Hurricane Season—How To Mitigate Your Risk – Global Aerospace Aviation…

One quick online search will tell you why insurance companies are withdrawing from providing coverage in disaster-prone areas around the U.S.—it’s extremely expensive to address losses.

Hurricane damage alone has cost the insurance market billions of dollars in recent years, and there’s no indication that things will improve soon. In fact, the frequency and severity of storms and the resulting financial consequences are increasing every year.

Fortunately, you can take steps to lower the risk to your aircraft.

Getting Out of Harm’s Way

The most effective method of avoiding storm damage to light aircraft is, of course, not exposing them to storms. Many aviation insurance policies have provisions for reimbursement for costs associated with moving your plane out of harm’s way.

If the National Weather Service issues a Hurricane Watch or Hurricane Warning for your home airport, you can be reimbursed for reasonable expenses related to moving the aircraft, including pilot services. Typically, you must move it at least 75 nautical miles and out of the affected area.

It’s important to note the specifics of this type of provision, such as time to report, dollar amounts and coverage type. If you are unclear about any aspect of the coverage, your broker can go over the policy with you and answer your questions.

Making Your Go/No-Go Decision With Time to Spare

Waiting until the last minute to decide whether to move your aircraft is risky. For one thing, you may miscalculate and...