Business Aviation Insurance (Seat Insurance)
Business travelers have become more and more frustrated with commercial flying, and corporations are choosing to own or lease their own aircraft for the time savings and convenience of their senior executives and other employees who are required to travel to distant worksites.
Corporate airplane accidents do happen. If such an accident occurs, and several senior executives from a single company are involved, that accident can throw the company into chaos. It is essential in the event there is an aircraft accident that plans are in place to deal with the loss of the business' key owners/employees as well as the possible liability situation with the deceased employees' families.
At first glance, it would appear that a traditional Business Travel Accident policy would cover all the bases, but that is not necessarily the case. On occasion spouses, children, and outside business associates are included on these flights; and traditional BTA insurance is normally limited to covering employees only. Thought must also be given to how to deal with insuring these non-employee individuals. Business Aviation Insurance was designed for certain corporations that use business aviation and who may take along outside consultants, spouses, or children. Traditional Business Travel Accident plans would not cover the other passengers.
Through Petersen International Underwriters, Travers & Associates offers a very specialized BTA product which we call Business Aviation Insurance. We can insure the corporate owned aircraft “seats”, meaning that whoever is occupying those seats is insured for the trip on the company owned airplane. The benefit can be a flat benefit amount or a multiple of income with a minimum benefit per occupied seat. Then, in the event of an accident and there are 2 employees, 2 spouses, and 3 consultants on board, they are all covered.