REFLECTOR:More Insurance Woes

[Wayne Owens]

If  auto engines are not excluded I'm interested.
Wayne
----- Original Message -----
From: "Bob Hugel" <bhugel@lehightechnology.com>
To: <reflector@tvbf.org>
Sent: Tuesday, May 06, 2003 9:43 PM
Subject: RE: REFLECTOR:More Insurance Woes


> 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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