As predicted, the hard market has arrived and aviation insurance is no exception. Changes observed thus far in our new year renewals are as follows:
– Fewer options available to place transition risks, certain complex and rare aircraft, and some commercial operations.
– Rate increases in the order of 3%-5% on some of the more involved risks; namely commercial operations such as charter companies, flight schools, medical evacuation operators, and tour operators.
– Lower limits of liability offered for certain operations. Occasionally higher deductible options are being offered as well.
As explained back in November, work with your broker to ensure your risk is being marketed to all available underwriters and, obviously, presented in the best light.