Posted by: Tom Chappell | May 12, 2010

No Autopilot for Aviation Insurance

The one consistent in the aviation insurance business is the inconsistency of the underwriting facilities.  There were only eight underwriting companies for a while, then the market place grew to sixteen full line aviation underwriting facilities followed by the withdrawal of three companies and now we have added one of them back to the mix.  Eight moved to sixteen down to thirteen and now up to fourteen.  About the time you get comfortable with the operating procedures, the game changes…sort of like talking with approach control on a busy day.

Britt Paulk is once again back in the aviation insurance business.  Through discussion with their underwriters it was discovered that they are currently only offering quotes on expiring AXA business, but will begin offering quotes on new business starting in mid May.  Their new backing is through Meadowbrook Insurance Group and the paper will be either Star Insurance or Williamsburg National depending on the state in which the risk is located.  As of last week they can currently only offer quotes in 20 states, but are filing for acceptance in all 50.

Britt Paulk is limited to hull values of $1 Million and liability limits of $1,000,000 with a sub limit of $100,000 per passanger.  They are not writing rotorcraft risks at this time, but hope to offer it in the future.  Quotes are currently being offered on basic pleasure & business aircraft as well as some flight schools, commercial exposures, and general liability policies on a case by case basis.  Britt Paulk is also willing to quote LSA, and Experimental catagory aircraft as well as various warbird trainers.

Why is this important to the average aircraft insurance buyer?  The cost of insurance usually depends on the capacity of the market and its appetite for new business.  The more companies bidding on your business, the greater the chances for cheaper premium and the more cooperative the underwriting standards will be.

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