REFLECTOR: Velocity group aircraft self-insurance

[Dick Harpster]

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  <mailto:edjonesbrady at gmail.com> <edjonesbrady at gmail.com>
To: Velocity Aircraft Owners and Builders list  <mailto:reflector at tvbf.org>
<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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