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  #21  
Old 10-06-2010, 03:15 PM
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Mike S Mike S is offline
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Location: Dayton Airpark, NV A34
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Default Thanks!!

Jeff, thanks for taking the time to explain all of this to us.

Really appreciated.
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Rv-10, N210LM.

Flying as of 12/4/2010

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  #22  
Old 10-06-2010, 06:16 PM
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Flybuddy2 Flybuddy2 is offline
 
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Location: Fort Myers
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Default

Jeff--I apologize...Not personally directed toward you, just expressing my (generally uninformed) opinion. I appreciate the fact that you did post and passed on an informed opinion and valid info. Insurance, overall, just never seems to add up to me. thx Tom
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  #23  
Old 10-06-2010, 06:50 PM
Kyle Boatright Kyle Boatright is offline
 
Join Date: Aug 2005
Location: Atlanta, GA
Posts: 4,219
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Jeff,

A random question...

What happens if a monster T-storm comes through Oshkosh one year and balls up or seriously hail damages 10,000 airframes in one 15 minute disaster?

Are the underwriters sufficiently stable to handle $100,000,000 or more in claims?
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  #24  
Old 10-06-2010, 07:31 PM
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John Clark John Clark is offline
 
Join Date: May 2005
Location: Santa Barbara, CA
Posts: 1,324
Default Chump change

Quote:
Originally Posted by Kyle Boatright View Post
Jeff,

A random question...

What happens if a monster T-storm comes through Oshkosh one year and balls up or seriously hail damages 10,000 airframes in one 15 minute disaster?

Are the underwriters sufficiently stable to handle $100,000,000 or more in claims?
One new A-380 costs over $350,000,000. I have to think that the financiers/leasing companies demand that they are insured.

John Clark ATP, CFI
FAA FAAST Team Member
EAA Flight Advisor
RV8 N18U "Sunshine"
KSBA
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  #25  
Old 10-07-2010, 07:05 AM
JDRhodes JDRhodes is offline
 
Join Date: Feb 2008
Location: Taylorsville, GA
Posts: 748
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Quote:
Originally Posted by Kyle Boatright View Post
Jeff,

A random question...

What happens if a monster T-storm comes through Oshkosh one year and balls up or seriously hail damages 10,000 airframes in one 15 minute disaster?

Are the underwriters sufficiently stable to handle $100,000,000 or more in claims?
Yes - But that would be quite an aviation disaster. I've worried about that before as one of those late summer black monsters gathers around OSH.

The insurance industry pays out $100 Mil in many airline disasters. But it does cut in to their obscene profits for the year
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  #26  
Old 10-07-2010, 08:22 AM
bkthomps bkthomps is offline
 
Join Date: Jan 2010
Location: Destin
Posts: 1,543
Default

yeah, but what would the lead time be on vans kits after such an event.....be a moot point
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  #27  
Old 10-07-2010, 08:51 AM
Rick S. Rick S. is offline
 
Join Date: Mar 2005
Location: Las Vegas
Posts: 736
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Quote:
Originally Posted by fehdxl View Post
Jeff, Several years ago as the first dozen or so customer built RV-10's were being born, there was a gentleman in Arizona or Nevada (iirc) who was trying to put together a group of RV-10 fliers to unite and self-insure. Do you remember that discussion? If so, do you have any comments on the idea? I'll try and do some research and dig up the thread...not sure if it was on VAF, Matronics, or maybe even the Yahoo/James McClow forum. TIA, -Jim
That was me. The concept was based on several self insured groups I managed at the time. I approached several insurers who specialized in managment of such groups. They were interested and said it was a doable project. Basically the group would have a large deductible, boiled down to one RV-10 loss, after that an excess policy would cover anything above and beyond that. The key was to not have any losses for several years, building up members equity in the fund. If you wanted to participate we had mandatory risk reduction measures such as the ASF couses, FAA wings etc. The up front costs were not that bad but you had to make a financial commitment of one year contribution (premium) and a initial buy in to the program to cover setup. And yes, there would be risk of losing your investment. In the end there was just not enough people interested in risking their cash to become a member. Bullet dodged? maybe the only RV-10 fatality wsas one of the first to commit to the program. The soft market in insurance is another possible bullet dodged.
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  #28  
Old 10-26-2010, 11:28 AM
Pave Tim Pave Tim is offline
 
Join Date: Aug 2010
Location: Out West!
Posts: 80
Default

Quote:
Originally Posted by Kyle Boatright View Post
Jeff,

A random question...

What happens if a monster T-storm comes through Oshkosh one year and balls up or seriously hail damages 10,000 airframes in one 15 minute disaster?

Are the underwriters sufficiently stable to handle $100,000,000 or more in claims?
My dad was in the insurance business for 50 years..not with airplanes though. For catastrophic losses, insurance companies have insurance companies. In other words, once a claim reaches a certain level, re-insurance kicks in...or if the company suffers multiple large losses (tornado's) then it kicks in. I think that is how it works.

My dad and I had HUGE arguments about insurance when I was young and stupid. Clearly, I always lost.
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  #29  
Old 10-26-2010, 02:07 PM
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az_gila az_gila is offline
 
Join Date: Jan 2005
Location: 57AZ - NW Tucson area
Posts: 10,011
Smile Yes...

Quote:
Originally Posted by Pave Tim View Post
My dad was in the insurance business for 50 years..not with airplanes though. For catastrophic losses, insurance companies have insurance companies. In other words, once a claim reaches a certain level, re-insurance kicks in...or if the company suffers multiple large losses (tornado's) then it kicks in. I think that is how it works.

My dad and I had HUGE arguments about insurance when I was young and stupid. Clearly, I always lost.
...but when a company puts all of it's eggs in one basket (or homebuilts) and a large loss occurs - then they bail out and competion for your insurance $$ is lost.

This happened to our house policy after the Northridge earthquake - 20 th Century Insurance dropped all house policies because their basket had become too localised in Southern California. We had no damage or claims.

Insurance needs to be spread out over a very large pool.
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Gil Alexander
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Half completed RV-10 QB purchased
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  #30  
Old 10-26-2010, 07:00 PM
sgoldin sgoldin is offline
 
Join Date: Nov 2009
Location: RI, MA
Posts: 38
Default 900 x 100

jeff
Any chance interest for a product like this could be put together? EAA has it for Young Eagles so some re guy is doing it now? Just a thought.

In interest of full disclosure I was a broker in my working life.
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