REFLECTOR: Velocity group aircraft self-insurance

[Mark Magee]

Dick,
They won't bite on this; we're calculating how to bypass these folks in the first place. We want their profit margin back in their pockets. I think EAA or AOPA would be the only logical opportunity.

Mark B. Magee
N34XL
Sent from IPhone 4S
1COR 16:13-14

On Jul 22, 2013, at 3:20 PM, "Dick Harpster" <Dick-centralsecurity at nc.rr.com> wrote:

> Scott, I have a good friend who is an insurance agent. I forward him your suggestion of an insurance pool. He is contacting a couple of his carriers to see if there is an interest. I will let you know.
> Dick Harpster
>  
> From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On Behalf Of Scott Derrick
> Sent: Monday, July 22, 2013 4:08 PM
> To: Velocity Aircraft Owners and Builders list
> Subject: Re: REFLECTOR: Velocity group aircraft self-insurance
>  
> I've always thought that a really good way to pay back the users would be for the EAA to do their own insurance pool, but I think they are more interested in making bucks off the members than providing in real service.  Especially since the original founders have all passed away or left the organization.
> 
> Scott
> 
> -------- Original Message --------
> Subject: Re: REFLECTOR: Velocity group aircraft self-insurance
> From: Mark Magee <edjonesbrady at gmail.com>
> To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org>
> Date: 07/22/2013 01:52 PM
> A 'Co-Op' can be legally formed as a 501c3 for the purpose of covering liability of the members. This is done by many organizations, yet requires a lot of leg work: Legal, Trust and financial. It would surely require employees(s) to run it.
> Here in Texas the SW Cattle Raisers do this: they charge members dues and then additional fees if they wish to insure their ranch properties via the groups cooperative insurance, liability Ect. They also sell their members theft coverage for all the 4 wheelers, Hummers, and other ranch 'toys' that are frequently stolen. They have their own Rangers to track down stolen equipment.
> It is possible to form a coop for our insurance. Yet to keep it affordable would be challenging as somebody(ies) would have to run it: qualify risks of members, deal with lawyers and suits Ect.
> I would think EAA should have a look at forming a Mutual insurance company for members. BIG numbers of members are required for economies of scale.
> 
> Mark B. Magee
> Sent from IPhone 4S
> 1COR 16:13-14
> 
> On Jul 22, 2013, at 2:08 PM, Scott Baker <scottb33333 at gmail.com> wrote:
> 
> I'd like to pose a question to those in the Reflector family who might work or know of someone who is a qualified expert regarding aircraft insurance matters ...
> Is there any merit to the idea that Velocity owners could form their own self-insurance group?
> Might there be a large insurance company that could provide a group policy to cover general liability - with a limit of maybe a $10M payout each year.
> Hull coverage would be administered by the group and have common sense cost saving provisions - such as a 20% deductible on claims and repair appraisals that would pass factory scrutiny.
> I'm thinking if 100 owners were to form a self-insurance group, each submitting (as an example) an average premium of $3,000, this in my mind could pay off the insurance company that looks after liability, and add $250,000 into a hull payout account.
> Assuming we (as a group) can avoid 'totaling' less than one aircraft per year, the hull payout account would build itself up to the point where premiums could be adjusted and savings are passed back to the group members in the form of lower premiums.
> 
> I know of businesses that self-insure health insurance for their employees.  Why not a self insurance (hull) plan for and by Velocity owners?
> I imagine there are 101 items to consider - but might it be done?
> 
> Scott B.
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