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Today's BAN

Today's business has more to do with relationships than methods. The actual products and services you're offering remain critical. However, it's ever more important that you create, maintain and cultivate significant relationships with prospects or potential customers!

To start the new year off at the Business Aviation Network we want to introduce you to some of the things that will make those relationships fruitful by using the Business Aviation Network. One of the most fundamental things is for people to be able to find you. For that to happen the search engines have to be able to index your profile pages, this requires you to change your Business Aviation Network privacy settings. By default, your profile is NOT visible to the outside world. Here is a link to FAQ’s page to change those settings.

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AIRCRAFT OPERATING COST – PLANNING AHEAD

AIRCRAFT OPERATING COST – PLANNING AHEAD

There are a multitude of aircraft operating cost articles written over the years including the occasional quarterly or annual reports describing current state of affairs for a variety of aircraft. If I've heard it once, I've heard it a thousand times, "no one offers a product that really captures the true cost to operate my aircraft." I couldn't agree with this sentiment more, but that's about to change.

The fact of the matter is there is no one set cost benchmark for any aircraft model on the planet. There are many reasons why operating cost subscription service providers, OEMs or economic cost guides don't capture true operating costs that can be universally applied to a particular model aircraft. Here are the five key reasons why:

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5 Questions You Need to Ask Your Insurance Broker

"I’m pretty sure we got the best option and are fully protected.” I hear that all the time from business aircraft owners & operators. After talking to them for only a few minutes their response changes to, “Geez. Now I’m not so sure.”

Whether you’ve been with your current broker for decades or just switched to a new one, ask these five questions every year to make sure you’ve got the best insurance coverage for your current situation.

 1.    Is my broker doing the job we paid him to do?

You pay your broker to fully represent you and your aircraft. If he isn’t licensed with 100% of the carriers and approaching EVERY market for a quote EVERY year, he’s not giving you the best possible service. Additionally, you pay your broker to be available when needed. Your calls and emails shouldn’t go unreturned -- even on nights and weekends.

2.    How do I know I have the best option?

Unless you got a market summary showing how every carrier quoted or declined, you don’t know. Too many brokers just show you the “best option,” but one who’s really doing his job will show you ALL the options. There are about 20 aviation insurance carriers (not all will quote every risk), but you need a broker who contracts with each of them to give you maximum leverage and full market coverage.

3.    When was the last time my hull value was adjusted?

Hull premiums typically make up about 70%-80% of the annual premium. If you haven’t realigned your aircraft with current market value you may be over-insuring, thus overpaying. We recommend adjusting the hull value to reflect the current resale value of the aircraft every year.

4.    Am I carrying enough liability coverage?

Perhaps your typical missions have changed and you’re now carrying 8-10 passengers, up from an average of 3-4 in past years. Recent data shows you can expect a wrongful death to settle for $3-$6 million for aviation related accidents. Review last year’s typical mission and this year’s planned missions to make sure you have proper coverage.

5.    Do I anticipate any changes over the next year that can affect my policy?

Perhaps you are considering using your aircraft for some charter to help offset the costs this year. If you anticipate any changes upcoming you want to make sure to ask your broker if the carrier they are quoting will A) approve the change and B) can provide the limits required for that change.

With the unique missions that each of us operates in our aircraft being fully protected is extremely important. Your broker should be explaining all of these important questions to you every year – if not it’s time to ask them yourself!

You can always ask Ryan or Wings Insurance any questions you may have. 

Ryan Konrath

Aviation Insurance Consultant at Wings Insurance

RyanKonrath.com

 

(952) 641-3152

rkonrath@wingsinsurance.com

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"BRANDING" Yourself in Business Aviation -- A Different Type of Service

"BRANDING" Yourself in Business Aviation -- A Different Type of Service In recent years, we have all become much more aware of service, service culture and customer service. Service industries have become a fast growing sector in world economies. Services now account for a significant portion of the labor force in the United States. As we are all aware, Aviation is a service industry. In particular, business aviation.

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Passenger Experiences and the Price of Communication

While this piece is geared towards the commercial aviation audience, most of the findings about the relationship between perceived value and repeat purchases are also relevant to the business aviation industry.

At aviation conferences, Board meetings and investor presentations, Executives understandably have their attention focused on managing costs, reviewing operating models, exploiting revenue opportunities and coping with changing customer behaviours. One of the biggest challenges is pricing activity being its own opposing force; a lever that is pulled down low to attract new business but only really creates healthy revenue when it’s pushed up high.

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