First Quarter 2015: RPS IMC Balloon Insurance Review
Two Eagles: Mission Well Done
Most of you know by now of the successful flight and conclusion of the Two Eagles, Pacific Balloon record setting flight from Saga, Japan to Baja, Mexico.
Our hats are off to Troy and Leonid for a spectacularly planned mission with flawless execution. The years of planning certainly paid off with the records of distance and duration in a helium balloon being broken and pushed to new limits.
I have received many calls asking if we INSURED this adventure. The answer is YES. RPS IMC along with our partner Allianz, insured the operation from start to finish. This was made possible by the global reach of Allianz. Allianz has opened many new doors to our Balloon insurance business by allowing us to offer coverages and limits not offered to the industry in the past. If you are looking for the traditional coverages for balloon owners or have something specific in mind such as out of country operations or higher limits for specific ideas (as Troy did), please give us a call to discuss.
Job well done.
Information about the adventure can be found on their website: www.pacificballoon.com
Festivals & Events: Certificates & Additional Insured handling in 2015
There is a lot of news and new information regarding CERTIFICATES OF INSURANCE and ADDITIONAL INSUREDS that most of us must deal with on an ‘event basis’ each year.
In the past if you were contemplating traveling to events you were always burdened with the request to "send a C of I" from your insurance company. Many times you were then confronted with "oh, you need to name one or more Additional Insured" in addition to the C or I and that will cost money!!!!!
You were then responsible for contacting us to inform us of what events you are going to and to authorize a charge to your Credit Card for the AI (if there were any).
We thought long and hard for a way to streamline this process for you, events, and us. After speaking with many of you and events large and small and coordinating with our carrier, Allianz, we have come to develop the following flow as the new way of handling C & AI’s.
The preferred way to deal with this is for the events to send us one excel spreadsheet listing the N numbers and pilots who they have accepted into their event. This puts the responsibility of requesting "event required" certificates with the events, not you. You may still contact us by email, phone, website to let us know if you need a CI or AI.
Our "output" to the event is an excel spreadsheet with the Certificate or Additional Insured listing the appropriate information required by the event. This Certificate/AI will be Endorsed to the list of approved insureds. Should Additional Insureds be required, they will be included in the same excel spreadsheet.
By following this procedure, the events will take responsibility for their insurance requirements, inform us of your accepted participation, and reduce to ONE person we deal with per event and ONE document with which to communicate with the event. Gone will be 1000’s of calls from you to attend hundreds of events and 1000’s of individual certificates or AI’s being sent back and forth. We applaud the Schantz agency for following our lead.
The best news is yet to come……
With the application of the above, there will CEASE to be a charge for Additional Insureds on policies issued after January 1, 2015. In other words, NO CHARGE for AI’s when you renew your policy during 2015. Yes, 2014 policy holders will still have the $40 + tax charge (or package deal) but moving forward all will move into N/C territory at renewal time during this calendar year.
This is a major departure from the "way we have always done it." I’m sure you will agree this is a MUCH easier route to follow. No calls/emails/chasing money.
What about my landowner where I normally launch from who asks for a Certificate or AI? No problem, email us the legal name and address and we will do a "one-off" to handle special situations. Again, no charge with 2015 renewed or new policies.
We have handled the first few large events in the Southeast US as described above and everyone loves it. The events say…..easy with one document. You say….easy as I don’t have to chase paperwork. I say…...the office flow is much simpler. We will continue to refine our methods but this is a major departure and is well received by the events, to date.
A notification to the 475 events we have records on will go out shortly.
As always, should you wish to give me input as to how we can continually work smarter, please do.
Manager, RPS IMC Balloon