Recently, I was on a phone call with a King Air 200 operator who said, “I am amazed that a simple two-page insurance questionnaire is what so many underwriters use to determine my insurability and assume millions of dollars of risk.” He is right. The strategy and effort
16 • KING AIR MAGAZINE
NOVEMBER 2022