Examining Insurance Policies
Review Mike’s scenario,
Mike is so happy about being a newly-minted CFI that he goes out and buys an aircraft of his own so he can start instructing and renting his aircraft out right away. He had to borrow $50,000 from his dad to finance the aircraft. He rented a hangar at Provo Municipal Airport, where he will not only hangar his aircraft, but will also conduct classroom instruction and have a little lobby area, in case business takes off.
Being a UT native, he enjoys sharing his passion for UT so much that he also wants to conduct aerial tours with his new aircraft. Mike also enjoys taking pictures so he has a camera port installed, allowing him to have an aerial photography side-job. Not being one to turn down money, Mike wants to also be able to instruct potential students in their own aircraft as well as his aircraft..
Make note of any airport premises coverage Mike might need. Make sure you consider all of the ways in which he plans to use, maintain and store his aircraft (e.g. instruction, rental, aerial photography, etc.), as well as any plans Mike has to interact with other people.
Make a list of any special endorsements related to airport premises coverage Mike will need. You will need to research aviation insurance policies and endorsements on the Internet in order to account for all of Mike’s needs for airport premises coverage.
As you find resources online, make a note of the Web address and sources you obtain.
Make a list of common exclusions you find as you research coverage options for Mike.
Gather your lists from all three parts of this assignment.
Compose a brief business letter to Mike providing your insurance coverage recommendations. Assume the role of a broker who has just evaluated Mark’s insurance needs.
Make sure your letter addresses the following:
Recommendations for hull, liability, airport premises, and other coverage.
Endorsements Mike will need to make sure he is fully covered. Explain why he needs these endorsements.
Exclusions Mike should watch out for.
A list of resources, such as Web sites, Mike can visit to verify your recommendations. Cite you resources using APA style.
Please note that you do not need to identify specific dollar amounts, only the types of coverage, endorsements, and exclusions of which Mike should be aware.
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