Airlines would not function without Pilots or Flight Crew. Getting comprehensive insurance coverage, however, has typically been tough for many pilots – run of the mill disability income protection products, for example, are typically not available to flight crew.
One reason for this is due to the fact that many casualty insurers have avoided covering pilots and other individuals who work in the aviation industry because of the many risks that are faced by these workers as a routine part of their job. Risks that, in the eyes of many insurance companies, cause aviation industry professionals to be essentially “uninsurable.”
One of the unique aspects of a Pilot’s profession is the fact that a medical certificate is required to Fly. Where individuals employed in other industries would have no problem performing their job with certain medical conditions, these same conditions in Pilots would cause them to become unemployable.
A Pilot’s Loss of License insurance policy will provide either monthly benefits or a lump sum settlement should a pilot’s license be suspended or cancelled due to a failed medical.
As there is fierce competition between airlines for the very best pilots, Loss of License Insurance can be a key tool in any airline’s battle chest for securing the top talent by ensuring that financial support is available should the pilot loose their license due to a medical issue.
Pilot’s Loss of License insurance can provide invaluable peace-of-mind for any pilot. From commercial pilots, helicopter pilots, test pilots, operators of charter flights, and even agricultural pilots, any type of aviation or airline company that is actively engaged in the business of actually flying should be considering Pilot’s Loss of License as part of their employee’s benefit package.
Providing coverage for a wide range of internationally accredited pilot’s licenses, this type of insurance is vital to ensuring that pilot’s are able to maintain a stable existence should they be grounded.
If you are a pilot, a pilot’s union, or an airline, and you’re considering taking out a new Pilot’s Loss of License insurance plan, or if you’re simply looking to benchmark your existing policy against alternative market offerings, please Contact Us to speak to an expert corporate insurance broker today.
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