Aging Aircraft From An Insurance Perspective
On March 22 and 23, the FAA is holding public meetings in Kansas City, Mo., on what to do about keeping safe and serviceable the aging machinery that flies in regular service around the country. Expect to hear plenty from pilots, maintenance experts, crash investigators and the like, but in terms of overall impact on the continued use of 40-, 50- and even 60-year-old aircraft, the constant denominator is the insurance business. Avemco spokeswoman Lauretta Godbey said the company's chief underwriter, Jim Lauerman, will speak from experience and offer suggestions in his presentation. "We want to let people know that we are thinking about this issue and we are concerned about this issue," she said. Lauerman, who has extensive experience in aircraft underwriting, can only offer his own perspective on the issue but she said it's likely that his thoughts will be echoed in insurance company boardrooms across the country. She said Lauerman is also planning on offering tips to the owners of aging aircraft on how to help keep insurance affordable for them.