ISTOCK/NIKOLAYI


By Christine A. DeJoy


Insuring Your Aviation Business


Building strong relationships with brokers and underwriters is critical to obtaining the best coverage.


WATCH


“Maintaining Insurability in a Challenging Market”


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DON’T think all brokers and underwriters are alike. This is especially true now, when we’re in


a hard market for aviation insurance, which means coverage is being reduced and premiums are on the rise. And because most state regulators in the United States require aviation operators to go through bro- kers to obtain insurance rather than work directly with underwriters, it’s all the more critical to find a broker who specializes in aviation and has access to a broad pool of insurers. Remember, the broker works for the operator, not the underwriter, and a good broker should connect you with the optimal insurance companies and policies for your business.


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DON’T view your relationships with your insurer and broker as just numbers on a


page. A broker’s job entails much more than filling out paperwork and quoting you a price come policy


18 ROTOR MARCH 2021


renewal time. He or she can play a key role in intro- ducing you to underwriters and helping you foster a personal, one-on-one relationship with them. Underwriters depend heavily on such relationships in assessing whether to insure a company. Sure, insurers want to know how many aircraft you oper- ate and their monetary value, but even more important are the qualities that distinguish your organization from your competitors and make you a better insurance risk than others. “There’s no replacement for face-to-face interaction, sitting in someone’s office, visiting a base, walking around, and hearing about the company directly from the client,” says Colin Bruno, senior VP and senior underwriting manager at Global Aerospace. Once they’re working with a client, insurers want to maintain the relationship for the long term. The bet- ter the underwriter understands your business, the more likely that will happen.


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