aviation insurance

FOR IMMEDIATE RELEASE

EDGEWATER, Md. – Nov. 11, 2019 – National Aircraft Finance Association (NAFA) is pleased to announce that Wings Insurance has recently joined its professional network of aviation service providers. 

“NAFA members form a network of aviation finance services who diligently and competently operate with integrity and objectivity throughout the world. We’re excited to welcome Wings to our growing organization as we head to our 50th anniversary,” said Jim Blessing, president of NAFA.

Wings Insurance is one of the largest aviation risks-only insurance brokers in the country, maintaining five office locations in the USA (Daytona Beach, Cleveland, Minneapolis, Chicago and Denver) and a customer base of over 2500 clients. The company’s aviation insurance reach encompasses every state in the USA along with global insurance placements in most EU, Middle East and Asian locales.

Wings Insurance began in 1984, specializing in aviation insurance on a regional level. Since inception, the business has experienced a steady rate of growth, and almost 35 years later they offer global insurance solutions through a world-wide network of solution providers with over 100 years of combined aviation insurance experience.

With their hands-on background in both the aviation and insurance industries, Wings has the resources to help their clients make informed decisions, whether it involves purchasing, financing, tax, legal, transitions or recurrent training. The company aims to provide the best coverages at the lowest price point available and solidify long-term partnerships through responsive customer service, creativity, and integrity. Wings is also one of only three International Aircraft Dealers Association (IADA) endorsed insurance brokerage firms. 

Much like NAFA, Wings Insurance is dedicated to the highest quality of service to their clients and business associates – delivered with a sense of friendliness and individual pride. Wings and NAFA are committed to fostering industry knowledge and leading-edge technology throughout the aviation industry.

For more information about Wings Insurance, visit nafa.aero/companies/wings-insurance.

About NAFA:  

The National Aircraft Finance Association (NAFA) is a non-profit corporation dedicated to promoting the general welfare of individuals and organizations providing aircraft financing and loans secured by aircraft; to improving the industry's service to the public; and to providing our members with a forum for education and the sharing of information and knowledge to encourage the financing, leasing and insuring of general aviation aircraft. For more information about NAFA, visit NAFA.aero.

NAFA member Clay Lacy Aviation, discusses ways aircraft management can save you money.

Through pooled purchasing and thoughtful decision making, an aircraft management company can save a private jet owner 25-30% in annual operating expenses over a single aircraft flight department; while also improving safety and service. Here is an overview of the five areas that aircraft owners will save when choosing to partner with a reputable aircraft management company.

Fuel

Fuel is the largest variable cost that private jet owners incur; accounting for about 38% of variable expenses and 19% of annual operating expenses. A management company reduces this cost through large fleet fuel purchase programs. “The more diversified a private jet operator is, the more savings that can be passed along to an aircraft owner directly,” says Daniel Murphy, Senior Fleet Analyst at Clay Lacy Aviation. “We can pass along savings to aircraft owners by driving down purchase costs. Aircraft owners essentially save by leveraging our large fleet’s buying power,” Daniel continues.

Crew Training, Retention, & Utilization

Pilot and cabin attendant training is a necessary and recurring component to owning and operating a private jet. Pilots are required to attend training, multiple times throughout a year to remain proficient on aircraft systems and emergency procedures. “We can achieve discounts on crew training in the range of thousands of dollars for each training event,” estimates Daniel. “Over time, these savings add up and make a difference for our clients,” Daniel continues.

Crew retention is also an area that a management company helps aircraft owner’s save. Clay Lacy carefully vets pilots and cabin attendants; meticulously choosing only the best and most well suited to be part of an aircraft owner’s in-flight team.

In Clay Lacy’s fifty-year history, pilots often stay ten, twenty, and even thirty years with the company. This incredible level of retention offers a consistency, efficiency, and savings often unachievable with other private jet management companies.

When management companies have multiple air-frames of the same type within their fleet, lateral use of flight crews is also possible. For example, if a private jet management company operates three Gulfstream G550s, there is the option to rotate the flight crews between the aircraft if necessary. This helps to eliminate the need for outside contract pilots in the instances when full-time crew members are unavailable.

Insurance

Considering aircraft insurance, both the opportunity for cost-savings and ‘lifestyle savings’ should be noted. When working with a large aircraft management company, aircraft owners will see significant savings being incurred on both a quantitative and qualitative basis. “The real value in a quality insurance program lies in replacement aircraft programs and other benefits,” says Daniel.

“Clay Lacy’s policies include an aircraft replacement option that allows for individuals to utilize other jets in the fleet when their aircraft is down for maintenance or experience another issue or service update,” continues Daniel. When an aircraft management company maintains a large fleet, the temporary replacement option provides clients with peace of mind and ultimate convenience. “With over one-hundred aircraft in Clay Lacy’s managed fleet, and over 50 percent large-cabin jets, it’s advantageous for aircraft owners’ to join our insurance programs,” says Daniel.

Subscriptions

In-flight WiFi is a necessary amenity in this era of private jet travel. However, there is a significant cost to installing the equipment and sizable ongoing monthly service fees. Aircraft management companies are able to develop ongoing relationships with companies like Honeywell, Gogo Inflight or Smart Sky, and in turn, leverage the multiple jet subscription discounts to help reduce costs for each individual aircraft owner. “Once again, we see savings for a private jet owner based on an ability to individually serve one client while maximizing the benefits that a large fleet yields,” reiterates Daniel.  In addition to WiFi, there are five to ten other subscription based services that aircraft owners save on, including items like aeronautical charts, flight planning services, satellite weather, parts and avionics warranties, and much more.

Trip Expenses

One of the most significant expenses that occur regularly are those related to a flight. Examples of trip expenses include ground transportation, catering, landing fees, aircraft parking, international permits, FBO services, crew hotels and crew transportation. “Aircraft management companies maintain relationships between various vendors and can achieve discounts that a one or two aircraft flight department cannot achieve,” says Daniel.

The Individualized Approach To Savings

In addition to the five areas mentioned above, an aircraft management company can significantly lower maintenance costs while continuing to maximize an owner’s use of the aircraft. “An aircraft management company that offers in-house maintenance will be able to save a jet owner over the long-term by decreasing the number of cycles imposed on an aircraft and increasing efficiency,” says Daniel.

Daniel’s role at Clay Lacy looks at both qualitative and quantitative data regarding each aircraft in the managed fleet. Subsequently, the information gathered is used to choose the best course of action for projected long-term savings, as well as operational goal achievement. “Some owner’s raise concerns over being part of a large managed fleet but at Clay Lacy, we can achieve both the cost-savings benefits of a large organization with the familiarity and comfort exhibited by a small management firm,” says Joe Barber, Director of Aircraft Management at Clay Lacy Aviation. “This ability to translate what seems to be two opposing entities is possible through the system of support we employ for each aircraft. Every aircraft owner has a professional and specialized team, available at any time; day or night.  “We have the resources and relationships available to give our owner’s the ownership experience that they deserve and desire.”

Would you like to know how you can save more money as a private jet owner? Contact an aircraft manager today! 

This article was originally published by Clay Lacy Aviation on their Insights Blog.