agent/broker division

Insurers have also begun offering various risk management solutions to their policyholders as a value-added service, which has usually been offered in collaboration with other aviation industry experts in loss control and safety. This includes safety training, implementation of stricter maintenance and inspection protocols, and promoting adherence to industry best practices. These measures help mitigate the risk associated with high-value aircraft and third-party liability, ensuring safer operations, and reducing potential insurance losses.

This includes implementing safety protocols, conducting regular maintenance and inspections, and partaking in regular pilot training. By demonstrating a strong commitment to risk management, clients position themselves as “best in class” risks in the eyes of their underwriters. In the event of a claim, advising on prompt aircraft repairs can help limit the insurer’s exposure to additional costs such as storage fees and extra expenses.

Prompt repairs can also help minimize the impact on a client’s loss history and demonstrate a proactive approach to mitigating costs. Lastly, regular policy reviews can help identify any gaps in coverage and ensure clients are adequately protected in the prevailing inflationary environment.

As agents / brokers we are responsible for helping clients navigate an inflationary environment and that requires a proactive approach to managing risks and ensuring proper coverages. We should encourage clients to review and update their aircraft hull values to account for these changes. Second, clients should implement a culture of risk management and loss control measures.

Kristen Suarez has been serving the aviation industry for seven years as of May 2023. She is currently the executive manager of BWI Aviation Insurance Agency, Inc., and a proud AIA member since 2018. She currently serves as AIA’s Director-Elect of the Agent /Broker Division.