Insurance Premiums are a costly and sensitive subject for any organisations. Airlines in particular are obliged to balance their risks by having comprehensive policy cover in place given that the cost of an incident is so high. Insurance premiums are calculated, in part, by assessing the risk assumed by the insurer and unless the risks are clearly measured, it is likely that the insurer will price premiums higher to mitigate their own risk.
An enterprise with an FRMS installed will be able to assess and articulate the risk from fatigued staff more comprehensively and demonstrate a managed approach to containing risk. It is our experience that an insurance company with better quality information will price a policy more realistically.
The Directors of FRMSc have had remarkable success in managing policy premiums by approaching insurers after identifying and articulating risk from data collected through implementing FRMS. This has resulted in not only the avoidance of premium inflation but even winning a reduction in annual premiums. Contact us for an appointment to hear how we can help you determine your risks and help plan the approach to your insurer