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APA
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Management
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Research Paper
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English (U.S.)
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Topic:

Aviation Insurance: Aerodynamics Indemnification's Analysis

Research Paper Instructions:

Over the course of the semester you have learned about the history of aviation insurance, how insurance works, the types of risks aviation operations face and the types of insurance coverage they can buy to protect them. You have also learned about how to buy insurance and who to buy it from. Lastly you have also learned methods of handling and assessing risk outside of purely purchasing insurance that can help protect your business.
For this final project there will be four sections representing four different businesses that you will be the President of. 1) New York Metropolitan Airport 2) Long Island Jet Charter Company 3) ABC Jet Maintenance and 4) XYZ Propeller Manufacturing Company
For each of these four companies you will need to answer the following questions:
a) What are the three biggest risks facing this company?
b) Can you buy insurance for all of these risks, use another method of protection or both?
c) Discuss the types of insurance you would buy to protect the company
d) Identify what property the company will need to protect with insurance
e) Identify at least two scenarios where this company could be held liable (after a lawsuit) and made to pay damages
Company info
1) New York Metro Airport – this airport has three terminals. Two are for airline operations and one is for general aviation operations. They have about 150 take offs and landings per day. They own a fuel farm and sell fuel to aircraft operators. They distribute the fuel using fuel truck that they own and operate. They also have one deicing truck they use to deice aircraft when needed. The airport has 300 employees.
2) Long Island Jet Charter Company – based at New York Metro Airport this company owns 10 private jets. They have loans from a local bank on each of the aircraft. Passengers can pay this company for flights to any destination in the United States. They employ 30 pilots, 10 mechanics, 3 dispatchers and an executive team. The own ground power units for the airplanes and several towing tugs to move the aircraft.
3) ABC Jet Maintenance – this operation owns a hangar and office space at New York Metro Airport. They provide all maintenance that would be required for any jet aircraft. They have several towing tugs, ground power units, lift machines and provide each of their mechanics their own complete set of tools. They employ 15 mechanics, two accountants and two floor managers.
4) XYZ Propeller Manufacturing Company – this company has made propellers for small general aviation single engine aircraft for 50 years. They produce 150 propellers per year and estimate they have over 3,000 propellers in use around the world on small aircraft. They have a factory in Long Island NY and have 45 employees who all work in the factory. They have numerous machines in the factory used to make their propellers.
Please answer a,b,c,d and e for each of 1,2,3 and 4 companies.

Research Paper Sample Content Preview:

Aerodynamics Indemnification's Analysis
Author's Name
The Institutional Affiliation
Course Number and Name
Instructor Name
Assignment Due Date
Aviation Indemnification Analysis
1 New York Metropolitan Airport
Answer a
Several operational, financial, and sustenance difficulties are anticipated at New York Metropolitan AirPort (NYMA). The airport's day-to-day operations could be hampered by unforeseen conditions such as bad weather or a breakdown of critical equipment. Considering the airport can handle up to 150 takeoffs and landings per day, any disruption to these activities will severely impact airport efficiency. It could also reduce the airport's ability to generate income and attract customers. Airport security inspections are more of a chore than they used to be since the events of 9/11 (Price & Forrest, 2016). To keep things running smoothly, the airport needs to beef up its safety measures by enhancing the comfort and security of its visitors. The airport should implement multiple risk management measures to protect against cybercrime and terrorism. Considerations in this regard may include using financial risk management strategies to deal with market swings, implementing safeguard programs, and using backup systems to keep operations running during disruptions.
Answer b
Services for separating operational, security, and financial risks are available for purchase. However, the NYMA may have other options for risk mitigation, and this form of safeguard may prove insufficient in some regards. The airport, for instance, may have to spend money on backup systems to guarantee uninterrupted operations in the event of unforeseen circumstances like severe weather or a mechanical breakdown. Loss of client value due to the airport's poor reputation could significantly impact revenue production (Ghumman, 2019). Similarly, in an emergency, the airport may need to spend money on the latest safeguard technologies, such as surveillance systems, and safeguard people to ensure the safety of all employees and passengers.
Finally, it is possible that boosting airport security might benefit from implementing financial risk management tactics, including hedging fuel prices, diversifying revenue streams, and cutting costs. Even though insurance can help mitigate some of the financial fallout from market swings, it may not be enough to shield the airport from all potential financial dangers. Therefore, NYMA can use insurance to safeguard airport personnel, consumers, and buildings; nevertheless, this approach cannot be relied upon alone and may have limitations (Patriarca et al., 2019). The airport may need to use risk management strategies to safeguard itself from potential dangers.
Answer c
NYMA can obtain many forms of insurance to safeguard itself against potential dangers. The airport may want to explore the following types of insurance:
* Property Insurance. This policy will pay for repairs or replacements if the airport's buildings, machines, or other property are damaged or stolen. Losses sustained by the airport due to things like fires, natural catastrophes, and theft are also covered by this insurance.
* Responsibility Coverage. When an accident or other occurrence occurs on airport pr...
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