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Forward Together

In 2015, Hope Aviation Insurance unveiled its 5-year strategic plan that we conveniently titled, “2020 Vision.” A key element of this plan has been business continuity – building a succession framework for transitioning equity ownership and developing the next generation of leadership. Today, we are excited to report the fruition of this phase by announcing that Hope Aviation has joined forces with one of the largest insurance brokerage firms in the country, AssuredPartners, Inc.

Headquartered near Orlando in Lake Mary, Florida, AssuredPartners acquires and invests in insurance brokerage businesses across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to over $890 million in annualized revenue with over 200 offices in 30 states, Canada and London.

The good news for our clients and industry friends is that it will be “business as usual” for us as we’ll still be trading under the Hope Aviation Insurance name; still remain headquartered in Columbia, SC; and still offer our best-in-class service with the same talented and dedicated staff, including Marion Hope, Stuart Hope, and Mena Hope-Gardiner actively involved in daily operations.

The better news is that the AssuredPartners model is indeed one of operational independence whereby they identify and acquire agencies that are leaders in their respective areas of expertise, then allow them to continue to run independently, albeit with significantly more capabilities, resources and depth than ever before. We would never have entertained an acquisition were it to mean anything less, both for our clients and for our employees.

As we now work to refresh our strategic plan in light of this success, we aim to capture the spirit of collaboration and opportunity ahead. By moving “forward together” with our new professional partners, our people are now best positioned to move “forward together” with our clients and future clients. Stay tuned for more details!

For more information about AssuredPartners, please click here.


What's in a Name? 

Responsibilities of the Named Insured

A key initial step in setting up an aircraft insurance policy is paying attention to the Named Insured. While it may seem like an innocuous detail, getting it right and making sure the Named Insured properly understands the extent of their obligations is important. So much so that we included it as part of our “PUNC” checklist in a previous article.

As we’ll demonstrate by outlining the various duties of the Named Insured below, there’s a huge difference between a “Named Insured” and an “Additional Insured.” These terms get intermingled by parties who don’t quite grasp the nuances of this business with requests to add an entity as an “additional named insured” rolling into our office quite frequently. (For our article “Who Needs to be Additional Insured?,” click here.)

So here’s a list of the Named Insured’s rights and responsibilities under an aircraft hull and liability insurance policy.

  1. Bind coverage and complete the application (aka sign the “contract” with the carrier) at inception and each subsequent renewal.
  2. Accept or reject TRIA coverage.
  3. Pay the premium.
  4. Designated recipient of all official insurer notifications.
  5. Cancel the policy.
  6. Request policy changes.
  7. Approve pilots and comply with any pilot warranties.
  8. Control and approve aircraft use, including any non-owned aircraft and relevant reporting requirements.
  9. Advise of aircraft modifications.
  10. Advise of newly-acquired aircraft.
  11. Advise in advance of aircraft expected to qualify for lay-up credit.
  12. Submit contracts for insurer review.
  13. Report claims.
  14. Notify police for claims involving criminal activity such as thefts.
  15. Actively participate in the claims process (provide documentation, approve repairs, attend trials and hearings, arbitration proceedings, etc.).
  16. Notify insurer of anticipated extra expenses.
  17. Decide on any voluntary settlement offers.
  18. Pay any deductibles.
  19. Sign proof-of-loss for claims payment.
  20. Advise of any material changes in operations that might affect underwriting.
  21. Respond to insurer suits for any failure to uphold policy terms. 

As you can see, the Named Insured is not a minor detail in an aircraft insurance policy. Interestingly, “Additional Insureds” get a ton of policy protection without having to be responsible for any of the above policy provisions. Something to think about the next time someone asks to hop on your policy coverage as an additional insured.

Having a proper awareness of the Named Insured’s responsibilities goes a long way towards better understanding how your aircraft insurance policy actually works.


 

In This Issue

Hangar Contracts

Hurricane Relocation Expense

What's in a Name?

 
Hope Aviation Insurance
(800) 342-4673 USA
(803) 771-7766 INTL
Hope Aviation Insurance is an aviation-only brokerage firm specializing in turbine aircraft and commercial aviation operations in over 40 states and abroad. 

Client Testimonial

"Thank you so very much. Someone like myself who cares about client relationships and the timeliness of meeting expectations. Outstanding job!" 
- Ron Adams, VP Risk Management
Baker Roofing



Hangar Contracts

It goes with the territory. Airport territory, that is. If you want to have your aircraft in a hangar – and your insurance company certainly prefers it – then you will likely be looking at the business end of a tedious detail known as the aircraft hangaring agreement or hangar contract. There are several points worth remembering when it comes to contracts and the aircraft insurance policy. For details and to read our full article, please click here.



Hurricane Relocation Expense

In recent years, several insurance companies began offering “hurricane relocation expense” endorsements to incentivize their clients to get insured aircraft out of harm’s way. When offered, this coverage typically reimburses up to a stated amount for reasonable expense incurred from flying a plane well outside the hurricane watch or warning area.

The aircraft must of course have hull coverage in effect to begin with and there are other specific parameters around which reimbursement applies, all of which vary from company to company. Insurance carriers will want original documentation and receipts promptly submitted (many have a specified timeframe) before they will provide reimbursement.

So, what happens if you don’t move your aircraft and it is subsequently damaged by the wind, rain or flood from a hurricane? Nearly all aircraft policies are known as “all-risk” policies meaning that, unless the occurrence is excluded, there is coverage. The vast majority of general aviation aircraft policies do not have a “wind/rain/flood” exclusion so hurricane damage to the aircraft itself is generally covered.

Read our full article that includes claims implications by clicking here. Our thoughts and prayers are with all of those affected by Hurricanes Harvey and Irma.

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