Is insurance (liability and hull) reasonably available for the Legacy?



Brian Barbata

Posted for "Adam Szofran" <zof [at] speakeasy.net>:



I stopped by the Falcon booth (EAA insurance plan) at Oshkosh last week

and asked about insuring a (theoretical) 360 worth about $100K.

Presumably a Legacy would fall into the same category as a 360 although

the value would probably be higher.  They gave me a quote for liability

and hull of $3300 per year.  I'm a 700 hour pilot with an instrument

rating but only 10 hours of retract time.  Apparently the quote wouldn't

have been much less had I had more retract time and a decent amount of

time in type.



Adam Szofran

Is insurance (liability and hull) reasonably available for the Legacy?

Jeff,



I think (and I could be wrong but) the discussion

should first be about how the process works with how

companies go to underwriters to get a quote and what

that means to us.  Once a quote is given for you and

your plane by an underwriter, any other company that

you go to that goes to the same underwriter is going

to come back with the same quote.  



Is there anyone out there who is familiar with the

insurance business who can speak to what you should do

and not do when seeking a quote?



At any rate, I used Regal Aviation Insurance.  I will

have to look for my policy to give more/better

information, but my cost was $6,500 for this year.

For that quote I gave this information: I am

insturment rated with 1500+ hours, 200+ RG, 200+

make/model, 140 last 12 months.  The plane was insured

for $285,000 in flight and in motion.  I don't have

the policy at this time to give you deductables or per

person amounts.  Hope this helps.



Art Jensen

Legacy 927J





--- jeff [at] eurocars4less.com wrote:



> It's time to renew Insurance on my Legacy. Wanted to

> shop around alittle before signing on for another

> year with AOPA. Any recommendations

> on experimental friendly insurance companies to try?

>  Feedback from LML allway's appreciated.

>

> thanks

> Jeff







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"I had to add Don Goetz..........AIG agreed to add Don and REDUCED the total quote by a couple hundred dollars."



The legend Don Goetz comes through again.    :-)

dave



----- Original Message ----- From: "Halle, John" <JJHALLE [at] stoel.com>

To: <lml [at] lancaironline.net>

Sent: 11/19/2007 4:35 PM

Subject: [LML] Re: Legacy Insurance





Art accurately describes the insurance process.  The broker is a

service provider whose job is to get the best quote from the available

insurance companies.  To avoid confusion, no insurance company will

quote to more than one broker for a particular policy.  You should

therefore pick your broker based on who you think you work well with and

who you think does a professional job of getting quotes and otherwise

servicing your account (the latter more important than the former

because any competent broker will get the same quotes from the same

insurance companies.



In 2000, when I was building my Legacy, I was insured (kit) with AVEMCO

and was all set to just change that to a flying policy.  Unfortunately

in the middle of all this, AVEMCO decided that they would no longer

insure high performance experimentals.  After picking myself off the

floor, I ended up with REGAL and have been very happy with the service.

I have actually been insured with AIG the whole time although REGAL

gets, and we discuss competitive quotes every year.  My first year price

was about what Art was quoted and it went down about $1,500 after the

first year and has stayed pretty much constant since then.  My numbers

are generally comparable to Art's except that I have jet and military

time (but don't know if in made any difference.)



Just to show that there is an element of absurdity to every process, I

got my first quote from AIG and then realized that I had to add Don

Goetz to the policy so he could do my first flight.  I duly reported

this to Autumn at REGAL, who passed it on to AIG.  AIG agreed to add Don

and REDUCED the total quote by a couple hundred dollars.  I asked Autumn

if she thought I could get the price down more by adding Alan Sheppard,

Bob Hoover etc. but she didn't seem to think it would work.



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Evening All,

I'm not sure how wide the appeal for the question might be, but I'm certain that for various reasons, the answers to these questions could become general interest at some point.

I’ve recently signed the purchase agreement for a Legacy kit, and have been looking at the future insurability for the day when the baby will fly under its own power—a year or two down the road, I expect. So far I’ve spoken with one company that represents four underwriters.  They’ve been vey friendly and helpful, but the bottom line is that two of the underwriters won’t quote any Legacy and the other two would decline to quote “me” in a Legacy.

I’m partially to blame for this, of course, since I had a reportable accident this year in my certified bird that resulted in the total loss of the aircraft, and very nearly myself.  It was actually this accident, and the hours of parsing my logbooks for the FAA, NTSB and the insurance company reports (while lying in a hospital bed)  that highlighted my normal mission profile and led me to the Legacy as more closely aligned with the way I was actually using my aircraft.

So, here’s the question(s)…  I expected to pay more following the accident, I didn’t expect the underwriters to decline to even quote me.  Is there a time, an industry formalized period, where one is blacklisted following a claim, and if so, how long does that last?  Do you know of other companies and underwriters that, while taking a claims history in to account, might not be as shy about providing a quote?

Regards,

Hal

hal-ed wrote:

            I’ve recently signed the purchase agreement for a Legacy

            kit, and have been looking at the future insurability for

            the day when the baby will fly under its own power—a year

            or two down the road, I expect.

You are being smart to look at insurance before you buy, however..... No one can tell you what the insurance market will look like 2 years from now. 30 fatal legacy crashes between now and when you are ready to fly and no one will be able to get insurance in a Legacy. Two loss free years due to mandated training and you could be looking at insurance at lower rates than you thought possible today. If you end up taking 5 years to build instead of two, no one can predict what factors will influence rates between now and then, let alone what those rates would be.



Bottom line: Look into it, but do not take what you hear too seriously. Any predictions about the availability of insurance 2 years from now are only as accurate as your ability to predict all relevant events between now and then.



Hamid

I’ve been with Aggressive Insurance for the last 2 years and they no longer are insuring Legacy.  Could you please let me know which insurance companies are insuring Legacy?  Thank
you.

 

Henry Arjad

Legacy N22YY  KSNA

Henry,

 

Call Jenny Estes at Nationair. Nationair is the LOBO preferred broker and maintains close contact with all underwriters that write our policies. She has been a great advocate for supporting LOBO and the Lancair fleet. Her number is 877-475-5860.

 

The insurance market for Lancairs changes every year do it pays to have someone staying on top of this for us.

 

Best regards,

 

Jeff Edwards

-----Original Message-----

From: Paul Miller <pjdmiller [at] gmail.com

>

To: lml <lml [at] lancaironline.net

>

Sent: Tue, Feb 18, 2014 8:10 am

Subject: [LML] Re: Legacy insurance

My broker said aggressive was not renewing but they got it renewed cheaper than last year, I'm still with them.



Paul

Legacy

On 2014-02-17, at 20:33, Henry Arjad <henry [at] cptgroup.com

> wrote:

I’ve been with Aggressive Insurance for the last 2 years and they no longer are insuring Legacy.  Could you please let me know which insurance companies are insuring Legacy?  Thank
you.

 

Henry Arjad

Legacy N22YY  KSNA