REFLECTOR: Insurance - OUCH!

[Robin Wesley Ream]

Funny you should say that Alex, because that's exactly word for word the advice I got from my attorney about the matter when I was looking at alternatives to the insurance dilemma.
  ----- Original Message ----- 
  From: Alex Balic 
  To: 'Velocity Aircraft Owners and Builders list' 
  Sent: Tuesday, May 16, 2006 11:37 AM
  Subject: RE: REFLECTOR: Insurance - OUCH!


  Yea, you know what- I am just going to have liability.   For 4-5k/year, I can do a lot of fixing,  and if is a total loss, I probably won't be in any condition to care too much about replacement anyway.




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  From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On Behalf Of Velocity_AZ
  Sent: Monday, May 15, 2006 3:36 PM
  To: 'Velocity Aircraft Owners and Builders list'
  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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