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coop85(at)bellsouth.net
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 Posted: Tue Aug 15, 2006 7:03 pm Post subject: Insurance for first flight |
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I had a near anxiety attack causing lesson yesterday over my insurance. My machine is all signed off and ready to go for Saturday, so I called the insurance folks I had spoken to during Sun-n-Fun prepared to bind the insurance. While at Sun-n-Fun, I had been told that my 5,500+ hours, extensive RV-6 and other low wing time (Cherokee, etc) would count as close enough to the RV-10 so no -10 time was required. Well, things have changed and I was told from several insurers that between 2-5 hours Dual was required and one company said they wouldn’t insure during the test period no matter what. I was heart broken over possibly not being able to fly this weekend.
Fortunately, after many calls to every agent I could think of, the folks at Falcon Insurance hooked me up with AIG and approved no experience requirements but with an increased deductible and reduced liability during the test phase – WHEW! I am certainly a firm believer in experience in make and model and don’t want to downplay the benefits, but I survived my Q-2 and Skybolt with no make/model time and have enough experience in enough types that I’m confident all will go well, and apparently so does Falcon. This is certainly not the right answer for everyone, but I wanted to stress that the industry has become more conservative regarding the RV-10 (one broker told me they were leaning toward 250 hrs TT and an instrument rating!) so I’d recommend folks plan ahead and get the training if required.
Marcus
40286
Do not archive
[quote][b]
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dav1111(at)cox.net
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| Posted: Wed Aug 16, 2006 2:15 am Post subject: Insurance for first flight |
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I also went with AIG, through NationAir and they waived make and model time in an RV-10 for both me and my buddy who I added as a named pilot. We both have in excess of 1400 hours. I have almost 300 TT in an RV-6A but my buddy doesn't have any RV time.
Insured for $200,000.00 for less than $3800.00 premium.
Russ Daves
N710RV Flying - going to paint shop tomorrow
[quote] ---
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pascalreid(at)verizon.net
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| Posted: Wed Aug 16, 2006 8:53 am Post subject: Insurance for first flight |
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Other than wanting the insurance, well for insurance in case of an unwanted event, Does the DAR or other require that the builder show insurance for the inspection? Is insurance even a requirement- like it is for a car?
Not saying I don't want insurance just trying to understand if one is "required" to have it versus chosing to have it.
Some people, for example, with no or little flight time may be limited to finding insurance, does that mean they can't take their chances until meeting the requirement?
So other than comments about whether it's right or wrong for not having it- just want to know is it required?
Thanks!
Pascal
[quote] ---
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Tim(at)MyRV10.com
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| Posted: Wed Aug 16, 2006 12:41 pm Post subject: Insurance for first flight |
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Pascal wrote:
| Quote: | Other than wanting the insurance, well for insurance in case of an
unwanted event, Does the DAR or other require that the builder show
insurance for the inspection? Is insurance even a requirement- like it
is for a car?
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No, unless perhaps there's a state-by-state rule, I've never heard
of such a thing. You could probably go without insurance if you
choose to accept all the risks.
| Quote: | Not saying I don't want insurance just trying to understand if one is
"required" to have it versus chosing to have it.
Some people, for example, with no or little flight time may be limited
to finding insurance, does that mean they can't take their chances until
meeting the requirement?
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I was told that I could choose to not bind coverage and do my flyoff
without insurance, and that the time would still count toward the
total time in make/model. What they DON'T want is someone to start
the insurance process, but not finish it, and fly without it. They
figure that it would then be possible for an uninsured person to
crash and have the spouse still claim they should have been insured,
just because there was some preliminary work done to get coverage
going in the future. So they really want to stay away from you until
you are ready to bind insurance. I did get AIG too, and they did have
decreased coverage during the flyoff, and I believe a 10% deductible
during that time. They required 5 hours of Transition Training from
me, with me having just a hair under 500 Total Time and an instrument
rating. I was told that if I did do the flyoff period and THEN
applied for insurance, I would probably get a better rate right
off the bat because of having a bunch of time in type. Not that
this would be a good idea, but just to show that it is possible.
I figured if all else failed, and I couldn't get transition training
and the whole process fell apart, that's what I'd do...but I didn't
end up having to. Transition training is worthwhile, but a current
and experience pilot would really not need more than a couple hours.
So no, I don't think it's required, but again, it may be
a state law or something in some state...I've just never
heard of such a thing.
Tim
[quote] So other than comments about whether it's right or wrong for not having
it- just want to know is it required?
Thanks!
Pascal
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jhasbrouck(at)woh.rr.com
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| Posted: Wed Aug 16, 2006 2:15 pm Post subject: Insurance for first flight |
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The only instance that comes to mind for " required " insurance would be a lender requiring hull insurance if the plane was collateral for a loan. Other than that, you're on your own. ( at least here in Ohio ). The wisdom of "going naked" is different issue though.
John Hasbrouck
[quote][b]
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jack.lockamy(at)navy.mil
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| Posted: Thu Aug 17, 2006 6:28 am Post subject: Insurance for first flight |
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Most public airports REQUIRE One-Million Dollars of LIABILITY Insurance before you can 'legally' hangar, tiedown, store or operate your aircraft on the airport public property. Check with the local Airport Manager. I had to name my airport on my insurance policy in order for the airport to be covered in case of a loss. I don't have a million dollars in my checking account so I had to purchase this coverage from somebody that does (Falcon Insurance Broker, AIG underwriter).
HULL insurance or as some refer to it as 'collision', is NOT required. If you have deep pockets and/or can afford to self-insure your $100K plus RV-10, go for it. Most homebuilders I know can not afford to lose $100K, therefore we buy insurance. I had the million dollar liability insurance and NO HULL on my Sonex (N164JL) and had a very unfortunate crash that I tell others cost me $35K in less than 10 seconds when the prop hub disconnected from the crankshaft. That was a very big blow to my savings account and I learned the hard way. It can happen to anybody. Can you handle the financial loss if it happened to you? My current aircraft (RV-7A) is FULLY insured with both HULL and LIABILITY! 
I'm no DAR, but I don't believe they 'give a hoot' whether you have insurance or not.
Jack Lockamy
RV-7A N174JL 210 hrs.
RV-10 lurker... thinking about it
Camarillo, CA
www.jacklockamy.com [quote][b]
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