REFLECTOR:Re: Insurance Woes

[Scott Derrick]

So Brian,

What kind of coverage is that?  Builders, Non-Flight Hull, Full Hull, 
includes liability?

Scott


Brian Michalk wrote:
> I talked to Falcon today.  They quoted me 1.4%.  I told them I know of 
> some others that were getting 1%.
>  
> The tripping point is $90,000 insured value.  Above that limit, you go 
> into a different class, and your premiums are higher.
>  
> Oh, I said.  Well, let's insure it for $90K then.
>  
> Big difference, $900 and $1400.
>  
> 
>  Brian Michalk  <http://www.michalk.com <http://www.michalk.com/>>
> Life is what you make of it ... never wish you had done something.
> Aviator, experimental aircraft builder, motorcyclist, SCUBA diver
> musician, home-brewer, entrepreneur and mostly single
>  
> 
>     -----Original Message-----
>     From: John Tvedte [mailto:reflector-admin@tvbf.org]On Behalf Of John
>     Tvedte
>     Sent: Wednesday, May 07, 2003 9:12 PM
>     To: reflector@tvbf.org
>     Subject: RE: REFLECTOR:Re: Insurance Woes
> 
>     Just wondering how to get the 0.6% non-flight - I called Falcon for
>     builders insurance and they are quoting 1% per thousand  - 85K hull
>     would run 850 as an example.
>      
>     I think Andy mentioned $550/year - what "value"?
>      
>     Bob mentioned 60K for 600 - which is 1%.
>      
>     BTW- I was not asked if I had an instrument rating, total hours of
>     PIC time, or any other pilot related questions.....
>      
>     Although second hand, a friend mentioned that he was checking out
>     how much a 100K Piper Commanche would cost him yearly to insure -
>     $4500 - or 4.5%
>      
>      
>      
> 
>         -----Original Message-----
>         From: Scott Derrick [mailto:scott@tnstaafl.net]
>         Sent: Wed 5/7/2003 2:45 PM
>         To: reflector@tvbf.org
>         Cc:
>         Subject: Re: REFLECTOR:Re: Insurance Woes
> 
>         Chuck,
> 
>         Nice dissertation on many of he ins and outs of aircraft insurance.
> 
>         My $0.02
> 
>          > 2.    Premiums:  There's little choice that the premiums
>         start out high;
>          > in the 4%-5% range.  While high, this is competitive with
>         most current
>          > commercial rates, if you can get them.  For those that are
>         getting a low
>          > commercial rate presently, our hats off to you; and we'll see
>         you next year
>          > when you come to the Coop hat in hand.  The final premium
>         target would be
>          > 1%-2%.
> 
>         No this is not competitive.  Avemco wanted to charge me 5% for hull
>         which I found unacceptable.  It would pay anybody to self insure
>         at that
>           cost.  Put the money in a CD and in 10 years you've bought
>         yourself
>         another Velocity.
> 
>         Falcon would charge me 1.7% for a 85K hull value in-flight or
>         0.6% for
>         non-flight.
> 
>         Unless you can get close to competitive I don't think your going
>         to get
>         enough business to make it viable.
> 
>          > 4.    Pilot Flight Checks:  Absolutely.  Not only for
>         insurance's sake,
>          > but our own.  Perhaps we'd require the BFR be done with a
>         Velocity approved
>          > CFI.  When BFRs were first implement, I was a little
>         skeptical about more
>          > "big brother."  The reality is, its a very good program.  We
>         all get a
>          > little complacent and form less than desirable habits. 
>         Relearning once
>          > every two years is small price to pay to save on insurance
>         and your life.
> 
>         I don't see any real advantage and would consider this a big
>         negative.
>         I can see a factory approved checkout of the plane and pilot for the
>         initial policy but after that its a waste.
> 
>          > 5.    Plane Inspections:  Absolutely.  You and I know our
>         workmanship is
>          > great but can we trust that other guy.  The Factory and
>         Inspectors know
>          > every trick, tip and trap associated with the Velocity.  To
>         have a factory
>          > approved inspection will save insurance claims and lives.
> 
>         Are you talking a first time inspection or recurring?  Recurring
>         is a
>         waste as I said above. There are thousands and thousands of more
>         complex
>         aircraft than ours flying that don't require a "Factory" annual for
>         insurance.  Neither should ours.
> 
> 
>         Scott
> 
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