Fractional Aircraft Ownership - Finding the Right Provider
The key to fractional aircraft ownership is discovering the right provider. Not just have you got the freedom of choosing your personal aircraft, but you also have the ability to make the most of a fleet of jets which are fueled and maintained. With 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. That way, you can fly as much as you want and get as much use from your investment.
You can find three primary components to fractional aircraft ownership. First, there's an extensive agreement that sets out what's involved. You'll require a limited power of attorney to permit the provider to alter the aircraft's registration name, and a management and purchase agreement. A manager agreement is important if you intend to take advantage of the advantages 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 only thing they have in common is that they have to add flight crews. Then, they must be able to offer service to customers who fly fractional airplanes. Additionally, the FAA has clarified that the regulated businesses are no further flight crew businesses.
Lastly, the contracts should really be negotiated carefully. Many providers will provide you with a small amount of trips and service levels. You will need to consider the season you'll need the plane. It's also advisable to look at the company's reputation and past experiences in the industry. Some providers don't have plenty of experience, but they might have an airfield or a flight crew readily available who can handle any emergency. And, if you're traveling on an executive trip, you'll need to take into account your safety and health.
Although some providers tend to be more flexible than others, all of them have different fees and restrictions. The costs of operating an airplane may be greater than the price of a fractional ownership program. The final sale price depends on the market charges for each plane. Often, you are able to take several trips simultaneously, depending in your schedule and budget. The costs for every single form of aircraft vary. Additionally, you should think about which kind of service you need.