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Rocket-List Digest: 3 Msgs - 07/15/07

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Robert aka RR II

Joined: 23 Jan 2007
Posts: 5

Posted: Mon Jul 16, 2007 7:54 am Post subject: Rocket-List Digest: 3 Msgs - 07/15/07

Hi Jim Stone, I was faced with the same insurance issue except with Avemco, 

I have insured with them for over twenty years. Even with thousands of hours 

Tail dragger(Pawnee Scouts 180 C)   it made no difference. they still wanted 

twenty five HRS dual in the rocket before insuring, they didn't seem to care 

about phase one or test periods. So I Flew it for 25 hours and called them 

up and received the insurance, If you have faith in your ability it will be 

a non issue. When buying insurance you are betting you will have an 

accident, they have the odds on their side that you will not have an 

accident. They just want the odds even better!   Bob Marshall  -----  

Original Message ----- 

From: "Rocket-List Digest Server" <rocket-list(at)matronics.com>

To: "Rocket-List Digest List" <rocket-list-digest(at)matronics.com>

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_________________
Bob,Roberts Rocket II

nico(at)cybersuperstore.c
Guest

Posted: Mon Jul 16, 2007 8:16 am Post subject: Rocket-List Digest: 3 Msgs - 07/15/07

The main thing about self-insured flights, as I understand that practice, is

the probability of third-party liability. You hit someone's building and set

it on fire; you could be liable for everything in there that goes up in

flames plus some.

The main objective would be to contain the damage if it occurs and one

method is to build a wall around the risk so that it cannot ravage whatever

you own outside of those walls - also called a corporate veil.

It might be a good couple of bucks spent to talk to an expert in the field.

Options that immediately come to mind is to sell your aircraft to your own

company or other entity that you own and so limit the scope of the liability

to the value and ability of the entity. Or, you could build the plane for

the entity and record a huge bill against it already making it insolvent

except for your (gracious) deferment of payment, which you maintain

indefinitely. Your relationship with the entity as pilot will require

careful planning, which only an expert can guide you on. The cost of such a

consultation might be worth your while. 

Just my 2c worth.

Nico

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cjensen(at)dts9000.com
Guest

Posted: Mon Jul 16, 2007 8:56 am Post subject: Rocket-List Digest: 3 Msgs - 07/15/07

This corporate veil thing is a widely held belief that rises almost to

level of myth.  First, I'm not an attorney--I work for a living---but

some of the legal concepts are quite simple.  



If you put the plane into a corporation and its owned by the

corporation, the legal protection this maneuver affords is miniscule.

If you wreck it and burns somebody's house down doing so, the home owner

(well, actually the home owner's insurer, under subrogation) is going to

sue somebody to recover their loss.  So who are they going to sue; the

plane, or you?  Dah!  Since you were the one that built, maintained and

flew the plane, they are going after you, not the plane, so the

corporate veil may be intact, but it protects you from nothing.



One is hard pressed to think of a circumstance that the corporate veil

is useful to an owner except if aircraft(s) are being used for charters

or flying clubs and the owner of a plane doesn't maintain or fly the

plane(s), but simply receives rent or other compensation from use of the

plane by others. Under those circumstances, the veil might/can protect

the owner from litigation if the aircraft is involved in an accident.



Chuck Jensen



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