REFLECTOR: NO Velocity Insurance?

[Doug Kanczuzewski]

The premium is right in line, but don't expect it to go down as you build time. I have only seen the opposite. It is more along the lines,  if there is more competition from insurance companies then the premiums go down and we are seeing more companies getting out of insuring our planes, less competition for our money.   The fact you were able to get 150K is good news. Last few years I was only able to get $125K.

Doug

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On Behalf Of Don Johnston
Sent: Wednesday, March 19, 2014 3:07 PM
To: Velocity Aircraft Owners and Builders list
Subject: Re: REFLECTOR: NO Velocity Insurance?

After the discussion about the difficulties in getting insurance, I decided to confirm my ability to get coverage. So I called Donnie Peters and AirSouth and asked him to verify that I would be able to get insurance.
Heard back from him today. He checked with AIG (which is who is providing my builders risk policy) and they said I'm all set.
But it ain't gonna be cheap. $150K hull, 1 million liability (smooth, IIRC) is going to come in at about $4,000 per year. That's about 3x what I'm paying for my 182RG.  He said it will almost certainly go down as I build time in type.  If I drop the hull to $100K the premium would drop to around $3,000.
He also said that if I didn't already have the builders risk policy with AIG that I probably wouldn't be able to get insurance (at least with everyone he's check with) for when I'm "in motion".
-Don

On Sat, Mar 15, 2014 at 5:04 PM, Don Johnston <don at johnston.org<mailto:don at johnston.org>> wrote:
That's very possible. I've got 1,000+ hours retract.


On Saturday, March 15, 2014, Epstein Lawrence Jay <ljepstein at hotmail.com<mailto:ljepstein at hotmail.com>> wrote:
(I tried to post this earlier, but I never saw it).

I believe that the main issue is with the RG. I don't think it is as hard to get the FG insured. (I was able to get Full flight, (effective March 1) $100k hull + liability for my 173 FG which is getting close to first flight. I have ~550 total time, Private, Instrument, SEL-~350 Hrs bonanza time).
What some have done is disable the retract mechanism and insure the aircraft as a FG, then re-apply for RG insurance down the road (after you have enough (100 hrs?) on the aircraft with you PIC as a FG.

Just a thought.

Larry E.

My insurance is Chartis through (broker):
Packer & Associates
Richard Packer - Aviation Insurance
5266 Mooney Road, Radnor, OH 43066
740-494-2554<tel:740-494-2554> FAX 740-494-2748<tel:740-494-2748>
paainc at aircraftinsurance.net<mailto:paainc at aircraftinsurance.net>

He's the guy with the beautiful Stearman who is always parked right in front of the vintage hanger @ OSH

On Mar 15, 2014, at 3:40 PM, Don Johnston <numa at comcast.net<mailto:numa at comcast.net>> wrote:


I've had my builders policy through Don Peters at AirSouth for a few years.  He has pretty much guaranteed me coverage for when I'm ready to fly.

On Saturday, March 15, 2014, jeff findarle <flynfindarle at yahoo.com<mailto:flynfindarle at yahoo.com>> wrote:
OK Friends, I am just about ready to paint my Velo 173 RG. So last year when I thought I was going to be ready to fly her, but instead decided to re-paint. I had called a number of insurance companies and had NO LUCK at all getting any quotes for hull coverage.
I did however have a good response from Don Adams with AirSouth (Very nice and knowledgeable and works hard and responds quickly). SO I just tried again with Don this week. He tried a bunch of companies including: Aerospace, Global, Starr, AIG, HCC. Randy Kasen with Aerospace said that regardless of pilot times, they are not interested in coverage on the Velocity.
Sure would like to know why all these insurance companies are scared to DEATH of our little birds?
I have 402 hrs (27 hrs last 6 Months), 25 hrs Retract time, COMPLEX, non Instrument (I want to see what I am going to hit)! Rated single engine land.
Any ideas?
Thank you, Jeff

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