REPORTING AFTER SUN ‘N FUN — Not as exciting as a perfect landing, insurance is nonetheless a vital component of flying. For the most part: no insurance/no flying. And, as we’ve seen play out on the national stage with AIG (though not the aviation division) insurance is anything but assured when it comes to even giant companies failing. When you pay thousands of dollars per year as one expense of your flying, you want to know your company will be around to cover any loss. *** Avemco says it is the largest direct insurer — meaning they deal insurance company to owner without a middleman. They also report receiving an A+ rating for 25 consecutive years from A.M. Best, the insurance rating agency. Yet it gets much better. *** At Sun ‘n Fun Avemco president, Jim Lauerman announced “favored rates” for selected Special Light-Sport Aircraft (see photo caption). This means that Avemco has judged these brands worked hard to assure good transition training, which has resulted in reduced losses. They also provide good parts availability and have reasonable repair costs. *** The great news surrounds reducing claims from LSA operators. Avemco went from high losses per premium dollar to “finding a small profit from the business…for a three year old product, that’s not bad.” In fact, that’s good for Light-Sport Aircraft: Have insurance/will keep flying!
