FAA Aviation Insurance

PUBLIC ANNOUNCEMENT In accordance with the Federal Aviation Administration (FAA), Acquisition Management System (AMS) procurement guidance, T3.13.1 Other Administrative Procedures Revised 1/2009 4 Press Release and Public Announcement of Award Revised 7/2021 - c. Public Announcement The purpose of this public announcement is to inform industry of the FAA’s intent to award a Single Source contract to Global Aerospace Inc., 115 Tabor Road, Suite 3A, Morris Plains, NJ 07950. The requirement is for the services of an experienced aviation insurance claims settlement professional and insurance advisor who has the ability, experience, and affiliations with other service providers to supply all the services normally required of a commercial insurer to settle claims under hull, comprehensive, and liability coverage anywhere in the world, and provide aviation insurance market expertise and assist the FAA in settling claims. In addition, the primary purpose of the contract is to ensure that the FAA can rapidly respond to a major aviation loss covered by an insurance policy issued by the program. As such, the contract requires the contractor to be able to lead and coordinate complex components of accident response and claims settlement. Furthermore, the most probable response to a loss event will likely be in war zone areas and require significant resources to respond, both capital and human. Therefore, the FAA requirement is unique in that while the contractor must have aviation insurance expertise, they must also have the financial bandwidth and the business relationships to begin claims settlement in the event of a total loss. Specifically, the vendor must be able to coordinate performance any place in the world and be able negotiate and manage subcontracts upward of $50 million, $500 million across the life of the contract (later reimbursed by the Government), to begin to address the loss. The incumbent Global Aerospace offers commercial aviation insurance and maintains extensive networks of subcontracts to respond to aviation losses they commercially insure worldwide. Global Aerospace is financially capable of maintaining and providing the immediate, worldwide response required to fulfill the need of the FAA’s Aviation Insurance Program. They provide depth of knowledge in a very specialized field and have been responsive and efficient in their performance for the FAA. The estimated contract value is $531,199,041.82. The contract’s period of performance is ten (10) years with a one (1) year base period and nine (9) one (1) year option periods. This announcement is for informational purposes only and not a Solicitation/Request for Proposal. This requirement will be awarded to Global Aerospace and is not available for full and open competition. All questions pertaining to this announcement should be addressed in writing to Contracting Officer, Elisa Brown, AAQ-450 at [email protected], no later than 4:00 pm (EST) on April 14, 2023.