HUB International has introduced a new aviation risk advisory service offering targeted at high-net-worth and ultra-high-net-worth individuals.
The launch of HUB Private Client Aviation Risk Advisory Services aims to offer proactive counsel on key aircraft insurance considerations, ensuring compliance, safety and investment preservation amidst the growing private aircraft industry.
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HUB’s service is a response to the anticipated growth in the private aircraft sector and the complexities of aviation regulations, pilot shortages, and limitations in inventory and replacement parts.
HUB Private Client Aviation Risk Advisory Services delivers bespoke solutions for clients looking to purchase, lease or charter private aircraft.
These solutions encompass a range of considerations, from maintenance requirements for older aircraft to the evaluation of pilot experience and its impact on insurance coverage.
The advisory service also focuses on ensuring adequate liability coverage for the types of passengers on board, assessing the availability of replacement parts prior to purchase and the implications for the aircraft’s flying schedule.
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By GlobalDataRegular reassessment of the aircraft’s hull value for insurance purposes and the choice between professional aircraft management or personal maintenance are also key components of the service.
HUB executive vice-president and head of HUB private client Katherine Frattarola said: “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.
“This is an area where HNW clients can easily make the wrong choice, and when they do, the consequences can be severe.”
In July, HUB acquired the assets of Integrated Benefits Group Insurance Brokerage (IBG).
Located in Stoneham, Massachusetts, US, IBG provides insurance and administrative services for employee and group benefits, primarily serving small and medium-sized businesses.
