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  #31  
Old 11-23-2020, 08:21 PM
Ed_Wischmeyer's Avatar
Ed_Wischmeyer Ed_Wischmeyer is offline
 
Join Date: May 2005
Location: Savannah, GA
Posts: 1,379
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As for the $100,000 per passenger limit -- sometimes that's all you can get! Most bestest is to get $1M "smooth," which means $1M spread around to passengers as needed, but I'm not sure I've heard of that being offered for years.

The other point is that if you have insurance for $100,000 but get sued for $2M, the insurance company has to defend you -- they can't pay off the $100,000 and tell you the rest is yours. I think.

Another point is that aircraft insurance is grouped by like kinds. If Joe Blow is a reckless RV-10 pilot, as is his buddy in the next hangar, and they both crash, everybody's RV-10 rates will go up. So if you see somebody being a jerk about how they fly, yes, it is your business. Nobody likes to call somebody out, and accountability is not an American virtue, but...

I'm not defending any of this, I'm just stating what I think is correct...
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Previously RV-4, RV-8, RV-8A, AirCam, Cessna 175
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  #32  
Old 11-23-2020, 08:25 PM
RV10Pilot RV10Pilot is online now
 
Join Date: Jan 2005
Location: Medford, NJ USA
Posts: 321
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Quote:
Originally Posted by raabs View Post
Who was the insurance company?
I insured with AIG, the high quote I believe was from Global. Gallagher is my broker. Those 3 RV10 hours probably made a big difference to AIG.

You may want to ask Gallagher to see what insurance would cost with you with 225 hours Total Time and 10 hours in a RV10.
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  #33  
Old 11-23-2020, 08:27 PM
Kyle Boatright Kyle Boatright is offline
 
Join Date: Aug 2005
Location: Atlanta, GA
Posts: 4,370
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Quote:
Originally Posted by Kooshball View Post
I wonder how they handle it at a Young Eagles rally? I guess with S***loads of insurance??
EAA has insurance requirements for participating pilots/aircraft, then has additional insurance to cover anything* above and beyond the owner's insurance limits.

*Yeah, I know. There are probably edge cases that could exceed EAA's insurance, whatever that is.
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  #34  
Old 11-23-2020, 08:32 PM
jliltd jliltd is offline
 
Join Date: Sep 2013
Location: Rancho San Lorenzo
Posts: 983
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I have had a horror story with Star when it came to a totally legitimate claim. A friend had a professional ferry service move his Super Cub and the highly-rated yet green ferry pilot ground looped the heck out of it at the first fuel stop. The ferry outfit (operated by some lady out of Austin who is a hit on the social media sites) had Star. So Star starts saying the landing gear was old and rusted out. They were betting on the fact that the 1954 dataplate would work in their favor. And not the 19 year old ferry pilot with all the ratings and none of the experience. Unfortunately for Star the airframe was all new Airframes Alaska. The wings were new and the landing gear was a modern state of the art STC'd AOSS gas strut gear. The only 1954 part on the airframe was the dataplate and the rear control stick. The gear failed from a side load and the Star expert team said the photos showed rust in the landing gear tubes. Unfortunate for them also, the photo showed primer, not rust. The NTSB took the gear and fittings to their lab and determined the failure was pure overstress and mechanical and there were no anomalies in the materials or design. Star still says there was a problem with weak landing gear. When the buyer who had never seen the airplane in person pushed the dream team ferry company the owner lady basically said to sue her because she wasn't worth anything anyway. I had first hand knowledge of this aircraft and worked on it extensively. If ferried it across the country. I saw it compete in STOL competitions with the AOSS gear. I saw a photo of the failure and am an aerospace engineer specializing in structures. It was an overstressed gear that failed due to loss of directional control with associated side load. As obvious to me as it was the NTSB. Star is full of ****.
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  #35  
Old 11-23-2020, 08:43 PM
rocketman1988 rocketman1988 is offline
 
Join Date: Jun 2010
Location: Sunman, IN
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Quote:
Originally Posted by N804RV View Post
I was under the impression that hull coverage was the more expensive part of insuring an EAB. I thought typical liability premiums, without hull coverage was pretty small compared to getting "full" coverage. Am I wrong?

Years ago, I asked about insurance for EAB. At that time the popular consensus seemed to be just liability (no hull coverage), "if you wreck it, you eat it!"
The “liability” I spoke of is the certain lawsuits that would follow an incident. Very few people could self insure against those lawsuits...
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  #36  
Old 11-23-2020, 08:52 PM
SPX SPX is offline
 
Join Date: Dec 2018
Location: San Diego
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FWIW, Starr insures my work airplane. This year, they tried to be very aggressive (unfriendly) with the terms of the policy, with about a 30% rate hike. In the end, we worked it out, but it wasn't easy..

I hear that Starr is also cancelling Bonanza policies this year, saying they're getting out of the type, or getting out of the business of insuring older aircraft.

Pretty sure that Starr is in the process of reviewing how they think about the risk vs premium formula.
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  #37  
Old 11-23-2020, 09:19 PM
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climberrn climberrn is offline
 
Join Date: Oct 2008
Location: Carson City, NV
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Quote:
Originally Posted by rocketman1988 View Post
The “liability” I spoke of is the certain lawsuits that would follow an incident. Very few people could self insure against those lawsuits...
Not necessarily. I would be willing to put my house and a few other things in a trust and self insure the plane if it came down to an $18K quote. Chances are, an accident that injures people on the ground, the pilot wont be around to deal with it, and my wife is usually in the plane with me.

Full disclosure, I do have full coverage through Ghallager for the -7, and it is reasonable.
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  #38  
Old 11-23-2020, 10:30 PM
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N804RV N804RV is offline
 
Join Date: May 2013
Location: Mount Vernon, Wa
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Quote:
Originally Posted by rocketman1988 View Post
The “liability” I spoke of is the certain lawsuits that would follow an incident. Very few people could self insure against those lawsuits...
So, for the little 2 seater, tailwheel, EAB I have now, I've got $100,000 each person, $1,000,000 property and $1,000,000 "each accident".

Are you saying other EAB owners have much more than this?

By they way my premiums for this (no hull coverage) is hundreds, not thousands per year.

------------------

I'd be interested to know about cases where EAB owner/builders (or their estates) have been successfully sued as a result of an accident.
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Last edited by N804RV : 11-23-2020 at 10:33 PM.
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  #39  
Old 11-23-2020, 11:57 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,177
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Quote:
Originally Posted by N804RV View Post
So, for the little 2 seater, tailwheel, EAB I have now, I've got $100,000 each person, $1,000,000 property and $1,000,000 "each accident".

Are you saying other EAB owners have much more than this?

.
I carry $1 million combined single limit. But at last renewal (July 2020) Gallagher cautioned me that the company was offering this to renewals only. If I chose to drop to $100K sub-limits, I couldn’t go back up in the future.
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  #40  
Old 11-24-2020, 06:20 AM
Bcone1381 Bcone1381 is offline
 
Join Date: Dec 2015
Location: Chelsea, MI
Posts: 67
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Go fly. Build build 50 hours a month before the insurance is due to renew.
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