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Newsletter 1 Quarter 2013

50-Year Anniversary: HOPE for the Future!

2013 marks fifty years since Hope Aviation Insurance has been in business. Maybe it’s just us but it seems like fifty-year old companies are getting harder to find these days, especially in our line of work. In 1963 we began exclusive placement of aviation insurance coverage for a variety of clients across the US and abroad. Founded by Stuart Hope, Sr., today the firm is owned by Marion Hope, Stuart Hope, Jr., and Mena Hope-Gardiner. Broker Kathy Kenyon joined in 1980. The company added brokers Eric Barfield in 1998 then Shannon Hope in 2004. They are backed by the best team of Account Executives in the business: Kelli Feathers, Kristen Hamilton, Ashley Cothern and Kristie Patrick. Carmen Kennedy keeps up with all the accounting.

Our “special sauce” through the years has been picking one thing and doing it better than anyone else around. That one thing for us is aviation. We think there are just too many curves – and too much at stake – in the aviation industry to diffuse our talent, focus and expertise with other lines of insurance or risk management concerns. So we’ve honed our ability to custom-fit coverage for a variety of operations:

  • Aircraft Management & Charter Companies
  • Corporate & Business Aircraft
  • Helicopters
  • Airports
  • Fixed Base Operators & Flight Schools
  • Maintenance, Repair & Overhaul Facilities
  • Product Manufacturers  

As we look forward to celebrating our 50-year anniversary throughout the rest of this year, we know one thing an established company simply cannot do is rest on its laurels. So we’ve recommitted to making ourselves better and put in motion significant effort to set us up for more success over the next fifty years. But we could use your help. Contact us today and let us know how you think we can get better. We will of course welcome your positive comments too. We’re committed to adding value in this world and to making sure that, when it comes to aviation insurance, there is HOPE for the Future!    


Practical Insurance Advice: Preparing for Renewal in 2013

differenceNow is a good time for the Board review of risk mitigation, if you have not already done so. Documenting sound management of the company’s aviation function can produce benefits for the insured.

As we are off and running in 2013, let’s look at some steps that can be taken to prepare for aviation insurance renewal. The goal is to work with your company’s aviation insurance broker to improve coverage by achieving one or more [preferably all] of the following: lower premium, increased coverage limits, and broader coverage.

The biggest mistake many insureds make at the time of renewal is failure to supply requested insurance information in a timely manner. Unlike most other lines of property and casualty insurance, aviation underwriters request a renewal application with specific data every year. This task is often viewed as a hassle to the aircraft owner and therefore is frequently put aside to deal with at a later time.

The requested information, however, is vitally important! Learn why by clicking here!


Insuring Older Pilots

Probably the benchmark most often used to define an “older” pilot is the mandatory retirement age for airline pilots.  In the USA that limit is 65, increased from age 60 five years ago by the FAA. Insurance underwriters do not have a mandatory cut-off for insurability of pilots, but are largely influenced by the age 65 rule.

veteran pilot

Typically age is not a factor for corporate aircraft flown by a single pilot who has not reached his or her 65th birthday, but for every year past that age, he or she becomes more difficult to insure (without some modification to the policy wording, conditions, etc.)  Underwriters don’t like to “non-renew” an account, which they are more likely to do as the pilot ages, so they are reluctant to continue policies beyond 65.

Click here to read more about the pros and cons of hiring a veteran pilot.

 

 

 

Winglets

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Eric Barfield appointed Director of Operations. Celebrating 50 years of success (see main article right) involves not only looking back but also looking forward to a dynamic, challenging future of opportunity and growth. We cannot take our future for granted so in order to help chart the course for another 50 years of business aviation insurance success, Hope Aviation recently appointed 15-year company veteran Eric Barfield to a newly-created position as Director of Operations. In this role, Eric is responsible for managing day to day operations to sustain the Power of HOPE while also providing the strategic planning and corporate guidance necessary to create HOPE for the Future!

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gulfstream vs king air

National attention gets National action. It’s never good when this happens. Improving airport surface operations safety is on the National Transportation Safety Board’s 2013 Most Wanted List. Check out the related NBAA article here.

 


 

Is it time for you to re-consider your limit of liability? We tackled the issue of what’s really at stake with corporate aircraft liability in a recent article that you might find insightful. Are high limits over-insurance or a smart move? Read the article then see what you think!

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“I cannot answer except to assure you that it will be spectacular!”

– Orville Wright, when asked to forecast the future of aviation.