The agreement which was signed on April 1, 2009, saw Hodge proudly accepting insurance documents from Henderson Insurances Managing Director, Mr. Neil Henderson.
This new agreement is geared towards enhancing the airline's aircraft fleet and liability coverage. Hodge noted that in his company's efforts to make Winair financially sound, management authorized Henderson to canvas the re-insurance market via NAGICO Insurances for terms and conditions which resulted in an overall savings and a more attractive payment plan.
"This new arrangement will certainly boost the company's bottom line," Hodge said.
The Winair's MD said that various incidents with both private and commercial airlines resulted in significant losses for the industry given the size of participating underwriters during 2008 and the first quarter of 2009, hence Winair could not realize higher savings, but remains optimistic that they can achieve improved savings in the future
He opined that like all airline companies worldwide, Winair must also comply with various coverage's which includes Hull, Spare parts, Passenger Liability as well as War Risk.
"We are very comfortable and confident with the arrangement that we made and I must add that management is impressed with the significant amount of work that was invested by Henderson Insurances," Hodge stressed.
Meanwhile, Neil Henderson, Managing Director of Henderson Insurances expressed satisfaction with the recent deal noting that he foresees Winair being more effective. Henderson promises to look for creative ways to assist in reducing Winair's fleet insurance.
"This new arrangement forms part of Winair's attempts and efforts to increase their profitability thus being able to increase their revenues," Henderson said.
He declared that with this new arrangement it will afford the airline's management an opportune moment to improve on the overall outlook of the airline.
Henderson Insurances are equally excited as we strongly believe that Winair's operations would be greatly boosted," he added.
