Market for Corporate Jets NYT

[LRvsH25B]

Would you be willing to bet your bosses 20M dollar aircraft on that? What if payables missed paying the premium, or they simply dropped their insurance?

You guys have the right thoughts, and I am surprised that you all are unaware of how to solve your issue. What you can do in this situation, or one like it (going to be on jacks in MX for a month, not going to use the airplane for extended period, etc) is call your insurance professional and have them remove all liability coverage except for ground coverage. Only do this if you are CERTAIN the airplane is not going to be flown and DO NOT FORGET to have coverage reinstated when you are ready to resume operations. It's worthwhile for periods of about 3-4 weeks of inactivity or longer. A 5 day hop in MX is just not going to be worth it. Changing to ground coverage only, will also get your principles a nice refund check from the insurance folks as well. Keep in mind that you are taking money away from the broker (in a sense), so do not put up with any BS if the INS Broker wants to give you the run-around. This is done all the time by Pt.91 flight departments. The continuing coverage insurance requirements for aircraft on a Pt.135 may or may not allow for this, so be sure to clear it with your FSDO so they don't get blind-sided by notice from the Insurance folks stating you are without coverage. Works out well, and it shows the boss that the pilots are looking out for the bottom line as well.

 

[400A]

Is it paid for? Yes? Park it in the hangar, take the insurance off it, sell it when the market rebounds.

Any Chief Pilot that recommended his company leave a multi million dollar asset uninsured would deserve to be fired. Bad bad idea.

 

[LRvsH25B]

Any Chief Pilot that recommended his company leave a multi million dollar asset uninsured would deserve to be fired. Bad bad idea.

Check that. Any Chief that recommends his company leave a multi million dollar asset uninsured is, by definition, no Chief Pilot at all.