REFLECTOR: Insurance update

[nmflyer1 at aol.com]

My insurance update:


When a Cozy burned to the ground at my airport last Sunday (without insurance), I decided to revisit my company to find out what it would cost to insure my Velocity. I am still working on paint, but things are rolling along fairly well and I was in need of a quote anyway. 


I contacted my broker, Costello Insurance out of Tempe,  AZ. 1-800-528-6483 or  insure at aviationi.com    I work mostly with Barb. 


I received my quote today. I only asked for (about) what I have into the project (I built everything). 
So, for my 173 FGE with a 325 HP Aluminum V-6, Hull of $75,000, 1-Mil policy. Factory Checkout, No restrictions on flying off my own 40 hours or first flight. Named only pilots ( Me and Misty).  $2380 for the first year. 
Seems expensive when compared to $525 for full coverage for the Cherokee-235, but not when compared to other phase-I experimental aircraft with an "alternative engine". 


Seeing all that was left of the Cozy after a fire... I think I will go with it. 


Kurt Winker. 



-----Original Message-----
From: Geoff Gerhardt <geoff.gerhardt at gmail.com>
To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org>
Sent: Tue, Aug 7, 2012 3:49 pm
Subject: REFLECTOR: Insurance update


Folks,


So, I ended up going with Avemco.  Apparently they're the only company you can go to directly (others you need to go thru a broker).  I contacted over 3 brokers (including the one recommended by Velocity) and none were able to give me a quote.  It seems its the RG that is the problem.  Avemco req'd 10hrs retract time and the Velocity transition training, others were requiring a min of 50hrs RG time.  The premium is just shy of $1K for $1M liability (no hull).  Also, they will adjust the premium as soon as I get to 48hrs in type.


Last weekend I took an Arrow out for ~4hrs to build up retract time.  It was an ancient bird.  I had planned to do the NY VFR corridor, but it only had one working radio and the transponder "sort of" worked, so I didn't feel comfortable taking it on a long XC.  I need another couple hours, so I'll put them in later this week before first flight.



Tomorrow morning, the FAA rep comes over for an airworthiness inspection - I'll let you know how it goes...


Geoff
N173VS (173RG)
http://thegerhardts.com/velocity




 
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