Flight schools, aircraft rental operators, charter operators, flying clubs, aerial mapping and survey, and other qualifying commercial aviation operators nationwide may take advantage of a new pay-by-the-hour insurance program. The program was introduced this summer by aviation management software systems developer, MyFBO.com, and aviation insurance provider, Phoenix Aviation Managers.
The offering is available to MyFBO.com subscribers. Those who participate will pay a fixed premium charge for the non-flying exposure to their aircraft computed on a daily basis. Then they will pay an hourly rate for each hour their airplane flies, based on Hobbs Meter. Hours flown are automatically reported to Phoenix Aviation Managers from the MyFBO.com software and then an hourly insurance statement is automatically generated and e-mailed to the subscriber’s insurance agent or broker.
The Pay-By-The-Hour Insurance links insurance costs to operating hours. Participating subscribers will pay less during months of below-average flying hours and more during months of above average flying. However, they will never pay more than their normal annual premium.
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