DOT rule 295 for Brokers Explained. Great Start of the Busiest Travel Season
Transcript:
Greetings and Welcome to this Week’s episode of Private Jet Insider.
Today:
- Which size of private jet is right for your mission?
- We simplify DOT rule 295 for brokers;
- And the busiest travel season is off to a great start.
My Name is Anastasia and I am your private jet insider. As usual the information and analysis are provided by TapJets with their amazing on-line private jet platform and data analytics for fliers, brokers, and operators.
Let’s get started.
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And now for my Broker Audience,
Since February 14 of this year, every broker must follow Department of Transportation Rule 295 when it comes to offering private jet services. With much of the rules discussed and reviewed in publications we wanted to highlight a few key elements for you.
Rule 295 accomplished a couple of key terms to protect the flying public:
As a broker you should always disclose the name of the Operator for each flight as soon as you know the name of the operator that is running the flight.
As a broker you must disclose the role you are playing in the transaction. For example, are you representing the client or the operator. This includes clearly establishing who is paying for your services for that flight.
Being a broker, you are now in the category of indirect air carriers and you are subject to the regulations discussed.
As a broker you must disclose if you do or don’t have an insurance, and you are responsible to prompt and timely disclosures of any changes to the insurance or the flight status to all parties.
Lastly, as a broker, and upon customer demand you must disclose all of the fees for the trip which include any landing, airport, and commissions involved in the trip if they are known at the time you are making the proposal (or giving an option) to the client.
These are the key elements. For exact wording or how you should comply with the rule please visit the Department of Transportation website or consult with your counsel.
The good news is that the demand for brokered flights is at its peak so you should have no problems staying compliant.
If you have any questions, please let us know and leave a comment below the video.
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And now for my operator audience,
I hope that you found a Rule 295 section for brokers useful and that if you act in a capacity of the broker now you also know the rules that will apply to you in these situations.
Now, let’s talk about data, provided by TapJets SkyWizard platform. Every piece of information in the last 4 weeks points to a great start of the Holliday Travel Season. Airlines are busy but their growth numbers are not even close to the surges we are seeing in private jet segment.
For the upcoming week West Coast with Mid or Large aircrafts is still the most profitable and reliable area for you to be in. Coast to coast flights will pick-up towards the first week of November, with most of them heading East and not the other way around.
Light jets in Vegas circle and East to Southeast routes are going to be the key to compensate for the shortage in the Mid’s in these areas.
However, don’t get stuck on East Coast on Thursday since most of the bookings are finalizing on Wednesdays, which is a shift from typical Thursday buying pattern.
Hope this information helps you stay more productive and fly more hours. Please don’t forget to subscribe and hit the like button below. Enjoy the NBAA show this week in Las Vegas and come see us at the show to check out the latest in Data Analytics and Flight Selling Capabilities of TapJets platform.
Until next Thursday!
Fly save! ✈
