If you own an airplane or you fly someone else’s, you’ve likely thought about aviation insurance. While it’s not a regulatory requirement, aviation insurance protects you from significant losses if you experience an accident or other covered event.
On the other hand, if you’ve never purchased aviation insurance, you may find it difficult to navigate the complex risk and coverage environment. That may even be the case if you’ve been a policyholder for years, thanks to a changing landscape.
That’s where an aviation insurance broker comes in.
What Is an Aviation Insurance Broker?
An aviation insurance broker is a person or company that has expertise in the aviation insurance industry and is able to help you find the best coverage based on your unique needs. A quality aviation insurance broker has the following characteristics:
- Relationships: Quality aviation insurance brokers have minted relationships with the leading aviation underwriters. These relationships make it possible for your broker to offer you the best possible coverage at the best possible price.
- Understanding: Although there are plenty of aviation insurance brokers, the best are those that work to build an accurate understanding of your unique needs. These brokers take extra time to ask you questions and learn about you. This makes it possible for them to ensure that the insurance products they sell you meet your needs and goals.
- Availability: Your aviation insurance brokers should be available when you need them.
What Does an Aviation Insurance Broker Do?
The best aviation insurance brokers handle the following tasks:
- Q & A: The first thing a quality broker does is ask you questions. They’ll want to know about the aircraft you fly, the value of that aircraft, how you use it, and more. This is an important step that gives the aviation insurance broker the information they need to make sure you end up with coverage that fits your needs.
- Compare: Once the broker knows what you need, they work with multiple underwriters to see which provider can meet your needs at the best price. In many cases, they’ll find multiple plans to help you compare.
- Explain: Your aviation insurance broker will explain the different policies they were able to find that meet your needs. They’ll go over the pros and cons of each plan and answer any questions you might have to help you choose the policy that’s best for you.
Why You Need an Aviation Insurance Broker
You wouldn’t go to court without an attorney representing you, would you? Working with a professional typically leads to better outcomes, whether you’re talking about an attorney, a plumber, an electrician, or an aviation insurance broker.
There are several reasons that’s also the case when you work with an aviation insurance broker. Some of the most important are detailed below.
The best aviation insurance brokers, like BWI Aviation Insurance, have minted relationships with the largest aircraft insurance underwriters in the industry. That gives them the ability to pit these underwriters against each other and make them compete for your business.
The end result of this competition is typically you getting the best possible coverage at the best possible price. In fact, when you work with a quality aviation insurance broker, you could save hundreds or even thousands of dollars per year.
Navigate a Changing Risk Environment
The aviation risk environment is ever-changing. Airspace regulations are ever-changing. Moreover, ongoing challenges from COVID-19 and constant efforts toward structural cost reductions all play into the changing risk environment.
When you work with an aviation insurance broker, you’re working with an expert or team of experts that have made keeping up with this changing and challenging risk environment their life’s work. As such, they’ll be able to inform you of and protect you from risks you likely didn’t even know existed.
Meaningful Advice Unique to You
The best aviation insurance brokers aren’t just interested in selling you an insurance policy. Instead, these brokers have a vested interest in creating a relationship with you and signing you up with an insurance policy that fits your needs.
You’re unique, and your needs are unique too.
Your aviation insurance broker gives you coverage advice that’s just as unique as you are. In the end, you don’t just sign up for an insurance policy; you make an educated decision based on advice unique to your situation.
Get In Touch
Navigating the aviation insurance industry can be a headache. Get rid of the headache by working with some of the most talented agents in the industry. Give BWI Aviation Insurance a call today at 800.666.4359, to find out why so many pilots consider us the number one aviation insurance broker in the United States.