Aviation Insurance For Aircraft Charter Brokers
Large corporate travel departments and company flight operations that regularly depend on aircraft charter don't necessarily have the resources to evaluate every charter operator, negotiate rates and obtain the high level of service and reliability required in today's demanding business environment. Professional Air Charter Brokers change all that with their services which also add value, consistency and efficiency to their clients air charter purchasing.
Air charter brokers must be aware of insurance policies that may be secured to protect their interest and their customer’s interest in the charter transaction.
Transport Risk Management can provide comprehensive and affordable coverage to Charter Brokers not only for their own aviation liability exposures but we can also cover your Errors and Omissions (E&O) and "Directors and Officers" exposures.
Air Charter Broker Non-Owned Aircraft Liability Coverage:
Combined Single Limit Bodily Injury and Property Damage Liability (including passengers)
Maximum seating: Unlimited is available
Air Charter Broker Errors and Omissions Liability Coverage:
Errors and omissions insurance will provide you with a level of protection in the event a dispute arises between the air charter broker and the charter operator or customer. For example, if, as a broker, an error is made (such as informing the charter operator of the wrong airport location/code), the policy could cover the costs associated with relocating the aircraft to the proper airport.
Transport Risk can help you determine the appropriate level of insurance and the terms and conditions of the coverage. The types of flights you typically arrange (e.g., domestic or international) and the size/seating capacity of the aircraft (e.g., six-seat turboprop versus 14-passenger large turbojet and other factors, influence the proper coverage required along with premium levels.
Air Charter Broker Directors and Officers Liability Insurance:
Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.
Directors and Officers Liability Insurance can usually include Employment Practices Liability and sometimes Fiduciary Liability. The former involves harassment and discrimination suits, and is where the majority of your exposure will be.Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management. Generally it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.