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  #1  
Old 11-29-2017, 02:04 PM
LRingeisen's Avatar
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 109
Default Are you thinking of selling your aircraft?

We wanted to remind you that most insurance companies will short rate you when you cancel a policy, but sometimes we can work around this. If you are thinking of selling your aircraft, ask the buyer to contact us for a quote. If we are able to write the buyer with the same company that you currently have, we have a much better chance of talking the insurance company into prorating your cancellation. It?s a win-win for everyone! You will get more of your remaining premium back, the insurance company gets to keep the business and the buyer will be working with a Vans specialist who will find the best options available to them. Even if we are unable to write the buyer with your current company, you are doing them a favor by introducing them to an insurance broker that prides ourselves on having close relationships with our underwriters to make sure your policy is the best to fit your needs. We also have an in-house claims advisor to work for you, and we were just mentioned as the World?s Most Ethical Company for the sixth year in a row. Remember, our business is built on referrals. The biggest compliment you can give our agency is to pass on our name.
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*This is an informative post to help educate and explain different aspects of the insurance field.

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Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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  #2  
Old 11-30-2017, 07:23 AM
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LettersFromFlyoverCountry LettersFromFlyoverCountry is offline
 
Join Date: Jan 2005
Location: St. Paul, MN.
Posts: 4,826
Default

What does "short rate" mean?
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St. Paul, MN.
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  #3  
Old 11-30-2017, 08:08 AM
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LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 109
Default

Quote:
Originally Posted by LettersFromFlyoverCountry View Post
What does "short rate" mean?
Good question!

Short-rating a policy means that the insurance company will charge a penalty for cancelling the policy prior to the expiration date. This is generally about 10% of the owed premium for coverage not used. When the policy is pro-rated, the insurance company does not charge the penalty.
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*This is an informative post to help educate and explain different aspects of the insurance field.

Leah Ringeisen, Katie Escalante & Kim Schuler
Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
*paid advertiser
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  #4  
Old 11-30-2017, 09:33 AM
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greghughespdx greghughespdx is offline
 
Join Date: Nov 2011
Location: Aurora, OR
Posts: 1,034
Default

I can tell ya that my experience this year, having to file a claim on an airplane policy for the first time ever (in this case project insurance for a broken prop blade) that Gallagher and the staff are awesome, true advocates, and that their guidance based on my needs to buy the insurance policy from AIG - even though it cost slightly more - was a great decision. Both Gallagher and AIG were quick, helpful and concerned and the claim was handled with essentially zero stress (other than me mourning the damaged prop that is).
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