REFLECTOR:Re: Insurance Woes

[Brian Michalk]

Oops, I assumed everyone knew I was trying to get builders insurance.

 Brian Michalk  <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: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org]On
> Behalf Of Scott Derrick
> Sent: Wednesday, May 07, 2003 11:20 PM
> To: reflector@tvbf.org
> Subject: Re: REFLECTOR:Re: Insurance Woes
> 
> 
> 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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> 
> 
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