The aviation industry continues to grow rapidly every year, with more pilots getting certified and more aircraft being built. With the industry’s rapid growth comes an increase in risk, both in flight and on the ground. Unfortunately, aviation insurance companies are having difficulty keeping up with this growth as there are only 20 aviation underwriting companies. However, four aviation insurance companies joined the list in 2023, increasing the capacity and making it easier to get quality insurance coverage for aircraft owners, pilots, manufacturers, and other aviation industry members.
In this article, we will discuss these companies to help you know what they brought to the table, helping you decide if they may be the right solution for you.
The 4 Newest Aviation Insurance Companies of 2023
Beacon Aviation Insurance Services is an Amynta company that offers insurance coverage to the general aviation industry. It was established in 2008 and is based in Sarasota, Florida.
Beacon Aviation offers workers’ compensation, hull and liability, and general aviation liability, which is similar to Commercial General Liability for Aviation. They provide a range of insurance coverage to Biz jets, airports, personal and business aircraft, flight schools, and corporate & industrial aid.
Beacon Aviation Insurance prides itself on providing personalized solutions. Most of its employees are active or former pilots and aviation professionals. Hence, they understand the industry and can cater to the unique needs of insurance seekers.
Beacon Aviation also has a risk management department that provides customized loss prevention plans for clients to fit the unique design of their operations. The services the department offers are:
- Regionally located loss control consultants across the USA
- Hazard identification & loss control surveys
- Job Hazard Analyses
- Education and training
- Technical loss analysis and consultation
- Underwriting/risk evaluation
Applied Underwriters Aviation
With an average of about 20 years in insurance, the Applied Underwriters team claims to offer a signature experience and intelligence. Who are they? Applied Underwriters Aviation is a US-based aviation insurance company. As of 2023, they have primarily focused on quota share following for vertical placement policies.
The company was founded by Steve Menzies and Jamie Sahara. Established in 1994, the parent company, Applied Underwriters is a global risk company that started with workers’ compensation insurance.
Applied Underwriters Aviation, a subsidiary, has its headquarters in Atlanta, Georgia. Headed by Steven Allen, the company comprises a solid team with a broad experience in aviation and space risk. Hence, they can meet clients’ individual needs. They cover nearly every type of risk, including:
- Aerospace manufacturers
- Commercial aviation
- Corporate aviation
- Specialty risk
- Aviation workers’ compensation
- Airports and ground handlers
- Pleasure & business.
Rated ‘A’ (Excellent) by AM Best, the team at Applied Aviation provides exceptional, knowledge-guided underwriting. Applied Aviation offers limits of up to $250M for liability and $50M for hull insurance.
IAT Insurance Group
IAT Aviation is a part of IAT Insurance Group, a privately held company. IAT insurance group is a property-casualty insurance provider offering specialty insurance products to individuals and businesses.
In 2018, the IAT group introduced a new unit providing coverage for unique and unusual aircraft, such as experimental amateur-built aircraft. Cody McCormick, with over 18 years of experience in the aviation industry, led the team of experts with over 45 years of combined experience.
IAT Aviation provides innovative products to the general aviation community, covering a wide range of risks, including rotorcraft, waterborne aircraft, turbine aircraft, and private airports, amongst others:
- Aircraft hull, liability, and associated ancillary coverages on specialized risks such as vintage aircraft, military surplus, charter aircraft, flight schools, experimental aircraft, and rotorcraft.
- Small airport/FBO coverages include Commercial General Liability, premises, hangar keeper, fuel sales, flight instruction, and general maintenance.
- Expanded coverages including Broad Coverage, extended territories, aerobatic competition, and Aircraft Builder/Restoration.
- Quota share following for vertical placement. IAT is picky about the insurance companies they follow.
IAT Aviation offers a limit of $5M hull and $10M liability. Under IAT Aircraft Policy, aircraft with a “Standard” airworthiness certificate may fall under “Experimental” or “Restricted” airworthiness due to maintenance requirements, equipment changes, or other changes to the aircraft. And this makes them stand out from other companies.
Eiger Insurance Services is a new private insurance underwriting company in Irvine, California. Nonetheless, it comprises underwriters with trustworthy knowledge of the aviation industry. Its team includes creative employees, including specialists, who can think outside the box to provide customized insurance coverage for clients.
Eiger Insurance Services is a managing general underwriter that focuses on providing insurance solutions to the general aviation and aerospace industry against aviation risks. Their services include aircraft hull and liability, unmanned UAV aircraft hull and liability, commercial general liability, airport liability, aerospace manufacturers products liability, non-owned aircraft liability, aerial applicator chemical liability, control tower liability, and excess liability.
Find the Best Aviation Insurance Company Based on Your Needs
The four new aviation insurance companies highlighted in this article offer personalized insurance solutions to meet the needs of all aviation professionals. However, Beacon Aviation, Applied Underwriters Aviation, IAT Insurance Group, and Eiger Insurance Services are only four of the newest companies that provide quality insurance and excellent customer service. Take the time to research all twenty-four aviation insurance providers for your needs, and do not hesitate to contact us to discuss the best fit for you. We will gladly provide more information and help you determine the best coverage and provider for you.
Contact Sunset Aviation Insurance today to get the aviation insurance coverage you need.
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.