But, if AIG has since changed
its policy then his hands may be tied. It seems that after ever huge
event adversely affecting the insurance industry (Katrina and Rita come to mind
as well as 9/11) the industry looks to tighten up its belts regarding loses (or
areas it consider more risky) by being more restrictive on aircraft insurance
(and rates on aircraft, car, home, etc also increase even though their risk has
not changed).
----- Original Message -----
Sent: Thursday, September 29, 2005 3:32 PM
Subject: [FlyRotary] Insurance
I know this is a yucky subject, but it
seems this issue just won’t go away, and actually seems to be getting
worse. I was curious what the other rotary builders are doing for
insurance. Seems there are new rules at AIG concerning Lancairs. I
was curious to hear if AIG has implemented similar rules for the RV’s and
other experimental a/c. They now won’t insure a Lancair without an
“approved Lancair inspection”, although there isn’t an “approved”
Lancair inspector list available. The item that really bothers me is #2
below which states “no auto engines, no radically modified aircraft engines, etc.”
I may have to build my own airstrip so
I’ll have a place to keep my plane.
Mark S.
(ref. posting from the LML list below)
From: Lancair Mailing List
[mailto:lml@lancaironline.net] On Behalf Of N301ES
Sent: Wednesday, September 28,
2005 10:01 PM
To: Lancair
Mailing List
Subject: [LML] Re: Insurance
Not a bad quote Jeff but
I got a quote before Lancair got too involved:
$300k hull, $1 million liability, 10 hr instruction and 20 hr solo - for
$4,915.
After Lancair got into it hot and heavy about 6 months ago the same coverage
jumped to $5,758 and had added the restriction of paying for a factory
inspection.
Now the new restrictions from Lancair (listed in their e-mail today) include
if:
1) building your kit with us or if building at home, having a Lancair approved inspector look over your work;
2) using only Lancair approved and/or certified parts in the construction of your kit (no auto engines, no radically modified aircraft engines, etc.);
3) Having a Lancair approved ABDAR inspect and issue an airworthiness certificate (the reason for which is that we believe an individual who has extensive Lancair experience will be better able to detect deficiencies in the builder's work);
4) Attending our training program provided by Pete Zaccagnino;
5) Having the first condition inspection performed by Lancair or one of its approved builders.
I had already planned to continue my training with Pete for the 10+ hours
needed to learn the plane, so that is for me a non-issue. But where is
Lancair's list of approved initial inspectors, of approved DARs, of approved
builders, and of approved parts? I've been looking and I have only
a few months left to get them lined up. What if I or other builders have
constructed their planes using parts not approved by Lancair? (Perhaps if you
bought it from Spruce, it ain't approved?) Might not be a major issue at
the end but it sure is a concern now.
My question is - if Lancair has negotiated a better program with AIG, how much
will I save by abiding by the new restrictions? So far it looks like I'll
be paying more.
Robert M. Simon, ES-P N301ES
VTAILJEFF@aol.com wrote:
If I get recurrent training from an approved instructor and a one time
inspection of my aircraft from Lancair then my premium is $6,086 for
$300k hull and $1 mil/ $100k seat. This is less than half of what Global
is charging. They will go higher on hull if I substantiate it with an equipment
list. AIG is the underwriter. I just got a quote for hull & liability
insurance on my IVP. Falcon quoted $13,675 for $400k hull and $1 mil/$100K seat
liability. Global is the underwriter. I have been with them these last few
years with similar premiums.
<>
Thanks Joe Bartels
and all involved in making this happen.