There is a great opportunity to provide coverage for unique and/or unusual aircraft, such as experimental amateur built aircraft and professionally built ‘component airworthiness demonstration’ aircraft.
RALEIGH, N.C. (PRWEB) February 05, 2018
IAT Insurance Group, a leading provider of specialty property and casualty products for businesses and individuals, is expanding its product offerings with specialty coverage for unique aviation risks. To lead the new unit, IAT welcomes Cody McCormick who brings more than 18 years of experience in aviation underwriting. “This addition complements IAT Insurance Group’s focus on insuring specialty and niche business risks. This is an underserved market, especially the non-standard aviation risks and experimental aircraft which require highly specialized underwriting knowledge to write profitably,” said Bill Cunningham, CEO, IAT Insurance Group.
Cody McCormick has joined IAT as Vice President, IAT Aviation, and will lead the new Aviation team which includes Robert Lombardo, Director of Underwriting, Kathleen Sherfey, Operations Manager, and Brian Emmerling, IT Application Development Manager. The unit has more than 45 years of combined experience in the aviation industry. “Cody brings deep expertise in aviation underwriting and a passion for aviation that began with his leadership of a helicopter support unit for the U.S. Army,” explains Ken Coon, Senior VP, Business Development, IAT Insurance Group. Most recently Cody served as an Underwriter, Hull and Liability, for London Aviation Underwriters, Inc. His experience also includes positions with Britt Paulk Aviation Insurance, AIG Aviation Insurance and Parts Manager at Air Services International.
The new unit will focus on offering coverage for specialized aviation risks through insurance brokers who concentrate on aviation, including:
- Aircraft hull, liability and associated ancillary coverages on specialized risks such as vintage aircraft, military surplus, charter aircraft, flight schools, experimental aircraft and rotorcraft.
- Small airport/FBO coverages including Commercial General Liability, premises, hangarkeeper, fuel sales, flight instruction and general maintenance.
- Expanded coverages including Broad Coverage, extended territories, aerobatic competition and Aircraft Builder/Restoration.
“There is a great opportunity to provide coverage for unique and/or unusual aircraft, such as experimental amateur built aircraft and professionally built ‘component airworthiness demonstration’ aircraft which we are highly familiar with as insurers and have had hands-on experience through working for an FAA Approved Service Center that had Parts Manufacturing Authority,” explained McCormick. Cunningham added, “The new team also brings expansion potential as they will continuously look to develop new, innovative product offerings specific to the aviation market.”
About IAT Insurance
IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. With approximately 700 employees and 13 offices across the country, we go to market through six business units – Commercial Transportation, Specialty, Programs, Inland Marine, Surplus Lines Excess and Assumed Reinsurance. Focused on the long-term, IAT provides our clients with superior products and service with steadfast dedication to innovation, stability and profitable growth that comes from the flexibility and power of our independence. The IAT Insurance Group companies are rated A- Excellent by AM Best. Connect with IAT Insurance Group on LinkedIn and Facebook, and learn more about the company at http://www.iatinsurancegroup.com.