REFLECTOR: Insurance - OUCH!

Velocity_AZ velocity_az at cox.net
Mon May 15 17:06:05 CDT 2006


Scott,
 
According to what you're saying, 3% of hull + $750 for liability, my rate
should be $6000 = [($175,000*3%)+ $750].  I guess with this formula being
accurate, I shouldn't complain about $5650.  However, if the insuance
companies aren't considering the Velocity out of favor, why did my policy go
up?  It was not due to any claims.
 
Kevin

  _____  

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
Behalf Of Scott Baker
Sent: Monday, May 15, 2006 2:53 PM
To: Velocity Aircraft Owners and Builders list
Subject: Re: REFLECTOR: Insurance - OUCH!


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 <mailto:velocity_az at cox.net>  
To: 'Velocity Aircraft Owners and Builders  <mailto:reflector at tvbf.org>
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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