The Name of the Game is relationships
- Hard areas of the market: TVPX Aircraft, High Hull Value with Heavy Long Distance International Exposure, Foreign Owners, Dealer Brokers Looking for Short Term Policies without prior insurance company contacts. The more unique the risk the harder the market.
- Soft areas of the market: Pretty much all US operations and normal stuff
- Aviation Insurance companies continue to compete for a broader range of risks
- The trend remains in a small decline but the bottom will be sooner and higher than before.
- You often times get reductions in premium when there is competition
- The name of the game continues to be RELATIONSHIPS
- April 2024 is our best month ever
Advice: The best way forward is to maintain a close relationship with your aviation insurance broker and underwriters so you get the best rates as things are changing.
Ben Peterson is a 15 year aviation insurance services professional, Commercial Pilot and Flight Instructor with over 1,000 hours instruction given, and former Cirrus Factory Instructor Pilot.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Embraer | Phenom 300 | Owner Pilot with 1,300TT and 250 Phenom | $9,500,000 | $93,000 | NEW |
| Piper | M700 | Owner Pilot Experienced | $4,500,000 | $45,000 | NEW |
| Bell | 505 | Two Owners Pilots with Private 100TT | $2,200,000 | $100,000 | NEW |
| Citation | Mustang | Owner Pilot; 1,000TT; 200MM; Increased Liability Limit | $2,000,000 | $28,125 | 🔻61% |
| MD | 500 | Owner Pilot Low Time But Building | $1,000,000 | $31,000 | 🔻12% |
| Citation | Bravo | Owner Pilot Experienced | $1,800,000 | $25,000 | FLAT |
| Piper | M600 | Owner Pilot Increased Liability Limits | $2,250,000 | $25,000 | FLAT |
| Piper | M600 | Owner Pilot; Age 73 | $2,500,000 | $29,000 | FLAT |
| Embraer | Legacy 600 | Pro Pilots Experienced and Relationships | $14,000,000 | $47,000 | 🟢4% |
| Citation | Encore+ | Owner (Old) and Son (Young) Pilot | $3,000,000 | $31,000 | 🟢5% |
| Citation | Mustang | Owner Pilot; Increase Hull & Liability Limits | $2,000,000 | $25,000 | 🟢5% |
| Cessna | Conquest | Pro Pilot Experience; Old Aircraft | $1,000,000 | $24,000 | 🟢5% |
| Airbus | H130 | Pro Pilot Experience; Liability Only $10M | $4,250,000 | $25,000 | 🟢10% |
| Bell | 505 | Yacht in Mediterranean; Liability Only $5M | $1,250,000 | $25,000 | 🟢18% |
| Dealer | Broker | Aircraft Brokerage Professional Liability | Increased Sales 100% | $7,000 | 🟢20% |
Advice: The best way forward is to maintain a close relationship with your aviation insurance broker and underwriters so you get the best rates as things are changing.
Ben Peterson is a 15 year aviation insurance services professional, Commercial Pilot and Flight Instructor with over 1,000 hours instruction given, and former Cirrus Factory Instructor Pilot.
Benjamin Peterson
Graduated from the University of North Dakota with a degree in Commercial Aviation as a Pilot and Flight Instructor. My first professional job was working for Cirrus Aircraft as an instructor.