Alright, this is just plain fun. The Icon A5 personal aircraft is making its debut. I’ve been watching the development of this aircraft from afar for a few years now. I’ve always had an interest in aviation, but I have never taken the time to become a licensed pilot. The Icon A5 can be piloted with a Sport Pilot License, though my wife has been reluctant to grant her blessing for any adventure that takes me higher off the ground than a step ladder. I have pointed out the safety parachute feature of the Icon A5, but she remains unconvinced.
How does this relate to risk management and insurance? Well, it certainly has implications for the currently rather small market for personal aircraft insurance. Moreover, those personal umbrella policies are going to get a bit more expensive for Icon A5 owners. If the Icon A5 becomes the next expensive toy that enthusiasts purchase in place of (or along side of) speed boats and sports cars, there could be thousands of these babies in garages across the nation.
I have a spot ready for one in my garage. Now I just need to convince my wife that it would be a blissful way to visit Mackinac Island in the summer without that pesky highway drive. There is also the looming conversation with my insurance agent… “You have a ‘WHAT’ in your garage?”