Woodbury, NY, October 07, 2014 — SterlingRisk Insurance, a privately owned insurance brokerage firm, has announced the launch of an aircraft business income product for the private jet charter industry. This product was developed specifically for both the aircraft owner and operator to protect their expected charter revenue from loss due to unscheduled maintenance and cancelled flights.
“This product is unique in our industry,” said Carl Shephard, SterlingRisk’s Aviation Division President. “The aircraft owner can finally rest assured and not worry about losing revenue as a result of unscheduled maintenance.” The limits of indemnity can be tailored to the hourly charter or lease rate between the owner and operator, so the product will fit the business model of most owner operator agreements.
The program can also be expanded to offer ‘aircraft adjusted loss’ coverage for the aircraft owner. Aircraft damage claims are often subject to depreciation. Depreciation refers to a reduction in a claim settlement due to age or use of a part that has to be replaced and certain parts on an aircraft and rotorcraft have a life expectancy. The insurance company will take this into consideration before settling the claim. This product allows an aircraft owner to purchase a limit of indemnity that will reimburse for any depreciated loss. “The only thing worse than a partial loss is one which is subject to depreciation,” commented Carl Shephard. “We aim to minimize our client’s financial participation in every claim and these products accomplish this goal.”
The SterlingRisk Aviation Division recently partnered with Flight Support Group (FSG) out of Port Orange, Florida. “Partnering with FSG provides a distribution network to introduce our insurance products to the end user in a shorter period of time,” said Carl Shephard.
“Our alliance with SterlingRisk has allowed our worldwide team to enhance the coverage for the aircraft owners, and save them money at the same time,” said FSG’s Chief Executive Officer, Les Brent. The purpose of FSG is to bring value to a flight department, while effectively lowering the annual aviation budget with the implementation of effective programs with a proven track record.
For product questions or to apply, contact Carl Shephard at 850-460-7390 or CShephard@sterlingrisk.com.
