Insurer Doubles Move-Your-Airplane Compensation
When hurricanes threaten airplanes, all the choices for owners can look daunting. Forecasts are not exact, and moving the airplane out of harm's way takes time and money. But letting it sit and counting on insurance to cover the damage is also risky, and AVweb's Paul Bertorelli argues in a recent InsiderBlog post it's a bad choice for many reasons. Now, to make the choice to move the airplane a little easier, insurer AIG Aviation said this week it will double the amount of its hurricane relocation coverage on most light-aircraft policies from $500 to $1,000. "We understand that our policyholders' costs of protecting their aircraft have gone up; therefore, increasing this protective coverage was simply the right thing to do," said Will Lovett, president of AIG Aviation, North America.
Avemco's Mike Adams told AVweb editor Russ Niles in a recent podcast that his company is in favor of relocating the airplane if that's an option, but added that Avemco bases its rates on the belief that in many cases that won't be possible or even safe.
This coverage allows the policyholder to focus on protecting his or her own life, family, home, and business, Adams said, and the airplane is often far down the list of concerns. "To try to fly out in the midst of a huge storm isn't always the best idea," he said. Hurricane season for the Atlantic Ocean extends from June 1 to Nov. 30, with maximum activity in early to mid September.