There is a new way to save money on commercial aircraft insurance: Paying for insurance per hour. Flight schools, aircraft rental operators, charter operators, flying clubs, aerial mapping and survey, and any other qualifying commercial operators that are MyFBO.com subscribers are eligible for the new Pay-By-The-Hour Insurance Program.
Subscribers pay a fixed premium charge for the non-flying exposure to their aircraft computed on a daily basis. Then they pay an hourly rate for each hour their airplane flies, based on Hobbs Meter. Hours flown are automatically reported to Phoenix Aviation Managers from the MyFBO.com software and then an hourly insurance statement is automatically generated and emailed to the subscriber’s insurance agent or broker.
The Pay-By-The-Hour Insurance links insurance costs to operating hours. Subscribers will pay less during months of below-average flying hours and more during months of above average flying. However, they will never pay more than their normal annual premium.
XL Insurance has expanded its US aviation operations with four new appointments to its New York-based underwriting team.
New are underwriters Armand Ferranti Jr., Eileen Mitchell and Charles Koehler, and business analyst Isabel Marin.
For more information: www.xlinsurance.com/aviation.