As an insurance broker, it’s essential to have a strong aviation insurance policy in place for your clients who own or operate an aircraft. Aviation insurance protects your clients’ investment in their aircraft and any liability they may face in the event of an accident.
In general, most aviation insurance policies will cover property damage, liability, and medical expenses. Some policies may also cover loss of use, workers’ compensation for injured employees, and hull coverage for the aircraft itself.
BWI offers wholesale aviation insurance options that allow independent insurance brokers to use BWI’s coverage for their pre-existing client base. This process is referred to as “co-brokering.”
By using BWI as a wholesale agent, you can provide your clients with the coverage they need without becoming an aviation insurance expert yourself. And because BWI is a specialist in aviation insurance, you can be confident that your clients are getting the best possible coverage at a competitive price.
How Does Wholesale Aviation Insurance Work?
As an insurance broker, you can access BWI’s aviation insurance policies for your clients through our co-brokering program. When BWI underwrites an aviation insurance policy for one of your clients, we will list you as the broker of record. This means that you will remain your clients’ primary point of contact, and you will still be responsible for servicing the policy.
This arrangement has many benefits for both you and your clients:
- You can offer your clients comprehensive aviation insurance coverage without taking on the risk or expense of becoming an expert in aviation insurance yourself.
- Your clients will benefit from BWI’s experience as a specialist aviation insurer.
- You can focus on providing value to your clients in other areas, safely knowing that their aviation insurance needs are being taken care of.
BWI will provide you with all the resources you need to service the policy, including all information and documentation related to the policy, claims assistance, and more.
As part of our commitment to the Aviation Insurance Community, we developed a quoting tool called iFlyQuote. With the collaboration of all the major Aviation Insurance Carriers, iFlyQuote offers an easy-to-use tool to securely transmit and receive quote information.
Aviation insurance brokers can request an invite code at www.iflyquote.com to access the platform.
Types of Coverage Offered
BWI’s aviation insurance policies can be customized to meet your clients’ specific needs, but our most popular coverage options include the following:
- Aviation Hull and Liability Insurance. This covers your clients’ aircraft in the event of damage or loss and any liability they may face in the event of an accident.
- Workers’ Compensation Insurance. If your client employs pilots or other aviation professionals, this coverage will protect them in the event of a work-related injury.
- Aviation Property Insurance. This covers any property your client owns related to their aviation business, such as hangar buildings, tools, and equipment.
- Drone Insurance. If your client operates a drone for business purposes, this coverage will protect them against any damage or liability they may face in the event of an accident.
- Aircraft Insurance for Owners and Renters. This covers your clients’ aircraft in the event of damage or loss, regardless of whether they own or lease the aircraft.
- Flight School Insurance. This is a specialized type of insurance for flight schools and other aviation training organizations. It covers the school’s property and any liability they may face in the event of an accident.
Requirements for Independent Insurance Brokers
As an insurance broker, BWI complies with all insurance regulations, laws, and rules. If you’re interested in using BWI’s aviation insurance policies for your clients, there are a few requirements you need to meet:
- Service-oriented licensed agents
- Agents who carry at least 1 Million in E&O coverage
- Agents licensed in the state they do business
- Must be in good standing with the State’s Department of Insurance
Benefits of Working with BWI Aviation Insurance
BWI Aviation Insurance is a leading insurance provider with over 40 years of experience in the aviation industry. We are dedicated to providing our clients with the best possible coverage at a competitive price.
Some of the benefits of working with BWI include:
- A team of experienced aviation insurance experts who can help you find the right coverage for your clients
- A commitment to providing outstanding customer service
- Competitive rates
- A wide range of coverage options
- The ability to customize policies to meet your clients’ specific needs
- A history of stability and financial strength
Getting Started with BWI Aviation Insurance
BWI is here to assist you in adding aviation insurance to your product line. We have the experience, knowledge, and commitment to customer service that you can rely on.
If you’re interested in using BWI’s aviation insurance policies for your clients, co-brokering with us is easy. Simply contact us at www.bwifly.com or call 800.666.4359. One of our aviation insurance experts will be in touch to discuss your needs and help you get started.