REFLECTOR: Insurance - OUCH!

[Scott Derrick]

I just renewed Std RG:   $700   AIG through Pam at AUA

1 mil liability, 100K pass, $90k Hull non-flight

The cost was the same as last year..

Scott


Std RG 

Scott Baker wrote:
> I'm finding "the story" from insurance agencies keeps changing 
> according the cycles of the moon.
> Falcon, bless their heart, is the worse for inaccurate information.  
> My suggestion is to ask for and only deal with Don Gauger at Falcon.  
> He handles the Velocity fleet account and does one heck of a job.  AIG 
> raised the hull limit for Velocity aircraft up to $150,000.  If your 
> agent at Falcon is unable to confirm this, call AIG in Phoenix and ask 
> for Cody McCormick at (480) 699-8407.
> The average hull rate, based on standard coverage, is somewhere near 
> 3% of the insured value.  $100K hull x 3% = $3,000/annum premium.  Add 
> $1M Liability for around $750 per year ... $3,750 total.  $5,700 is 
> too much for this insurance.  Tell Falcon this.  Duane Swing has met 
> the senior representatives from Global at previous Sun n Fun and 
> Oshkosh shows.  They have been open minded and supportive of insuring 
> Velocity aircraft.  The claims history for Velocity aircraft is very, 
> very low compared to other high-performance experimental aircraft.  
> Some agents, and insurance companies tend to "lump" high performance 
> aircraft together, when the safety and claims record of Velocity 
> owners deserve special and favorable consideration.  Be sure to 
> contact Pam at AUA for a quote.
> SB
>
>     ----- Original Message -----
>     *From:* Velocity_AZ <mailto:velocity_az at cox.net>
>     *To:* 'Velocity Aircraft Owners and Builders list'
>     <mailto:reflector at tvbf.org>
>     *Sent:* Monday, May 15, 2006 4:35 PM
>     *Subject:* REFLECTOR: Insurance - OUCH!
>
>     Hey guys -
>      
>     I just got my insurance renewal and it's painful -
>      
>     I've got 500+ total hours, 230 hrs in type & an instrument rating.
>     I have a 173 Fixed Gear and I am the only one listed as the pilot.
>      
>     Was paying $5000/year for $175,000 hull insurance, $1M liability,
>     $100K per passenger - $0 DEDUCTIBLES (Global Aerospace is the
>     underwriter through Falcon Insurance).
>     I've always felt the the $0 deductible is extremely important if
>     you want hull insurance.  Should more than $17,500 worth of damage
>     occur to my Velo, chances are that I wouldn't have to worry about
>     what I'd be collecting beyond that (since you can't take it with
>     you!).
>      
>     Renewal - $5650/year (same coverage as above) or
>     Renewal - $5123/year - $17,500 deductible
>      
>     I also learned that AIG will only insure a Velocity with up to
>     $100,000 for hull insurance.
>     I also learned that my current underwriter, Global Aerospace
>     (supposedly the best coverage available), is not that interested
>     in Velocitys anymore and, if insurance was possible, a min. of 750
>     hours would be required.
>      
>     What have you guys been finding?
>      
>     Kevin
>
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