New liability-only insurance for senior pilots
AOPA has been actively advocating for solutions to keep senior pilots flying longer, particularly pilots age 70 and older who are finding traditional aircraft insurance policies—those that include both hull and liability coverage—either unaffordable or unavailable.
Among the options AOPA has been discussing with aviation insurance underwriters and brokers is liability-only insurance for senior pilots who are willing to self-insure their aircraft should it be damaged. A liability-only policy would enable senior pilots to comply with hangar lease and state regulations that require property damage and bodily liability insurance coverage for their aircraft, and provide estate protection should there be a need. This solution would provide senior pilots the opportunity to obtain liability insurance without many of the restrictions being imposed by some underwriters—e.g. requiring a third class medical as opposed to BasicMed, co-pilot requirements, requiring an annual checkride, or other constraints.
“Thanks to a collaborative industry effort, many senior pilots will now be able to secure a liability-only aircraft policy that affords them the freedom to fly the aircraft of their choice,” said AOPA President Mark Baker. “This is an important win for an active and experienced group of general aviation pilots.”
“Global Aerospace works diligently to meet the needs of our customers and provide resources and alternatives to help address the obstacles they may face. This first step toward improving the path forward for the aging pilot population is an example of our innovative approach to facing this challenge,” said Timothy Boland, Global Aerospace senior vice president, senior underwriting Manager.
SkyWatch, a licensed insurance agency, has been offering aircraft and drone insurance for thousands of operators in the United States for seven years. Building upon that experience, the company is now offering liability-only aircraft policies through its online solution at SkyWatch.ai. The online buying experience is simple: Provide applicant and aircraft details and select liability coverage limits. You can adjust coverage limits and get pricing in real time to determine the coverage and cost that best fit your budget. Flying without passengers will greatly reduce the cost of the policy. The entire process takes just a few minutes, and all necessary documentation is emailed to you and available on the SkyWatch policy management portal. You can also call a SkyWatch aviation specialist at 888-849-4902 to receive a quote and bind a policy.
AOPA aviation insurance partner AssuredPartners Aerospace is quoting liability-only premiums, and quotes can be requested online or by phone at 800-622-2672, where AOPA members can talk through issues and options with AssuredPartners’ insurance professionals. AssuredPartners plans to launch a new online platform in early October, including a client portal that will have ever-increasing functionality to include quote-to-bind options.
AOPA continues to have discussions with aviation insurance underwriters and brokers about additional ways to bring aircraft insurance premium relief to all pilots.
