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<< Lancair Builders' Mail List >>
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I spoke with an aviation law attorney regarding what the best way is to
handle the liability of manufacturing your own craft. He informed me that it
doesn't matter how you handle the title to the aircraft -- whether in your
name, a corporation, or a trust. You MUST obtain product liability
insurance. He suggested obtaining a 5 million dollar policy. He has worked
with a company called Empire out of Cincinnati, Ohio in the past and says
they are good.
If you try to hold title in a corporation or a trust without the insurance,
and you try to wiggle out of liability through the trust or corporation, once
discovery was done, it would be easily discovered that you held the plane in
either the trust or corporation to shelter other assets. That is why the
product liability insurance is a must.
Also, he did not have it in front of him, but he believed the statute of
repose - or time that you would not be liable after the manufacturing of a
plane -- is 18 years. Hope this helps all.
Susan Brunner
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LML website: http://www.olsusa.com/Users/Mkaye/maillist.html
LML Builders' Bookstore: http://www.buildersbooks.com/lancair
Please send your photos and drawings to marvkaye@olsusa.com.
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