A Social Security cost-of-living adjustment could have a small but positive impact on retirement planning.
KANSAS CITY, Mo., June 26, 2014 /PRNewswire/ -- As Amelia Rose Earhart takes off today to circumnavigate the globe, she faces many similarities between her flight and the one in 1937 of her namesake, Amelia Mary Earhart.
Both aviators will have spent the night in the same Oakland, Calif. airplane hangar before departing in an aircraft equipped with a modified fuel tank designed to allow for longer flying time. They will also share the same west-to-east flight pattern as they traverse the globe with a co-pilot.
However, because of advancements in technology since Amelia Mary took flight nearly 80 years ago, there are also dramatic differences. On her iPad, Amelia Rose will have easy access to not only countless stacks of flight plan paperwork, but also contact information for international claims adjusters around the world. Her Lockton brokerage team uploaded the information to the device, making any liability policy they placed for Amelia Rose accessible at her fingertips.
"Our role in supporting Amelia Rose was first and foremost to secure liability coverage for the use of the aircraft," said Ty Carter, aviation risk management executive with Lockton. "But beyond that, we wanted give her technology and risk assessment tools that would help assure a safe and complete flight."
Lockton also furnished her iPad with its Flight Risk Assessment Tool (FRAT) for use during her adventure. The Lockton Aviation team created the app using critical flight preparedness questions from the Federal Aviation Administration.
Before each leg, Amelia Rose will answer the set of 20 questions about such vital factors as the weather, time of day, and her familiarity with the airport, to get a final score for the flight. She can then take that score into consideration when determining whether or not conditions are favorable for take off.
The Lockton risk management team also identified risks related to the auxiliary fuel tank in the aircraft Amelia Rose will be flying.
"At some of these smaller air fields, they may not have the right personnel or equipment to refill the tank since it's a modification," said Carter. "We've contacted those locations in advance to make sure the refueling process goes smoothly."
While Amelia Rose's aircraft, the Pilatus PC-12, is regarded as a safe and reliable plane, she has an added level of security knowing the Lockton Aviation team is providing risk management support.
"When it comes to a big adventure like this, there's always a lot of risk involved," Amelia Rose said. "In order to be bold and in order to take those risks, you've got to be able to manage them. Having the right team behind you is key, and that's where Lockton comes in."
About Lockton More than 5,000 professionals at Lockton provide 35,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For four consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.
Photo - http://photos.prnewswire.com/prnh/20140626/122136Logo - http://photos.prnewswire.com/prnh/20090415/CG99351LOGO