Insurance & Risk Management

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Learn From Experts: NBAA's Latest Webinar on 'Understanding Your Aviation Insurance Policy'

June 21, 2010

Aviation insurance is for many owners and operators among the least-understood aspects of using general aviation aircraft for business. NBAA's June webinar, "Understanding Your Aviation Insurance Policy," featured a panel of experts bringing clarity to a number of misunderstood concepts central to aviation insurance.

For instance:

  • Do you know if your policy's bodily injury clause covers mental anguish as a result of an accident or incident? (The answer is "yes.")
  • Are you aware that your aviation insurance policy is a legal and binding contract?
  • Did you know putting an "Additional Insured" on your policy dilutes the liability limits available to you in the event of an accident or incident?

These are among the many important concepts covered in NBAA latest live and interactive webinar, hosted by the Association's Tax Committee for owners and operators. The webinar, which was conducted on June 17, is now available on NBAA's web site. The hour-long session features valuable questions and answers and discussion about:

  • Why an annual review of your aircraft's Insured Value is so important (it can save you money)
  • Aspects of the usage and pilot clauses you need to know in order to be certain the protection you think is there is in fact available to you in the event of an accident or incident
  • What factors to consider in selecting an appropriate liability limit
  • Basic protections of liability coverage

"Understanding Your Aviation Insurance Policy" features Dave Weil, chief financial officer of Solairus Aviation, past chairman and member of NBAA's Tax Committee as moderator. He is joined by Stuart Hope, vice president and co-owner of Hope Aviation Insurance, Inc., an aviation-focused insurance brokerage firm, who also serves on the Tax Committee, and Brint Smith, vice president, aviation for John F. Throne & Co., where he serves the risk and insurance needs of business aircraft owners and charter/management operations. Smith currently chairs the NBAA Tax Committee's Aviation Insurance Working Group.

The webinar is an effective tool for helping NBAA Members understand the nuts and bolts of aviation insurance policies before talking with legal and insurance consultants. In addition to the panelists' discussion, a question-and-answer session provides additional insights.

The next installment in this series of NBAA webinars will take place on July 15, also at 2:00 p.m. Eastern, titled "Contractual Considerations in Aviation Insurance," and will cover such important topics as what is meant by "contractual liability," and what liability claims are usually not covered. Act now to register for the live webinar on July 15.

For more details about the June 17 webinar or to purchase a copy of the recording, visit www.nbaa.org/webinars/insurance.