Critical Consultative Aviation Guidance to Help Affluent Clients Understand Risks and Secure Insurance Coverage for Purchasing, Leasing and Chartering Private Aircrafts
CHICAGO, Sept. 24, 2024 -- HUB International (HUB), a leading full-service global insurance brokerage and financial services firm, announced today the launch of HUB Private Client Aviation Risk Advisory Services. The new offering will support high-net worth (HNW) and ultra-high-net worth (UHNW) clients with proactive counsel from aviation specialists on the most important aircraft insurance considerations, such as age, condition, usage and storage of equipment, maintenance requirements and pilot experience.
With the private aircraft industry growing an estimated 7.3% to nearly $25B in 2024*, combined with evolving aviation regulations, pilot shortages, inventory and replacement parts limitations, the importance of working with aviation advisory experts is critical to ensuring compliance and safety while preserving the investment.
"HUB's Private Client Aviation Risk Advisory Services team helps our clients evaluate their insurance options before making a purchase, committing to a lease or chartering a plane so they can better determine the total costs, risks, and insurability of any potential aircraft," said Katherine Frattarola, Executive Vice President and Head of HUB Private Client. "This is an area where HNW clients can easily make the wrong choice, and when they do, the consequences can be severe."
HUB Private Client Aviation Risk Advisory Services offers highly customized solutions for every aspect of buying, leasing or chartering private aircrafts, including:
- Recognizing required maintenance on older aircraft that could negate initial savings and aircraft insurable/replacement value
- Evaluating pilot experience and the impact on securing competitive insurance coverage
- Ensuring liability levels to cover risks commensurate with the type of passengers typically on board
- Determining replacement part availability before purchase and the impact on the aircraft's active flying schedule
- Implementing regular reassessments of the hull value of the aircraft and adjusting insurance coverage levels while minimizing risks
- Determining aircraft management by a qualified management company or personal maintenance
For more information about HUB Private Client Aviation Risk Advisory Services, visit here.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 18,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, visit Hub Media Center.
*Business Jets Market report 2024
MEDIA CONTACTS:
Marni Gordon
Phone: 312-279-4601
Marni.gordon@hubinternational.com
Jessica Wiltse
Phone: 312-596-7573
jessica.wiltse@hubinternational.com
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