REFLECTOR: Insurance - OUCH!

[Scott Baker]

I'm finding "the story" from insurance agencies keeps changing according the cycles of the moon.
Falcon, bless their heart, is the worse for inaccurate information.  My suggestion is to ask for and only deal with Don Gauger at Falcon.  He handles the Velocity fleet account and does one heck of a job.  AIG raised the hull limit for Velocity aircraft up to $150,000.  If your agent at Falcon is unable to confirm this, call AIG in Phoenix and ask for Cody McCormick at (480) 699-8407.
The average hull rate, based on standard coverage, is somewhere near 3% of the insured value.  $100K hull x 3% = $3,000/annum premium.  Add $1M Liability for around $750 per year ... $3,750 total.  $5,700 is too much for this insurance.  Tell Falcon this.  Duane Swing has met the senior representatives from Global at previous Sun n Fun and Oshkosh shows.  They have been open minded and supportive of insuring Velocity aircraft.  The claims history for Velocity aircraft is very, very low compared to other high-performance experimental aircraft.  Some agents, and insurance companies tend to "lump" high performance aircraft together, when the safety and claims record of Velocity owners deserve special and favorable consideration.  Be sure to contact Pam at AUA for a quote.
SB
  ----- Original Message ----- 
  From: Velocity_AZ 
  To: 'Velocity Aircraft Owners and Builders list' 
  Sent: Monday, May 15, 2006 4:35 PM
  Subject: REFLECTOR: Insurance - OUCH!


  Hey guys - 

  I just got my insurance renewal and it's painful - 

  I've got 500+ total hours, 230 hrs in type & an instrument rating. I have a 173 Fixed Gear and I am the only one listed as the pilot.

  Was paying $5000/year for $175,000 hull insurance, $1M liability, $100K per passenger - $0 DEDUCTIBLES (Global Aerospace is the underwriter through Falcon Insurance).
  I've always felt the the $0 deductible is extremely important if you want hull insurance.  Should more than $17,500 worth of damage occur to my Velo, chances are that I wouldn't have to worry about what I'd be collecting beyond that (since you can't take it with you!).

  Renewal - $5650/year (same coverage as above) or
  Renewal - $5123/year - $17,500 deductible

  I also learned that AIG will only insure a Velocity with up to $100,000 for hull insurance.
  I also learned that my current underwriter, Global Aerospace (supposedly the best coverage available), is not that interested in Velocitys anymore and, if insurance was possible, a min. of 750 hours would be required.

  What have you guys been finding?

  Kevin


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