Fractional Aircraft Ownership - Choosing the Right Provider
The important thing to fractional aircraft ownership is finding the right provider. Not only do you have the freedom of choosing your own personal aircraft, but you also have the ability to make the most of a fleet of jets that are fueled and maintained. With one of these programs, you'll have the ability to transport your management team to and from business meetings with ease. Additionally, you'll only buy the air time you use. This way, you can fly around you prefer and get as much use out of your investment.
There are three primary components to fractional aircraft ownership. First, there's a comprehensive agreement that sets out what's involved. You'll desire a limited power of attorney allowing the provider to improve the aircraft's registration name, and a management and purchase agreement. An owner agreement is essential if you intend to make the most of the benefits that fractional ownership provides, including the ability to fly longer missions or carry more passengers.
The rules were updated in December 2014 after input from AOPA. They removed regulations for flying clubs and shared ownership, nevertheless they still require that Fractional Ownership Schemes meet certain requirements. The thing they've in common is that they have to include flight crews. Then, they have to be able to offer service to customers who fly fractional airplanes. Furthermore, the FAA has clarified that the regulated businesses are no further flight crew businesses.
Lastly, the contracts should be negotiated carefully. Many providers provides you with a small number of trips and service levels. You need to think about the time of year you'll need the plane. You should also think about the company's reputation and past experiences in the industry. Some providers don't have plenty of experience, but they could have an airfield or a flight crew readily available who is able to handle any emergency. And, if you're traveling on an executive trip, you'll need to think about your safety and health.
Even though some providers are far more flexible than others, each of them have different fees and restrictions. The expenses of operating a plane might be greater than the price of a fractional ownership program. The final sale price depends in the marketplace costs for each plane. Often, you are able to take several trips simultaneously, depending on your own schedule and budget. The expense for every kind of aircraft vary. In addition, you should look at what type of service you need.