FAQs

At Alpha Risk Management, we are constantly adding FAQs to this page, based on the inquiries we receive.  If you have a question that is not addressed here, please send us an email, call us at 480-304-5090 or use our Contact page to send us an online inquiry. We will contact you within 24 hours to answer any questions you might have.

About Alpha Risk Management

  • How long has Alpha Risk Management been in business?
    • We formed our company in 2009; however, we’ve been in the aviation insurance business for more than 10 years.  In addition, we have pilots who have been in the aviation industry for more than 20 years.
  • Who services my policy at Alpha Risk Management?
    • An aviation insurance producer will be your main point of contact, however, our president and account staff will also be involved with the underwriting and servicing of your account.  You will have access to a staff member 24/7.
  • In what states are you licensed to provide insurance coverage?
    • We can provide services to all 50 states and work globally as well.
  • Who handles claims at Alpha Risk Management and when will I hear from them?
    • Claim representatives from the insurance company will handle your claim.  Our aviation professionals at Alpha Risk Management will act as an intermediary between you and the underwriters in managing your policy.
  • How is Alpha Risk Management different from other aviation insurance companies?
    • First off, we’re small enough to provide you personalized attention, but large enough that we handle all aspects of airplane insurance and pilot insurance throughout the U.S.  In addition, we work with a large number of aircraft insurance underwriters throughout the world to bring our clients the best coverage at the best price for their specific needs.  In addition, many on our staff are pilots and aviation professionals, so we understand the business more than most insurance brokers.

Purchasing Aviation Insurance

 

  • Is there a minimum required amount of insurance I should buy?
    • At Alpha Risk Management, we can help you determine a minimum based on the airplane you fly, and the type of risks you need coverage for.  Please visit the type section of our website for the type of plane you fly and fill out the quote on the corresponding section.  One of our aviation insurance producers will get back to you within 24 hours and discuss the minimum needed for your type of risk.
  • How much does airplane insurance cost?
    • It varies, as some aircraft are known to be safer risks than others.  For example single-engine and twin-engine pistons have a greater risk than turbine aircraft.  Our professional aircraft insurance professionals will counsel you on the risks involved for each type of airplane and find the best underwriters to cover that airplane at the best negotiated price.
  • How much liability coverage is enough?
    • Each case that comes into our office is different and we can help determine that answer once we have detailed information on your situation.  Liability is based upon your exposure and is determined by how many seats in the aircraft, average passenger load per flight, are you flying employees or guests, what assets needs to be protected, in addition to whether or not you have an umbrella policy that excludes aviation exposures.
  • Why is price not the most important factor when considering aviation insurance?
    • One of the benefits of doing business with Alpha Risk Management is that we work with dozens of underwriters throughout the U.S. and the world.  We do our best to negotiate the best prices for your policy, but our main concern is getting you the best coverage for the risk involved.  In some cases, we might recommend one carrier over another as we know they will be better to cover your risks, even though they might not be the least expensive.
  • What can I do to save money on my aviation insurance?
    • Premiums are based on pilot hours, pilot training, ratings, instrument and multi-engine proficiency checks done annually, annual flight reviews and participation in the Wings program. However, the type of plane you fly and why and how you use it determine costs as well. Our aviation insurance professionals will look at your information and risks that need covered and negotiate the best price for your needs. Additionally, certain companies offer discounts for owners that are members of AOPA and/or the EAA.
  • What losses are covered by aviation insurance?
    • At Alpha Risk Management, we can tailor coverage that provides for all types of aviation risks.  That includes life and property and business auto.
  • How long does it take to get a quote?
    • Depending on the type and complexity of aviation risk management you are seeking, your quote can be available in as little as 1-2 days, but never more than a week.
  • How quickly can I bind coverage for my aircraft?
    • At Alpha Risk Management, we have the ability to bind on a moment’s notice.  The minute you request coverage to be bound, we will send the request to be bound and it will be honored the same day.
  • How do I purchase coverage?
    • Visit the section of the website that best describes your airplane and type of use.  Fill out the quote firm to the best of your ability and one of our management staff will call you within 24 hours.
  • Can I buy a short term aviation insurance policy?
    • Short term policies do not exist for pilot insurance or airplane insurance. The aviation underwriters only offer a 12-month policy on all aviation insurance.
  • What value should I insure my aircraft for?
    • Generally it’s the amount of money it would take to purchase another aircraft exactly like yours. Since our aviation brokerage is experienced in the industry, we have resources that can quickly determine that value.
  • Can I charge people for the use of my aircraft?
    • This is the type of information we will gather when looking for the best insurance coverage to fit your needs. If you are looking to do this, we will make sure you have a policy that covers it.
  • What is TRIA coverage?
    • This is Terrorism Risk Insurance that you now have the right to purchase based upon the Terrorism Risk Insurance Act of 2002 and its amendment in 2005.
  • What is War Coverage?
    • Traditional War Risk Insurance provides coverages for war, confiscation, hijacking and related perils, such as vandalism. Please note you can purchase war hull and liability separately.
  • Can I pay my premiums in installments?
    • Alpha Risk Management offers extensive financing options through trusted banking institutions. If needed, we can even set up automatic payments for your premiums.
  • Can I cancel my policy during the policy period?
    • Should you need to cancel your aviation insurance coverage, return to us the Coverage Identification pages from your policy with a signed letter requesting cancellation and the reason for the cancellation. In addition, please call or email our office for additional forms that might be needed.
  • What factors do insurance companies use to determine premiums?
    • Factors include pilot hours, pilot training, ratings, instrument and multi-engine proficiency checks done annually, annual flight reviews and participation in the Wings program. Additionally, certain companies offer discounts for owners that are members of AOPA and/or the EAA.
  • How long does it take for my policy to take effect?
    • The policy has an effective date beginning at 12:01 A.M. on the date when coverage is requested to be bound by the client. We can bind coverage the same day we receive notice.
  • What happens if I move my plane to another state?
    • Simply notify us before the move so we can arrange to notify the insurance company.

Filing Claims

  • When should I report a claim and how can I report it?
    • Before contacting us, make sure your aircraft is protected from further damage and prevent it from becoming a safety hazard to others.  In all cases, do not discuss your accident with anyone other than Alpha Risk Management or government officials such as the FAA or police on the scene.  Please call us immediately, 24/7 and we will answer all of your questions and concerns at that time and begin to handle your case.
  • Where should I take my plane for an estimate?
    • Any authorized FAA repair station with appropriately licensed and rated mechanics for your specific aircraft.
  • Will this claim cause an increase in my premium?
    • Not always, especially if it wasn’t pilot related.  Since each scenario is different, the future risk will look different to the underwriter based on what happened.  They do not attach a claim surcharge because aircraft insurance rates change all the time.
  • I had a theft on my aircraft what do I do next?
    • First secure your aircraft from any further damage and notify the airport authority or local police right away to file a report.  Take pictures to document the damage along with the time and date.  Please contact us (Alpha Risk Management), immediately so that we can diagnose the situation and decide what the next best course of action is.
  • How will I be paid?
    • You will be paid directly from the insurance company for any repairs.  If repairs have already been made, be sure to save your receipts so the insurance company may pay the appropriate repair station.