Have you reviewed your aircraft insurance policy?
With severe storm season just kicking off across much of the country right now, it serves as a good reminder that you should review your aircraft insurance coverages. While it is a good practice to always review your aircrafts insurance policy yearly. Over the past few years we have seen many aircraft’s value increase by 30 to 40 percent or more, leaving many owners under-insured. But its not only the current market that might leave you under-insured as an owner. If you have recently updated the avionics, engine overhaul, or just completed a new interior, these all change the value of your aircraft.
Being under-insured in todays market may be the difference in the insurance company fixing your aircraft, or paying a total loss of the aircraft and taking title. If it has been a year or more since you have reviewed your aircrafts insurance, now is the time to call your insurance provider and update your coverages. If you are unsure of what your aircraft value might be in the current market, Altivation can help provide a review of your aircraft.
Contact us today, to learn more.
More on insurance in our “Business Aviation Insurance & Risk Management in Today’s Marketplace” from our March 2019 Newsletter.