Just Tell the Insurance Underwriter that I'm a Good Pilot
Just tell the underwriter I am a good pilot. Sounds like an easy enough request. If only insurance was really that easy. The truth is insurance is more complicated than that, and aviation insurance especially is dependent on the deeper details involved in each case individually. Your details and the details of your aircraft together make you a unique case. As such, getting your unique details is critical to developing a comprehensive insurance policy to ensure your interests are best covered.
Admit it. Like most of us, you hate filling out paperwork. For some reason, insurance paperwork ranks at the top of the most hated paperwork hierarchy. Most aviation insurance agents can attest to the fact that one of the biggest problems in providing renewal quotations can be obtaining the necessary underwriting information from the client or their aircraft and other relevant personal information.
As with many things, the information provided has a direct relation to the quality of response back. As is with insurance, every question on an application has intent and purpose.
When completing an insurance application for your aircraft, it is essential to understand that the underwriter will not provide a quotation nor will he offer to bind coverage without complete and adequate underwriting information. This includes updated and current information on the pilot’s qualifications and full detailed information on the aircraft to be insured.
Failure to provide requested information in a timely fashion can result in a poor reception by the underwriter, which can result in a poor quotation or worse, a declination.
Just as important as complete information is also the time frame in which information is submitted. If your expiration date is January 17th, your insurance will expire one minute after midnight or 12:01 AM on January 17th. Calling to give your agent renewal instructions on January 17th will result in a gap in coverage. If your underwriting information is not conveyed to your insurance agent in a timely fashion, it will be difficult for them to provide you with a variety of quotations or to negotiate your renewal terms properly. It goes without saying, he will not have time to secure a binder and provide certificates of insurance to your lien holders and other certificate holders before expiration.
Yes, I know it is easy to procrastinate. Most of us are guilty of it. We put those things we want to deal with last on our list. When it comes time for renewal, we encourage you to move this task to the top of your list and take care of it as quickly as possible.
Be aware of your timeline and work with your insurance agent. Understand you are not the only client and that your feedback is only the first stage of the renewal process. Things take time and to ensure your best interests are being met; the best thing is to provide the agent the working room they need to review and submit your insurance policy to underwriting properly.
If insurance coverage is allowed to expire, no notification will be given to a lienholder or other certificate holders. Certificates of this nature have inception and expiration dates. The insurance company is not required to advise a certificate holder if coverage is not renewed.
Most of us in business have learned to deal with the tasks we dislike as we recognize the necessity of such to ensure our business is running well. While it is easy to put things off when it comes to insurance coverage, we urge you to resist procrastination. Remember the things you are insuring are high-value assets, and as a business person, your goal is to reduce expenses and maximize value. Working with your insurance agent, following up on their requests, providing all information needed, and being on time is critical to providing the best quote possible.
To speak with someone who can help with insurance coverage for your airplane, helicopter, commercial drone, or other aviation asset feel free to contact us. Our qualified agents can help you shop the best rate while at the same time, making sure you get the best coverage possible for your insurance needs.