Does Your Aircraft Insurance Submission Tell the Whole Story?

The means by which your insurance broker approaches an insurance underwriting carrier for a quote is via an insurance ‘submission’. The submission is typically a written document of a page or two that contains pertinent information on your risk for underwriting evaluation. In the aircraft hull and liability policy segment, the submission will almost always contain pilot information, the limits and coverages being requested, along with ancillary details concerning what type of policy the broker is seeking (i.e., pleasure use or commercial use).  

Other information useful to underwriting includes details about the aircraft itself, including its N number, year of manufacture, insured value, and make/model. Of primary importance to most underwriters is centered around how you operate, where you intend to operate (territory), and the frequency of operations. 

Pilot experience details – in addition to your logged hours in various platforms – will almost always outline your training regimen, including whether you attend formal recurrent/initial training for the aircraft being quoted. I always recommend that the pilot details include as much information as possible about that pilot beyond the hourly experience level, certificates, and ratings. Pilot experience and overall pilot details will largely drive the premium associated with a pleasure and business use policy. Pilot details are also critical on professionally flown aircraft, making it imperative that the pilot data provided to underwriting is complete and robust.

In the single-engine piston class, the submission may not be as robust, nor would a substantial amount of additional information generally move the insurance needle a lot in this lower-value class on insurance terms. However, when you get into turbo-prop and jet aircraft that are owner-flown with higher hull values,that submission information can make a difference in the insurance underwriting applied to your risk. I have many clients who insist on submitting a ‘white paper’ type document, which essentially is an autobiography of sorts as to their approach to flying, their health metrics, and their overall approach to risk management. These white paper documents on certain risks (e.g., older pilots) can have an impact on their insurability and the underwriter’s comfort level when quoting their policy.

It is always a good idea to engage your insurance broker on this topic to see whether a white paper or supplemental information might improve in your submission. I always say you can’t over-communicate on this subject, –that little bit of extra time you spend completing insurance paperwork each year to tell your story may help you in the long run.