Alberta Aviation Insurance
If you are in the aviation business in Alberta, few things are more important than having sufficient Aviation Insurance. The needs of the aviation and aerospace industry are unique and it can sometimes be difficult to know if you have the right kind of coverage. Take for example, the story of two brothers, Al and Richard.
Richard and Al loved flying and both were accomplished pilots. For years they dreamed about operating their own airline charter service in Edmonton. However, this dream never seemed to materialize until Al got serious and talked to several business owners in Alberta. After doing this, Al realized that many mid-sized businesses had travel needs to cities and places that were not near major airports. In addition, these companies did not have the resources to operate their own corporate aircraft. Seizing upon this need, Al and Richard got the funding together to open up their own charter airline service.
Their first passenger plane was not new but was in excellent condition. It took a few months, but finally they were open for business and they already had several regular customers in the first month of operation. Then tragedy struck.
Al flew back to Edmonton one day and parked the aircraft in the hangar as usual, and as he got in his car to leave it was starting to rain. Later that evening a huge thunderstorm with high winds hit the airport. The damage to their plane was so significant it was a total write-off. However, the men received even more terrible news from their insurance company.
Their plane was insured for the market value, and not for replacement cost, and the difference was several thousand dollars. In fact, it took so long to replace the aircraft that they lost several customers to other charter services. Had their Airline Insurance person told them about this potential problem, it could have easily been avoided.
A problem like Richard and Al’s can be avoided when the proper precautions are taken. It’s imperative to ensure that you have the correct coverage for your business’ needs. Our Commercial team at Leibel Insurance Group specialize in many forms of insurance for both large and small businesses including Aviation and Aircraft. Contact us today by email or call 780-484-8880.