Insurance is a necessity that operators hope never to put to use, but with operating costs, especially for fuel, running so high, any opportunity to save money is always welcome. Insurance underwriter USAIG is helping lower costs with its new Performance Vector Plus program, which can save flight departments as much as 15 percent on insurance premiums.
“We wanted a way to recognize both our current and potential customers’ investments in moving the safety needle forward in a way that is most helpful for them,” explained USAIG president and CEO Dave McKay. Performance Vector Plus is designed to reward flight departments for both avoiding losses but also meeting certain safety standards.
To qualify for the Performance Vector Plus discounts, flight departments must meet any of three safety standards, including:
• Achieve and maintain IS-BAO registration.
• Active pilots must successfully complete twice-yearly simulator training.
• Implement a recognized flight operational quality assurance (FOQA) program for all operated aircraft.
“While all of these efforts will help improve a flight department’s safety, we feel strongly that FOQA is going to be a game-changer,” McKay said. “It’s been successful in the air transport segment and we believe it will have the same kind of positive impact in business aviation. We wanted to be viewed in the industry as an active participant in moving that initiative forward.”
He added that operators do not have to implement all three programs, but the available return increases with each one up to a total of 15 percent savings off the regular premium. Participants that qualify by completing all three safety standards will also receive a copy of the Breiling Report on business aviation safety and a package of Performance Vector programs.
“There are some great leaders in the business who don’t need good-experience returns to make safety changes,” McKay said. “But our customers have told us it’s better to have incentives that complement their ongoing efforts. That’s the thinking behind the Performance Vector Plus program.”
While Performance Vector Plus is USAIG’s newest good-experience initiative, McKay said that it’s an expansion of the company’s popular Performance Vector safety program. “We introduced that program about two-and-a-half years ago and it’s built around human factors issues,” he said. “Currently it covers fatigue and alertness management through Alertness Solutions and 100- and 200-level pilot and maintenance reliability courses with Dr. Tony Kern.”
USAIG is hosting a Performance Vector Plus reception at its NBAA booth (No. N5425) on Wednesday, October 23 at 3 p.m.