Whenever aviation mechanics or shop managers congregate, the subject of insurance almost always comes up. There are constant complaints about the cost, the lack of availability and the complexity of obtaining insurance. To really understand the problems and solutions, we need to look at the risks a given business presents, and ways to mitigate them. Each business has to look at what risks are present, what the potential liability of that risk may be and the value of purchasing insurance protection from that risk. By eliminating or limiting the risk, documenting the steps taken and presenting them to their insurance broker or underwriter, an organization should see a reduction in their premiums for the type of insurance that covers that risk. Another method of reducing insurance costs may be to increase the deductible for a given type of coverage. In effect, the company would self insure up to a preset amount and the insurance company would only pick up the amount of a claim beyond that deductible.
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