US-based insurance brokerage firm SterlingRisk Insurance has introduced new Aircraft Business Income product for the private jet charter industry.
The product has been designed for both the aircraft owner and operator to protect their expected charter revenue from loss due to unscheduled maintenance and cancelled flights.
SterlingRisk Insurance aviation division president Carl Shephard said the aircraft owner can finally rest assured and not worry about losing revenue as a result of unscheduled maintenance.
"We aim to minimize our client’s financial participation in every claim and these products accomplish this goal," Shephard added.
The product will suit the business model of most owner operator agreements, as the limits of indemnity can be tailored to the hourly charter or lease rate between the owner and operator.
It will also offer aircraft adjusted loss coverage for the aircraft owner, and also allows owner to purchase a limit of indemnity, which will reimburse for any depreciated loss.
Rcently, SterlingRisk Aviation Division collaborated with Florida-based Flight Support Group (FSG).
Shephard added: "Partnering with FSG provides a distribution network to introduce our insurance products to the end user in a shorter period of time."
Image: SterlingRisk Insurance has introduced new Aircraft Business Income for private jet charter industry. Photo: courtesy of Supertrooper/ FreeDigitalPhotos.net.