REFLECTOR: Insurance - OUCH!

[Me You]

If you have an insurer that will, at least, pay out on a claim you are doing 
good!! I am currently engaged in litigation against Marsh Insurance through 
COPA (AOPA) trying to collect on a theft claim they denied and COPA has been 
disappointingly silent regarding this matter. If it wasn't for the air rwgs, 
I don't know what the point is of having insurance. If liabilty is involved, 
I wouldn't be in much of a position to argue - so I doubt very much that 
Marsh would be of much benefit - CHECK THE BACKGROUND OF YOUR INSURER TO 
DETERMINE ITS REPUTATION and how much trouble you (or your estate) would 
have settling a claim. AND DON'T JUST TAKE THEIR WORD OR COPA/AOPA'S WORD 
FOR - - Caveat Emptor could never be truer than with insurance 
companies!!!!!

Murray
C-FUFM


>From: "Velocity_AZ" <velocity_az at cox.net>
>Reply-To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org>
>To: "'Velocity Aircraft Owners and Builders list'" <reflector at tvbf.org>
>Subject: RE: REFLECTOR: Insurance - OUCH!
>Date: Tue, 16 May 2006 11:10:47 -0700
>
>Guys,
>
>Don't forget that you would probably want non-motion ground coverage which
>adds to the total insurance bill (for theft, if someone hits your plane
>while parked, weather beats it up, etc.)
>I understand that liability runs about $1000-$1200 for $1M coverage plus
>non-motion ground coverage is around 1.5% of the hull value.  So for me,
>liability and 0 deductible ground would have been around $3800 ($175K*1.5% 
>+
>1200).
>
>For some of you guys the insurance cost is not bad as you only have hull
>insurance for less than $100K.  I would think that most Velos out there
>(especially XLs) are closer to $200K.
>
>As some of you probably know, I did have an engine failure (due to the
>Lycoming mechancial fuel pump going out - which an AD appeared for
>replacement 2 months after my incident) and had to land in a dry riverbed. 
>I
>did make a normal landing but the rollout over the river rock broke the
>wheel pants and shook the plane quite a bit. My only damage was -
>1) destroyed wheel pants,
>2) gear leg needed to be sanded down for inspection - had stress cracks 
>that
>were only paint deep
>3) bent main gear bolt & bushing - replaced
>
>I did all of the repairs and you would think that it should have been 
>pretty
>inexpensive.  Well, it wasn't.  Since it costs more to x-ray parts for
>stress than it does to replace with new, I had to put new -
>1) wheels (which were inspected and failed due to stress)
>2) wheel discs (which were deformed due to overheating - needed to stop
>right away)
>3) tires (A&P recommeneded to be replaced when they endure that type of
>stress)
>4) axles
>5) brake pads - cracked
>6) engine mount bolts, axle bolts, wing bolts, landing gear bolts
>7) main gear cuffs
>8) stainless steel firewall protection (I had to remove the engine and
>stainless steel firewall for firewall inspection)
>
>Plus new paint for new wheel pants and new paint for gear legs
>
>The entire claim for parts and (cheap) labor was just under $12K - which
>according to my insurance company does NOT affect my insurance rate (if
>under $12K it's a gimme).
>
>Keep in mind that I did not damage the $12,000 M-T prop.  You can see where
>I'm going on the insurance issue - A high deductible is worthless unless
>you're concerned about the financial future of who you're leaving behind 
>AND
>it doesn't take much damage to be an expensive repair.
>
>Kevin
>
>   _____
>
>From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
>Behalf Of Robin Wesley Ream
>Sent: Tuesday, May 16, 2006 10:24 AM
>To: Velocity Aircraft Owners and Builders list
>Subject: Re: REFLECTOR: Insurance - OUCH!
>
>
>Funny you should say that Alex, because that's exactly word for word the
>advice I got from my attorney about the matter when I was looking at
>alternatives to the insurance dilemma.
>
>----- Original Message -----
>From: Alex Balic <mailto:alex157 at pwhome.com>
>To: 'Velocity Aircraft Owners and Builders  <mailto:reflector at tvbf.org>
>list'
>Sent: Tuesday, May 16, 2006 11:37 AM
>Subject: RE: REFLECTOR: Insurance - OUCH!
>
>
>Yea, you know what- I am just going to have liability.   For 4-5k/year, I
>can do a lot of fixing,  and if is a total loss, I probably won't be in any
>condition to care too much about replacement anyway.
>
>
>
>
>   _____
>
>
>From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
>Behalf Of Velocity_AZ
>Sent: Monday, May 15, 2006 3:36 PM
>To: 'Velocity Aircraft Owners and Builders list'
>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
>
>
>
>   _____
>
>
>
>
>_______________________________________________
>To change your email address, visit
>http://www.tvbf.org/mailman/listinfo/reflector
>
>Visit the gallery!  www.tvbf.org/gallery
>user:pw = tvbf:jamaicangoose
>Check new archives: www.tvbf.org/pipermail
>Check old archives: http://www.tvbf.org/archives/velocity/maillist.html
>


>_______________________________________________
>To change your email address, visit 
>http://www.tvbf.org/mailman/listinfo/reflector
>
>Visit the gallery!  www.tvbf.org/gallery
>user:pw = tvbf:jamaicangoose
>Check new archives: www.tvbf.org/pipermail
>Check old archives: http://www.tvbf.org/archives/velocity/maillist.html