Dallas companies rank high in piloting planes
Texas is not only known for big oil companies and wealthy oil tycoons, but did you know it is also known for its large number of corporate chief executive officers who pilot company planes? According to a study done by one author, who was researching risky behavior of company CEOs, Houston is rated as third in the nation when it comes to CEO pilots, and Dallas is rated as number six in the nation. You might be able to imagine the prestige when wealthy CEO’s cart their customers around in a company plane or jet, but is it really a good idea for the company?
The study showed no negative effects for a company when it came to the value of performance and generating business. As a matter of fact, the companies with CEO pilots appeared to do more mergers and acquisitions that were lucrative for their companies. But life insurance companies did see the risky business executives as high-risk customers and with good reason. Anyone who researches aviation accidents on the Web will find that there have been many fatalities over the past few decades that occurred with an executive piloting the plane.
When interviewing some of the CEO pilots, they didn’t see it as a risk. One claimed that he “would much rather be flying than driving a car on a congested highway.” The author’s research revealed that flying a private plane appeared to have about the same risk as traveling via a commercial jet. However, one thing his research didn’t seem to include was liability of passengers in the private company planes.
Just like commercial planes, there are aviation regulations for small planes or private jets. When an aviation accident occurs, an investigation into the cause is initiated. Those results decide who, if anyone, is responsible for the accident. Did the plane meet all regulations? Was the pilot properly trained and licensed? For fatalities or severe injuries, the company may find themselves liable for compensation of a lost loved one or for medical and other expenses suffered by a passenger in their plane.
Those involved in a plane crash, commercial or private, who have suffered injuries or lost a loved one, should seek legal assistance in determining the cause and helping victims or their loved ones achieve a fair compensation for their suffering or loss.
Source: StateImpact – Texas, “Are Companies at Risk when the CEO is in the Cockpit?” Dave Fehling, Aug. 13, 2014