Insurance costs for the DuPage Airport Authority are expected to drop by more than $650,000 next year as a result of the authority’s sale of Planemaster Services Inc., its often controversial air charter, aircraft repair and flight school business.
Because the airport authority no longer owns aircraft, its premium for $50 million in liability insurance coverage will be reduced to about $80,000 from $735,000, according to Gordon Cole, airport administrator.
The airport authority is the government agency that operates the West Chicago airfield.
Its board decided earlier this year to sell off most of Planemaster’s assets, including the air charter business. The airport authority retained Planemaster’s aviation fuel operation.
Planemaster paid some of its insurance costs, but Cole said the savings to the airport authority in 1996 will be about $380,000.
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