TITAN Aerospace Insurance has entered into a partnership with Beacon Aviation Insurance to provide workers’ compensation insurance policies with exclusive benefits for TITAN Aviation FBO owners and employees.
The partnership includes a flexible rate structure with guaranteed-cost premiums.
Policyholders gain access to an online risk management library, along with one-on-one risk management consultations. The partnership also provides interest-free premium installment options, including Pay-As-You-Owe plans. Claims support is available through 24/7 online and phone-based reporting tools.
Beacon Aviation Insurance specializes in insurance and risk management programs for aviation businesses across the United States.
Aviation insurance may face potential challenges
Despite capacity being strong, the aviation insurance market may face potential challenges due to changing market dynamics this year, according to a report from WTW last month. The airline insurance market has seen a surplus of supply in recent years but uncertainties in the aviation insurance and reinsurance sectors are becoming more pronounced, the report said.
Furthermore, current trends indicate that the aviation insurance market will not likely harden in the first half of this year, but early reinsurance renewals suggest direct insurers will remain open to negotiation.
However, the report said that if leasing dispute resolutions reduce reinsurance capacity, insurers may adjust their risk appetite, which could lead to changes in market dynamics.
