Willis Global Aviation provides first premium estimates for the
Very Light Jet
Eclipse Aviation has announced that AIG Aviation, Inc., a member
company of American International Group, Inc. (AIG), has agreed to
underwrite hull and liability insurance for the Eclipse 500 jet on
behalf of the Member insurance companies of AIG. Additionally,
insurance broker Willis Global Aviation has provided preliminary
rate projections for the Eclipse 500 owner pilot market.
"AIG Aviation is confident in the Eclipse 500 jet
and the pilot training program developed by Eclipse Aviation's
management team," said William Lovett, vice president AIG Aviation,
Inc. "Quality training will be a critical element to a
successful future for VLJs. AIG Aviation has recognized that the
successful completion of the Eclipse 500 type rating and mentor
program is the prerequisite to insurability."
"Willis has been working closely with aviation market
underwriters and Eclipse personnel to develop hull and liability
premiums that reflect the unique approach to training that Eclipse
has established as well as the state-of-the art design and
manufacture of the Eclipse 500 jet," said Joe Trotti, CEO of Willis
Global Aviation, North America.
In their commitment to insure Eclipse 500 owners, AIG Aviation
and Willis Global Aviation join underwriter Global Aerospace, which
announced in 2002 it would offer insurance to Eclipse pilots who
successfully complete Eclipse's training program.
Rate Estimates
Please note that future market conditions in 2006 as well as
an individual's actual pilot experience and qualifications will
affect future hull and liability quotations.
Below are three scenarios, representing pilots with varying
experience levels.
MINIMAL EXPERIENCE PILOT SCENARIO: (APPROXIMATELY 500 HOURS
TOTAL TIME AT POLICY INCEPTION)
Pilot enters Eclipse training program with private pilot
certificate, instrument rating (limited actual instrument time),
and multi-engine rating (limited multi time).
Pilot must successfully complete Eclipse pilot skills
evaluation (oral and written exam, including evaluation flight)
supplemental training as indicated by pilot skills evaluation;
Eclipse 5-part home study program; altitude chamber and Eclipse
upset recovery training; and Eclipse type rating program.
Customer must enroll in Eclipse mentor training and agree to
complete recurrent training in 6 months.
Full hull ($1.175 million value) and $1 million in liability
with no per seat sub-limit, Estimated Premium: $42,000
MEDIUM EXPERIENCE PILOT SCENARIO: (APPROXIMATELY 1,000 HOURS
TOTAL TIME AT POLICY INCEPTION)
Pilot enters Eclipse training program with private pilot
certificate, instrument rating (approximately 100 hours of actual
instrument time), and multi-engine rating (approximately 200 hours
of multi-engine time).
Pilot must successfully complete Eclipse pilot skills
evaluation (oral and written exam, including evaluation flight);
supplemental training as indicated by pilot skills evaluation if
needed; Eclipse 5-part home study program; altitude chamber and
Eclipse upset recovery training and Eclipse type rating
program.
Customer must enroll in Eclipse mentor training and agree to
complete recurrent training in 12 months.
Full hull ($1.175 million value) and $5 million in liability
with no per seat sub-limit, Estimated Premium: $44,000
Full hull with $1 million in liability with no per seat
sub-limit, Estimated Premium: $37,000
EXPERIENCED PILOT SCENARIO: (APPROXIMATELY 2,500 HOUR TOTAL
TIME AT POLICY INCEPTION)
Pilot enters Eclipse training program with commercial pilot
certificate, instrument rating (approximately 100 hours of actual
instrument time), and multi-engine rating (approximately 500 hours
of multi-engine time with 100 hours of turbofan time and a previous
turbofan type rating).
Pilot must successfully complete Eclipse pilot skills
evaluation (oral and written exam, including evaluation flight);
supplemental training as indicated by pilot skills evaluation if
needed; Eclipse 5-part home study program; altitude chamber and
Eclipse upset recovery training and Eclipse type rating
program.
Eclipse mentor training will be waived in most
cases. Pilot must agree to complete recurrent training
in 12 months.
Full hull ($1.175 million value) and $10 million in
liability with no per seat sub-limit, Estimated Premium:
$36,000
Full hull with $1 million in liability with no per seat
sub-limit, Estimated Premium: $27,000
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