Aviation Insurance Ratings

 

 

What is the financial strength and rating of my insurance provider? This is a common question asked by many of our aviation insurance clients.

 

For most with a little knowledge of the insurance industry, finding a rating usually is straight forward and easy. All one needs to do is check the rating with A.M. Best, Moody’s, Standard & Poor or Fitch.

 

But wait, if you have checked into the rating for the company for your aviation insurance policy you may be confused or distressed not to be able to find the rating information you are looking for.

 

How is it that the insurance company is not listed and rated? Technically it is it is just a matter of how to properly search for the information you seek.

 

First, it is important to realize that many of the recognized underwrites in the Aviation industry are not actual insurance agencies. Wait. What? Not insurance companies? Correct, the company that holds the policy often is an underwriting facility that offers insurance companies their underwriting services, recordkeeping, handling of claims, etc. Because these type of businesses are not actual insurance companies, they, in turn, do not have a rating.

 

So how can I be sure my insurance interests are being looked after? Easy enough. The underwriters are contracted with the actual insurance agencies, which all do have a rating. It is just a matter of who is the insurance provider vs. the underwriting agency.

 

Next, one needs to understand that the insurance company may not be under the same name as its rating. For example, USAIG is an underwriting company for Berkshire Hathaway. Anyone familiar with Berkshire Hathaway knows their strength in the market and that they are on sound financial footing.

 

For companies that are actual insurance providers like Chartis/AIG, XL Specialty, and Allianz, finding their rating is much more transparent and easy.

 

If you have a question about your insurance providers rating, give us a call, and we will be happy to help provide that to you. We review ratings on a monthly basis as a customer benefit and are happy to share this information with you.

 

To speak with someone who can help with insurance coverage for your airplane, helicopter, commercial drone, or other aviation asset feel free to contact us. Our qualified agents can help you shop the best rate, while at the same time, making sure you get the best coverage possible for your insurance needs.


 

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Editor: Lewis Austin