Brokerage SterlingRisk Insurance unveiled an insurance product that covers air charter revenue losses attributable to unscheduled maintenance and cancelled flights. The coverage was developed for both the aircraft owner and charter operator, it said.
“This product is unique in our industry,” noted SterlingRisk aviation division president Carl Shephard. “The aircraft owner can finally rest assured and not worry about losing revenue as a result of unscheduled maintenance.”
The limits of indemnity can be tailored to the hourly charter or lease rate between the owner and operator, according to SterlingRisk. However, it can also be expanded to offer “aircraft adjusted loss” coverage for the aircraft owner, meaning it will also reimburse owners for any depreciated loss.
SterlingRisk’s aviation division has partnered with Sanford, Fla.-based Flight Support Group (FSG) to “provide a distribution network to introduce our insurance products to the end user in a shorter period of time,” Shephard said.