Silver Wings rates for 2007

Premium rates for COPA’s popular Silver Wings Plan group aviation insurance will see some changes starting Jan. 1, 2007. Some rates will be increasing while other rates will decrease.

The changes to the Silver Wings Plan are needed, partly due to inflationary pressures as there have been no increases for two years but mostly due to significant losses in the plan in recent years (See related article on this page). Claims in the COPA Silver Wings Plan have been too high to avoid increases for 2007.

In 2007, the periods insurance is offered will also change. In the past Silver Wings coverage could be purchased starting anytime during the year in two month intervals. Starting in 2007, coverage will be available starting in three month intervals, for example January/February/March. As before all Silver Wings Policies will expire on Jan. 1 of the following year.

Among the rates that will increase; Coverage “A” Bodily Injury (Excluding Passengers) and Property Damage Legal Liability and Coverage “B” Passenger legal Liability will increase very slightly.

Coverage “A” premium for $1,000,000 will increase from $199 for the whole year to $200, an increase of $1 or 0.5%. Similarly the premium for $100,000 passenger insurance under Coverage “B” (one passenger seat) will increase from $172 for a full year  to $185, an increase of $13 or 8%.

Premiums for Coverage “C” Combined Single Limit Bodily Injury (Including Passengers) and Property Damage Legal liability coverage are increasing at a higher rate. The popular $1,000,000 Combined Single Limit (including one passenger seat) for the year will increase from $469 to $600, an increase of $131 or 28%.

The good news is some hull rates are going down. Aircraft owners purchasing Coverage “D” Aircraft Hull “All Risks” Ground (Not-In-Motion) coverage will find rates for coverage on a wheel or ski equipped aircraft have been reduced from 1.44% of the hull value to 1.40%. There are also rate reductions for float-equipped aircraft, helicopters and gyroplanes as well as Work-In-Progress coverage.

Silver Wings coverage will be available for sale on Marsh’s website www.marsh.ca/copa starting in early November, 2006. We encourage you to go on-line for your Silver Wings 2007 coverage.

Applications and the Wings 2007 Edition Brochure will be available on Marsh’s website in early November. Paper brochures will not be automatically sent to renewing clients but will be available upon an individual request basis to Marsh.

It is not expected that Gold Wings rates will change significantly for 2007. Gold Wings applicants will also be able to apply on-line at www.marsh.ca/copa for coverage effective on or after Jan. 1 2007.

More information on COPA’s insurance programs, administered by Marsh Canada Limited, is available on the COPA website.