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Question by Carl, responce below by Jim Hergert
I just received a renewal from Falcon Insurance, underwritten by
Global-AAU as part of the EAA insurance program. I switched to them
last year when they came in a few dollars higher than my previous
insurance with $0 deductible. This year my premiums increased from
$7,800 to $10,400 with no claims, violations, DUIs or whatever would
trigger a jump on my part.
I am starting my search Monday for other coverage after a call first to
Falcon. Any suggestions of where to look are appreciated.
Carl Cadwell, N25CL, IVP, 470 hours
I just received my renewal also. Mine is underwritten by Global also but a different agent. You are getting off cheap. Mine is $13,785 with $400K hull not deductible. My bitch is that mine went up last year from $8,700 to the same as what they are quoting this year. Last year I called around and got answers like "you are getting ripped off by at least $4K and I know what I'm doing, I right lots of Lancair's"
That is where the story starts. After looking into this very hard I found that there is ONLY one underwriter who will insure a L IV and this is it. I tried to get the lower number but this is what I found. If you have a certified airplane like my Bonanza A36 there are several underwriters who can just go to a table and look it up and make a completive quote. But when you get into Experimental there is not table so most won't quote. Last year just as I was getting renewed there were two L4 crashes in the short past, so when my quote came across the ONE guys desk he just picks a number and he WON'T change it. In my start of the second year last year I just paid it. This year I was going to self insure. So after the above quote I asked for Liability Only quote. This is very interesting too. The same underwriter may not just write Liability, which was a $677.00 line item for $1 million. When the Lia. Only quote came back it is for $3,275.00. Go Figure?
Larry Klaas of this list who tried to get something going for this group just wrought me that he couldn't get anyone to go for it even though he has a small insurance Co. He may want to write more.
Alternatively, one can post a Surity Bond but it will cost more, I'm sure.
Any Solutions appreciated?
FYI, For the last month my airplane has been unflyable while getting new cylinders, (story later) and that adds up to $1148.75 for the insurance while in the shop so far.
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