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Sat, Nov 13, 2004

Home Run! AIG To Underwrite Insurance For Eclipse 500

Willis Global Aviation provides first premium estimates for the Very Light Jet

Eclipse Aviation has announced that AIG Aviation, Inc., a member company of American International Group, Inc. (AIG), has agreed to underwrite hull and liability insurance for the Eclipse 500 jet on behalf of the Member insurance companies of AIG. Additionally, insurance broker Willis Global Aviation has provided preliminary rate projections for the Eclipse 500 owner pilot market.

"AIG Aviation is confident in the Eclipse 500 jet and the pilot training program developed by Eclipse Aviation's management team," said William Lovett, vice president AIG Aviation, Inc.  "Quality training will be a critical element to a successful future for VLJs. AIG Aviation has recognized that the successful completion of the Eclipse 500 type rating and mentor program is the prerequisite to insurability."

"Willis has been working closely with aviation market underwriters and Eclipse personnel to develop hull and liability premiums that reflect the unique approach to training that Eclipse has established as well as the state-of-the art design and manufacture of the Eclipse 500 jet," said Joe Trotti, CEO of Willis Global Aviation, North America.

In their commitment to insure Eclipse 500 owners, AIG Aviation and Willis Global Aviation join underwriter Global Aerospace, which announced in 2002 it would offer insurance to Eclipse pilots who successfully complete Eclipse's training program.

Rate Estimates

Please note that future market conditions in 2006 as well as an individual's actual pilot experience and qualifications will affect future hull and liability quotations.

Below are three scenarios, representing pilots with varying experience levels.  

MINIMAL EXPERIENCE PILOT SCENARIO: (APPROXIMATELY 500 HOURS TOTAL TIME AT POLICY INCEPTION)

Pilot enters Eclipse training program with private pilot certificate, instrument rating (limited actual instrument time), and multi-engine rating (limited multi time).

Pilot must successfully complete Eclipse pilot skills evaluation (oral and written exam, including evaluation flight) supplemental training as indicated by pilot skills evaluation; Eclipse 5-part home study program; altitude chamber and Eclipse upset recovery training; and Eclipse type rating program.

Customer must enroll in Eclipse mentor training and agree to complete recurrent training in 6 months.

Full hull ($1.175 million value) and $1 million in liability with no per seat sub-limit, Estimated Premium: $42,000

MEDIUM EXPERIENCE PILOT SCENARIO: (APPROXIMATELY 1,000 HOURS TOTAL TIME AT POLICY INCEPTION)

Pilot enters Eclipse training program with private pilot certificate, instrument rating (approximately 100 hours of actual instrument time), and multi-engine rating (approximately 200 hours of multi-engine time).

Pilot must successfully complete Eclipse pilot skills evaluation (oral and written exam, including evaluation flight); supplemental training as indicated by pilot skills evaluation if needed; Eclipse 5-part home study program; altitude chamber and Eclipse upset recovery training and Eclipse type rating program.

Customer must enroll in Eclipse mentor training and agree to complete recurrent training in 12 months.

Full hull ($1.175 million value) and $5 million in liability with no per seat sub-limit, Estimated Premium: $44,000

Full hull with $1 million in liability with no per seat sub-limit, Estimated Premium: $37,000

EXPERIENCED PILOT SCENARIO: (APPROXIMATELY 2,500 HOUR TOTAL TIME AT POLICY INCEPTION)

Pilot enters Eclipse training program with commercial pilot certificate, instrument rating (approximately 100 hours of actual instrument time), and multi-engine rating (approximately 500 hours of multi-engine time with 100 hours of turbofan time and a previous turbofan type rating).

Pilot must successfully complete Eclipse pilot skills evaluation (oral and written exam, including evaluation flight); supplemental training as indicated by pilot skills evaluation if needed; Eclipse 5-part home study program; altitude chamber and Eclipse upset recovery training and Eclipse type rating program.

Eclipse mentor training will be waived in most cases.   Pilot must agree to complete recurrent training in 12 months.

Full hull ($1.175 million value) and $10 million in liability with no per seat sub-limit, Estimated Premium: $36,000

Full hull with $1 million in liability with no per seat sub-limit, Estimated Premium: $27,000

FMI: www.willis.com, www.eclipseaviation.com

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