REFLECTOR: Insurance Issue

[Scott Baker]

The terms and premium amounts listed by the insurance company are typical 
for someone in the preferred insurance group.
Rates seen today average $500 to $750 for $1M in liability; plus 3% of the 
hull value ($70K x 3% = $2,100) ...together comes to $2,600 to $2,850 for 
the annual premium.
Training requirements often go hand in hand with the experience level of the 
pilot.  Someone with a minimum (less than 200-hours) of high performance 
time may be asked to get 20-hours of Dual, plus completion of the factory 
flight transition training program.  After the flight transition training is 
done and if it is apparent to the new owner and the Velocity chief pilot 
that 20-hours of dual seems excessive based on the knowledge and experience 
of the new owner, the factory instructor might be able to negotiate with the 
insurance agent to lower the total amount of dual instruction hours that is 
needed.  Sometimes relief is given by the insurance company; and sometimes 
not.
Scott B

----- Original Message ----- 
From: "Tom" <tomcat05 at comcast.net>
To: <reflector at tvbf.org>
Sent: Sunday, November 08, 2009 11:58 AM
Subject: REFLECTOR: Insurance Issue


> Just had a deal fall through for purchase of my plane due to an insurance 
> problem. The purchaser tried to bind coverage and the underwriter 
> (Aerospace ins mgrs) insisted on 20 hrs of dual instruction. The quote was 
> not great either at $2560 for liability and 70K hull. He tried going 
> through another broker (Falcon) and got a similar story on dual needed 
> which was his biggest problem. I had always thought that underwriters 
> would accept factory training in lieu of ridiculous dual. By the way, this 
> pilot was a high time aerobatic pilot with mucho time in numerous 
> squirrelly birds. A fixed gear, fixed pitch Velocity is not exactly a 
> tough plane to fly. Does anyone know of any underwriters that are more 
> reasonable with in type requirement??thx Tom
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