Tue, Aug 19, 2008
Offers Add'l Coverage For Non-Dealer Sellers
Avemco Insurance Company recently
launched a new specialty insurance product for aircraft traders --
insurance coverage for those aircraft owners who buy and sell
aircraft on a part-time or sideline basis.
Available in most states as of August 1, Avemco Aircraft Trader
Insurance provides coverage not previously available for
non-commercial traders who are not dealers but end up buying and
selling several aircraft over the course of a year. The policy will
allow for coverage specifically tailored to the unique needs of
this niche market. The product will be available for owners who buy
and sell standard certificated single-engine aircraft and meet the
company’s underwriting guidelines.
"We have observed that there are a number of owners whose
aircraft is always for sale and who are always on the look out for
a good buy," said Avemco president Jim Lauerman. "Yet most of these
owners go without appropriate insurance expecting the buyer to have
coverage. These owners are running the risk of being with the wrong
coverage should a mishap occur. So we’ve added Aircraft
Trader to our product line for this special market."
Avemco Aircraft Trader Insurance is available in most states;
and, it joins the company’s broad specialty product line that
also includes offerings for CFIs and light sport aircraft (LSAs),
technically advanced aircraft (TAAs), homebuilts, and non-owned
aircraft liability coverage. Hangar coverage and life insurance for
pilots, written through non-affiliated insurers, are also available
through Avemco Insurance Agency, Inc.
"Avemco is the general aviation industry’s only direct
underwriter, so we’re well positioned to handle the
flexibility necessary for this type of specialty insurance. Traders
can add qualified aircraft to, or remove aircraft from their Avemco
policy with one call. This coverage will recognize that the owner
has a sideline interest in trading aircraft. Avemco’s direct
business model makes it easier for all our customers to fully enjoy
their aircraft purchases," Lauerman added.
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