Premiums have surged as revenue falls during COVID-19, forcing operators to uninsure machines or reconsider their aerial services.
Owners and operators of helicopters used in high-risk aerial work like mustering, firefighting and agricultural spraying are struggling to afford skyrocketing insurance costs.Some operators are leaving their helicopters uninsured because they can't afford itSome are choosing to leave machines uninsured, while others are reconsidering the aerial services they offer.
While he will keep liability cover, Mr Curr said insurance costs were unlikely to go down in future and would force many operators to reassess their business models. Mr Armstrong said his insurance costs had almost doubled in the past three years, with this year bringing the biggest rise. Ian Tait, a broker and managing director of Aviation Insurance Australia, said current prices were cheap compared to the 1990s and early 2000s, and premiums were at historical lows for the past five years."Underwriters are trying to recoup their losses and walk a fine line between getting back into profitability without hurting the helicopter operator or owner," he said.
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