So what I am reading and my understanding is that management companies such as Jet Alliance and IJM are operating owners multi-million dollar aircraft with NO insurance against damage, loss or 3rd party claims?
If this is true it is an act of extra-ordinary negligence, doubtfully legal and I am sure something that the owners would not be aware of.
Any hull loss could possibly result in a claim against a pilot, (that thought he was an employee of the company) or pilots estate of tens of millions of dollars!
A 3rd party claim could run into hundreds of millions!
The question right now however is how many pilots working for these companies know this?
Very very scary indeed!