Fractional Aircraft Ownership - Choosing the Right Provider
The key to fractional aircraft ownership is finding the right provider. Not merely are you experiencing the freedom of choosing your personal aircraft, but you might also need the ability to make the most of a fleet of jets that are fueled and maintained. With these programs, you'll manage to transport your management team to and from business meetings with ease. Additionally, you'll only buy the air time you use. That way, you are able to fly around you like and get as much use from your investment.
You will find three primary components to fractional aircraft ownership. First, there's a thorough agreement that sets out what's involved. You'll require a limited power of attorney allowing the provider to alter the aircraft's registration name, and a management and purchase agreement. A manager agreement is necessary 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, however they still require that Fractional Ownership Schemes meet certain requirements. The thing they have in keeping is they've to add flight crews. Then, they have to manage to offer service to customers who fly fractional airplanes. Additionally, the FAA has clarified that the regulated businesses are no more flight crew businesses.
Lastly, the contracts must certanly be negotiated carefully. Many providers will provide you with a restricted number of trips and service levels. You'll need to think about the time of year you'll need the plane. It's also advisable to consider the company's reputation and past experiences in the industry. Some providers don't have lots of experience, but they could have an airfield or a journey crew readily available who are able to handle any emergency. And, if you're traveling on an executive trip, you'll need to consider your safety and health.
While some providers are more flexible than others, each of them have different fees and restrictions. The expense of operating an airplane may be higher than the expense of a fractional ownership program. The last sale price depends available on the market charges for each plane. Often, you can take several trips simultaneously, depending on your own schedule and budget. The expense for every form of aircraft vary. Additionally, you should think about what type of service you need.