Wed, Apr 20, 2011
Aviation Alliance Insurance Risk Retention Group Fights Market
Conditions To Grow
At the 2011 Aeronautical Repair
Station Association (ARSA) Symposium, Bill Perdue, president of the
Aviation Alliance Insurance Risk Retention Group, Inc. (AAIRRG),
announced that "we have just enrolled our 50th member, which is a
significant milestone in our progress as a new insurance
company".
AAIRRG was formed by a group of the leading independent FAA
-certificated repair stations in the United States and is sponsored
by ARSA. The driving rationale for forming AAIRRG was the very high
premiums that repair stations were required to pay for liability
insurance on aircraft products. Traditionally, few aviation
insurance markets have considered covering repair stations.
Insurance rates became even more burdensome after the Sept. 11
terrorist attacks when most saw their premiums jump as much as 350
percent.
Understanding that repair stations bore no responsibility for
the increased market rates, ARSA researched alternatives to the
then-limited aviation insurance market. The research led to the
retention of Polaris Enterprise Group, Inc, Saint Helena, CA, which
specializes in insurance alternatives, to explore the feasibility
of forming an insurance company that would specifically provide
aircraft product liability insurance for ARSA members. AAIRRG
obtained its insurance license from the State of Montana on June
18, 2010, and began the process of quickly registering in 22
states.
In nine short months, AAIRRG enrolled its 50th member, Wheeling,
IL's, Aircraft Propeller Service, Inc., specialists in the repair
and overhaul of Hamilton Sundstrand composite propellers.
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