Aerospace insurer dives deeper into seaplane coverageReprints
Global Aerospace Inc., a Parsippany, New Jersey-based aerospace insurer, is expanding its seaplane insurance area within the United States.
In the past, Global Aerospace had underwritten coverage for seaplanes primarily through its sister company, Global Aerospace Underwriting Managers (Canada) Ltd., the insurer said Wednesday in a statement.
However, Global Aerospace decided to become more “bullish” in the seaplane market, both private and commercial, Nicholas Methven, Global Aerospace’s senior vice president and underwriting executive, said Wednesday.
“We’ve been dabbling in seaplanes in the U.S. but now want to make a more concerted effort. We think there is a bright future for the seaplane market, and we feel now is a good time to make the move,” Mr. Methven said.
Global Aerospace has a standard limit for private plane insurance of $1 million, with commercial size limits up to $200 million, depending on the type of aircraft, he said.
Two major factors in the decision to expand its seaplane coverage are the shift by pilots into alternate flight solutions due to congested-airspace issues and the arrival of ICON Aircraft Inc.’s new amphibious A5 airplane. The plane, geared toward business pilots and listing at $180,000, has the ability to land on water as well as hard surfaces. There are reportedly 1,300 A5 models on order, Mr. Methven said.
Currently there are several thousand seaplanes in operation, and the market is predicted to see growth, he said.