REFLECTOR:More Insurance Woes
Bob Hugel
reflector@tvbf.org
Tue, 6 May 2003 21:43:56 -0400
Scott Swing can count me in..
Bob
-----Original Message-----
From: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org]On
Behalf Of Scott Derrick
Sent: Tuesday, May 06, 2003 8:56 PM
To: reflector@tvbf.org
Subject: Re: REFLECTOR:More Insurance Woes
A coop was suggested by Scott Swing last year. He requested everybody
who was interested to let him know. I think only about 4 or 5 of us
responded.
I think he though that we needed a minimum of 30 to 40 individuals to
make it work.
Scott
Chuck Jensen wrote:
> All,
>
> The seeming endless inconsistencies and disparities of insurance
> practices are not really incongruent when you consider that "they just
> make up the rules as they go along." Honest, no kidding. Insurance
> underwriting and the weather have one thing in common; they change
> daily...and usually for the worse. As Hytec45 mentioned, the insurance
> companies took a whippin' on 9/11, and now we're the "whippees."
>
> It's so darn complicated, but a Coop for hull insurance that was talked
> about in the Newsletter really does make good sense. Hull insurance is
> a different animal than liability insurance because hull damage is
> quantifiable and estimable, unlike liability which only stops at the
> limits of a lawyer's mind.
>
> I'm not going to volunteer to set it up, but a non-profit Coop that
> charged 3-5% of the hull value and rebated the excess over the paid-loss
> experience (and overhead), could end up providing hull insurance for an
> effective 1-2% of the hull value.....which is something we could all
> live with. The loss experience on the Velocity since the Factory
> started their Checkout and Aircraft inspection program has improved
> markedly (at least according to anecdotal comments in the Newsletter).
>
> If someone is brave enough (ne: stupid enough) to want to think about
> setting up a Coop, I'd be willing to seriously consider putting in seed
> money. I suspect that Velocity would be most helpful in establishing
> a "relationship" to the factory for continued aircraft inspection and
> pilot checkouts. Given the relatively low cost of repairing Velocities
> compared to Kansas Cans after a fender-bender, there is little reason
> that hull insurance should be 5% of the value of the plane....when we
> can even get it. If I lived in FL close to the Factory, I'd try doing
> it tomorrow, but I don't, so I won't, but that doesn't mean it's not a
> good idea for someone else that has time on their hands, is
> organized, knows Velocities and is hands-on.
>
> Chuck
>
>
>
> -----Original Message-----
> From: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org]On
> Behalf Of Andy Millin
> Sent: Tuesday, May 06, 2003 3:36 PM
> To: reflector@tvbf.org
> Subject: RE: REFLECTOR:More Insurance Woes
>
> Bob,
>
> Funny, I JUST renewed my "Aircraft Under Construction" with Avemco.
> It was $550/yr.
>
> Andy
>
> -----Original Message-----
> From: reflector-admin@tvbf.org
> [mailto:reflector-admin@tvbf.org]On Behalf Of Bob Hugel
> Sent: Tuesday, May 06, 2003 3:31 PM
> To: reflector@tvbf.org
> Subject: RE: REFLECTOR:More Insurance Woes
>
> Larry,
> I called Avemco on Thursday of last week to ask about Builders
> Insurance. They told me that they do not insure Velocity Kits
> because they felt that since they do not insure the plane when
> it is complete it was not fair to insure the kit. This seems
> like a recent change on their part.
>
> I was quoted for a $60K replacement cost kit, $600/yr by Falcon
> on the same day (I'm instrument rated). Falcon suggested that I
> call Avemco because they felt that Avemco could do a better
> price, but as it turns out, they will not bother.
>
> Today, I emailed Pam with all the particulars and I'm awaiting a
> response on price.
> Bob
>
> -----Original Message-----
> From: reflector-admin@tvbf.org
> [mailto:reflector-admin@tvbf.org]On Behalf Of
Milehitaz@aol.com
> Sent: Tuesday, May 06, 2003 2:46 PM
> To: reflector@tvbf.org
> Subject: Re: REFLECTOR:More Insurance Woes
>
> I am using Avemco for builders insurance. It runs me about
> 450 a year. Your right, it's very strange that they will
> offer me the build Ins, and the cheapest in the biz, but
> don't want me when it comes time to fly. Oh well. Best to
all,
> Larry
>
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