Well, a pilot... is not just a pilot. Even setting aside all the different types of aircraft and licences in play, every pilot’s specific insurance risk is totally unique! No two are exactly the same. Essentially, this means that your risk profile (aircraft / experience / territory / mission) is particular and should be specifically mentioned, fully covered and accurately priced.
If you mix all of those variables in with other factors such as manned/unmanned airfields, GA flying / contract pilot, slinging / UN contracts, competitive flying such as air races or having a preference for rather doing a Sunday scenic flight around the pond (to mention just a few), you can understand how easily the incorrect information could end up at the insurer and how this could potentially result in non-disclosures the day you have a claim.
There is no such thing as “just a pilot”. Being boxed in as such with regards to your life and disability insurance is worrying, and what we notice has happened on the existing insurance of many of the pilots who approach us to assess their cover. Instead of risking omission of any factor which might affect your risk profile during the underwriting process, work through an aviation specialist to ensure the right questions are asked and answered.
Loss of Licence cover for pilots
This has become a specialised field, insuring pilots should they lose their medical and therefore their licence. This is the most important cover that every pilot who flies for a living could have.
What about the actual insurance - who is the best insurer out there?
There are numerous product providers and each of them view the specific risk of a certain type of pilot differently. There is no one-size-fits-all solution.
As an example: One insurer may not want to cover any GA flying unless the pilot flies more than 60 hours per annum, while another insurer is of the opinion that the risk is lower when the pilot flies only 10 hours per annum. One insurer may not want to offer cover to a medivac helicopter pilot flying in traditionally dangerous territories, while another insurer will accept the full risk. This then could make it a bit of a gamble who you happen to be talking to with regards to your cover.
We are aviation specialists - we only work with pilots, we are independent, and most importantly, we have built significant aviation insurance experience over the years. This means we make use of all the aviation-friendly insurers and match the exact nature of your flying with the insurer offering the best product at the best premium. Send me a quick email at firstname.lastname@example.org and let’s do a review to make sure you get the best cover and value for your hard-earned cash.
This article is the opinion and interpretation of the South African insurance industry by the author and is not intended to malign any company or individual. Views may differ from other parties. This article is intended as introductory information only and in no way constitutes financial advice. For tailored financial advice to suit your personal needs as a pilot, please contact an independent advisor specialising in aviation. These example scenarios above are for illustrative purposes only and do not constitute financial advice. Each individual claim case is different, and the outcome would depend on many variable factors such as which company the insurance policy is with, what they cover, and how the risk cover is structured. All content is subject to copyright and may not be reproduced in any form without the express written consent of the author. Franz Smit is the owner of www.pilotinsure.co.za and a representative of Netco Risk Management FSP: 40265.