Tag Archives: Sun N Fun

Premium Increases

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Premium Increases, still?

If you have been following the aviation insurance market (or received your recent aircraft insurance renewal) you probably noticed premium increases. We have been telling people 30 to 300 percent. That might sound steep, but we have seen some very big increases.

But don’t take it personal. It is an “across the board” increase.  Even the Cessna 172’s and Cherokees are going up, just not as much as the experimental or retractable gear aircraft.

Premium Increases

Reasons? I have heard everything from, repair parts availability, losses, hurricanes, fires, tornados, Boeing, age of pilots, the cost of automation, reinsurance and more.  The list can go on depending on who you talk to.  But the result is the same: premiums are going up; limits are going down and underwriting is becoming more stringent.

We have seen a large number of companies decline to quote new business based on; pilot age over 69 years, type of aircraft, age of the aircraft and more. Plus, there is one company out there that has been cancelling policies they don’t want anymore.  Many are old pilots in higher performance aircraft which is putting those people in a spot. Now they are at an age and in an aircraft that the other companies will not quote.

It seems bad, but I have seen rates like this before. I’ve been in the business long enough to see the ups and downs in rates.  There was a time when most companies had minimum premiums over $1,000.  And yes rates are up, but today you can still get liability only for some aircraft for around $300.

Anyway, rates are still going up. But compared to most automotive policies the rates are low. If you compare the hull values (and they are agreed values not actual cost settlements) and the limit of liability (usually a $1 million limit) aviation is very competitive to automotive.

What can you do? Keep flying. Hours help. Fly a simple, fixed, tri-gear certified aircraft. They still have the best rates. If not expect to pay more.  You can always lower the hull value, change to ground not in motion or eliminate the hull coverage all together and have liability only. There are a few options to discuss. Don’t let you current insurance expire, especially if you are over 69 years old or have an unusual or old complex aircraft. Once you expire, you become “new business” and they do not have to take you back.

And you can not compare your rates to anyone else. Depending when your friend bought their insurance, even with the increases they might pay less than you. And they would have to be identical to you with the same location, same age, same hours, same ratings etc…

One good thing is aviation underwriting does not use credit ratings to calculate rates like auto and homeowners. And they don’t check motor vehicle driver reports and use that as a factor in aviation insurance.  At least not yet.

EAA’S SPIRIT OF AVIATION WEEK

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HUNDREDS OF THOUSANDS OF AVIATION ENTHUSIASTS JOIN IN FUN AT EAA’S SPIRIT OF AVIATION WEEK

Virtual event draws fans from around the world

EAA AVIATION CENTER, OSHKOSH, Wisconsin — (August 6, 2020) — An unprecedented effort to bring the EAA community at Oshkosh to aviation fans around the world was a grand success on July 21-25, as EAA’s inaugural Spirit of Aviation Week drew enthusiasts from throughout the country and around the world for five days of flying engagement and fun.

Created in the aftermath of this year’s cancellation of the EAA AirVenture Oshkosh fly-in convention, the virtual event included streaming and on-demand content, plus a virtual mall for exhibitors normally found at Oshkosh.

“Tremendous credit goes to more than 50 EAA staffers who combined to make this work, along with the hundreds of EAA members, aviation community members, and business partners who quickly stepped forward to contribute their time and knowledge to make this happen in little more than three months,” said Jack J. Pelton, EAA’s CEO and chairman of the board. “While Spirit of Aviation Week certainly was not a replacement for the in-person experience that is AirVenture each year, it was very successful in bringing together the flying community in a way that had never before been attempted.”

Among the highlights of EAA’s Spirit of Aviation Week, which spanned five days, eight hours per day, over three live streams with 262 pieces of content developed for the event:

  • More than 266,000 people connected via EAA.org and EAAtogether.org for the streaming and on-demand content, with nearly 800,000 page views and almost 1.6 million minutes of video viewing
  • Social media outreach totaled 4.5 million, with 827,000 video views throughout the week. Leading the way was a 2.2 million total reach on EAA’s Facebook page with 536,000 video views
  • More than 15,000 people attended 51 forums, with 20 of those forums issuing 6,300 FAA WINGS credits
  • More than 10,000 people attended the online workshops in sheet metal, fabric covering, aviation woodworking, and welding
  • The Pilot Proficiency Center hosted 25 Tech Talk sessions that welcomed more than 8,200 participants and accounted for an additional 4,500 FAA WINGS credits issued
  • Nearly 1,100 pilots “flew” the Oshkosh approach via SimVenture, thanks to a partnership with Pilot Edge and assistance from the National Association of Air Traffic Controllers (NATCA)
  • AirVenture’s 800 exhibitors welcomed shoppers from around the world through the virtual expo, with more than 200 special events from exhibitors and more than 80 show specials for attendees

“We are grateful for the large amount of positive feedback we received regarding Spirit of Aviation Week and we learned many things we’ll incorporate in the future,” Pelton said. “Most important, however, as we kept alive the sense of community and laid the foundation for an unforgettable aviation reunion at Oshkosh in 2021.”

About EAA

CANCELLATION OF EAA AIRVENTURE

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CORONAVIRUS UNCERTAINTY FORCES CANCELLATION OF EAA AIRVENTURE OSHKOSH 2020

Health and safety of participants, volunteers primary concern

EAA AVIATION CENTER, OSHKOSH, Wisconsin — (May 1, 2020) — The continuing uncertainty surrounding the coronavirus/COVID-19 pandemic has forced organizers of the world’s largest fly-in convention, EAA AirVenture Oshkosh 2020, to cancel this year’s event at Wittman Regional Airport in Oshkosh, Wisconsin. The 68th annual Experimental Aircraft Association fly-in convention was scheduled to be held on July 20-26, 2020.

“We looked at every possibility over the past six weeks as to how EAA could move forward with AirVenture this year, because it is such an important reunion for the aviation community,” said Jack J. Pelton, EAA CEO and Chairman of the Board. “The current status in Wisconsin is that it is still under a stay at home order until May 26, which completely eliminates our ability to start grounds preparation May 1. The reopening of the state also has no specific dates, creating uncertainty about mass gatherings in July. Ultimately, preserving the health and safety of all who would attend – and all the varying guidelines between states and countries from where our participants arrive – along with the massive commitments needed now for an event to meet EAA’s high standards, made cancellation the only option for this year.”

All pre-sold AirVenture 2020 admissions and camping reservations can be rolled over to the 2021 event or are eligible for refund. Those who have made such purchases will be contacted individually within the next two weeks regarding these options.

“Those of us involved in aviation know very well the importance of information gathering and planning prior to any flight, and I looked at AirVenture in much the same way before reaching this decision,” Pelton said. “While no one can see every eventuality, as we looked as the scenarios for holding the event in 2020, it was dependent on a number of important factors where there are currently no definitive answers. That is not the way to commit to an event that welcomes hundreds of thousands of visitors to Oshkosh from more than 90 countries.

“There is no way to describe the disappointment I feel for everyone who sees AirVenture as aviation’s family reunion each year. You can be assured that EAA is already eagerly looking forward to gathering along the AirVenture flightline on July 26 through August 1 in 2021.”

About EAA AirVenture Oshkosh

EAA AirVenture Oshkosh is “The World’s Greatest Aviation Celebration” and EAA’s yearly membership convention. Additional EAA AirVenture information, including advance ticket and camping purchase, is available online at www.eaa.org/airventure. EAA members receive the lowest prices on admission rates and all those age 18 and under are admitted free. For more information on EAA and its programs, call 800-JOIN-EAA (800-564-6322) or visit www.eaa.org. Immediate news is available at www.twitter.com/EAA.