REFLECTOR:Re: Insurance Woes
Scott Derrick
reflector@tvbf.org
Thu, 08 May 2003 07:29:13 -0600
Interesting that your paying more for insurance to build an airplane
than I am to fly one!
Scott
Brian Michalk wrote:
> Oops, I assumed everyone knew I was trying to get builders insurance.
>
> Brian Michalk <http://www.michalk.com>
> Life is what you make of it ... never wish you had done something.
> Aviator, experimental aircraft builder, motorcyclist, SCUBA diver
> musician, home-brewer, entrepreneur and mostly single
>
>
>
>>-----Original Message-----
>>From: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org]On
>>Behalf Of Scott Derrick
>>Sent: Wednesday, May 07, 2003 11:20 PM
>>To: reflector@tvbf.org
>>Subject: Re: REFLECTOR:Re: Insurance Woes
>>
>>
>>So Brian,
>>
>>What kind of coverage is that? Builders, Non-Flight Hull, Full Hull,
>>includes liability?
>>
>>Scott
>>
>>
>>Brian Michalk wrote:
>>
>>>I talked to Falcon today. They quoted me 1.4%. I told them I know of
>>>some others that were getting 1%.
>>>
>>>The tripping point is $90,000 insured value. Above that limit, you go
>>>into a different class, and your premiums are higher.
>>>
>>>Oh, I said. Well, let's insure it for $90K then.
>>>
>>>Big difference, $900 and $1400.
>>>
>>>
>>> Brian Michalk <http://www.michalk.com <http://www.michalk.com/>>
>>>Life is what you make of it ... never wish you had done something.
>>>Aviator, experimental aircraft builder, motorcyclist, SCUBA diver
>>>musician, home-brewer, entrepreneur and mostly single
>>>
>>>
>>> -----Original Message-----
>>> From: John Tvedte [mailto:reflector-admin@tvbf.org]On Behalf Of John
>>> Tvedte
>>> Sent: Wednesday, May 07, 2003 9:12 PM
>>> To: reflector@tvbf.org
>>> Subject: RE: REFLECTOR:Re: Insurance Woes
>>>
>>> Just wondering how to get the 0.6% non-flight - I called Falcon for
>>> builders insurance and they are quoting 1% per thousand - 85K hull
>>> would run 850 as an example.
>>>
>>> I think Andy mentioned $550/year - what "value"?
>>>
>>> Bob mentioned 60K for 600 - which is 1%.
>>>
>>> BTW- I was not asked if I had an instrument rating, total hours of
>>> PIC time, or any other pilot related questions.....
>>>
>>> Although second hand, a friend mentioned that he was checking out
>>> how much a 100K Piper Commanche would cost him yearly to insure -
>>> $4500 - or 4.5%
>>>
>>>
>>>
>>>
>>> -----Original Message-----
>>> From: Scott Derrick [mailto:scott@tnstaafl.net]
>>> Sent: Wed 5/7/2003 2:45 PM
>>> To: reflector@tvbf.org
>>> Cc:
>>> Subject: Re: REFLECTOR:Re: Insurance Woes
>>>
>>> Chuck,
>>>
>>> Nice dissertation on many of he ins and outs of
>>
>>aircraft insurance.
>>
>>> My $0.02
>>>
>>> > 2. Premiums: There's little choice that the premiums
>>> start out high;
>>> > in the 4%-5% range. While high, this is competitive with
>>> most current
>>> > commercial rates, if you can get them. For those that are
>>> getting a low
>>> > commercial rate presently, our hats off to you; and we'll see
>>> you next year
>>> > when you come to the Coop hat in hand. The final premium
>>> target would be
>>> > 1%-2%.
>>>
>>> No this is not competitive. Avemco wanted to charge me
>>
>>5% for hull
>>
>>> which I found unacceptable. It would pay anybody to self insure
>>> at that
>>> cost. Put the money in a CD and in 10 years you've bought
>>> yourself
>>> another Velocity.
>>>
>>> Falcon would charge me 1.7% for a 85K hull value in-flight or
>>> 0.6% for
>>> non-flight.
>>>
>>> Unless you can get close to competitive I don't think your going
>>> to get
>>> enough business to make it viable.
>>>
>>> > 4. Pilot Flight Checks: Absolutely. Not only for
>>> insurance's sake,
>>> > but our own. Perhaps we'd require the BFR be done with a
>>> Velocity approved
>>> > CFI. When BFRs were first implement, I was a little
>>> skeptical about more
>>> > "big brother." The reality is, its a very good program. We
>>> all get a
>>> > little complacent and form less than desirable habits.
>>> Relearning once
>>> > every two years is small price to pay to save on insurance
>>> and your life.
>>>
>>> I don't see any real advantage and would consider this a big
>>> negative.
>>> I can see a factory approved checkout of the plane and
>>
>>pilot for the
>>
>>> initial policy but after that its a waste.
>>>
>>> > 5. Plane Inspections: Absolutely. You and I know our
>>> workmanship is
>>> > great but can we trust that other guy. The Factory and
>>> Inspectors know
>>> > every trick, tip and trap associated with the Velocity. To
>>> have a factory
>>> > approved inspection will save insurance claims and lives.
>>>
>>> Are you talking a first time inspection or recurring? Recurring
>>> is a
>>> waste as I said above. There are thousands and thousands of more
>>> complex
>>> aircraft than ours flying that don't require a
>>
>>"Factory" annual for
>>
>>> insurance. Neither should ours.
>>>
>>>
>>> Scott
>>>
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>>
>>
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