Aviation Insurance

I remember a couple of years ago doing a
search of where mandatory Aviation Insurance
is required for small plane owners, and it
revealed that only 3 American states had
mandatory requirements. South Carolina was
one, and I don't remember what the other 2
states were.

Well, talking to a fellow at the airport the other
day, I was telling him that the insurance for
a new low wing plane was going to eat me
alive. He then told me to look into a Delaware
offshore LLC status to buy my plane through.
He said I could also circumvent paying taxes
too.

This Delaware LLC thing looks for real to me.

---
Mark

Mark writes:

He then told me to look into a Delaware
offshore LLC

Delaware is "offshore"...as in, it's now an island?
Well, see, Usenet is useful. I had no idea.

On Nov 14, 10:39*pm, wrote:
Mark writes:
He then told me to look into a Delaware
offshore LLC

Delaware is "offshore"...as in, it's now an island?
Well, see, Usenet is useful. *I had no idea.

I believe the "offshore" either refers to a large number
of foreign entities that use Delaware as homebase,
or...it's a designation that gives your LLC a status
such that it is beyond the reach of the typical liabilities
of a traditional corporation.

I'd like to just have a "property" insurance on a hanger,
same as a homeowner's policy. This would cover the
contents of the hanger against tornados, fire, theft,
vandlism, etc. That's where the craft is most the time
anyway. I don't want the mandatory state policy that
governs my flying time. I believe many of those policys
limit your travel range too.

---
Mark

On Nov 15, 5:14*pm, Mark wrote:

That's what I'm saying, is that in at least 3 states I remember
even if you pay cash for the plane, they will still saddle you
with that mandatory policy if your plane is based in their state.

Oh, alsothis...

The insurance company can say, "Well, your experience and
hours are going to make you too big a risk, so, we're not
insure you to fly retractable right now, or, we're not gonna
insure you to fly a Lancair, Glasair, etc., or...since you're
stepping up to a new plane, we're stepping up your premiums.

See what I mean? They can prevent you from flying or at
the least, extort the premium they want.

---
Mark

On Nov 16, 12:45*am, Jeffrey Bloss wrote:

Plane insurance is still a fairly competitive field which means that
they keep each others rates inline *but* if they get a hardon for a
certain plane, type or certification, you can find yourself with a
gobful of insurance $$$ to expend.

That's what I'm saying. So, if you own the plane outright,
then you can circumvent the insurance requirement by
basing it out of a state that doesn't require coverage, or
better yet, have the craft owned by a tax exempt, limited
liability corporation. That's the proposed theory anyway.

---
Mark

On Nov 16, 12:45*am, Jeffrey Bloss wrote:

Sure can which is a very good reason to match your plane purchase and
your insurance carrier from the beginning.

Don't you read for comprehension? I've already said
I'm paying cash. Also, my point is to determine how
to avoid the insurance racket.

Your responses smack of imagination.

Plane insurance is still a fairly competitive field which means that
they keep each others rates inline *but* if they get a hardon for a
certain plane, type or certification, you can find yourself with a
gobful of insurance $$$ to expend.

Cite reference please.

---
Mark

On Nov 16, 7:30*am, Mark wrote:
On Nov 16, 12:45*am, Jeffrey Bloss wrote:

Sure can which is a very good reason to match your plane purchase and
your insurance carrier from the beginning.

Don't you read for comprehension? I've already said
I'm paying cash. Also, my point is to determine how
to avoid the insurance racket.

Your responses smack of imagination.

Plane insurance is still a fairly competitive field which means that
they keep each others rates inline *but* if they get a hardon for a
certain plane, type or certification, you can find yourself with a
gobful of insurance $$$ to expend.

Cite reference please.

---
Mark

The phrase JB typed -- "I rent. " says all you need to know about
his direct experience. There are the statutory reasons for buying
insurance, but also and importantly the real reason, namely to protect
your assets. I own my airplane, just as you intend to own yours. If
you're PIC and in some cases even if you're not, in the case of an
'adverse event' it's you who will be sued (and usually everyone else
connected, including, if he has deep pockets, the line boy who
directed you to visitor's parking). My suggestion is that you first
of all decide on the kinds of flying you're apt to do, then shop the
policy. A few hours work will uncover a reasonable deal.

I can't speak for most states, but many are alert for 'out of state'
registrations of cars, boats, and airplanes. Boats swinging around a
mooring are a lot less obvious than airplane owners who are renting
tie downs or hanger space.

"Mark" wrote in message
...
I remember a couple of years ago doing a
search of where mandatory Aviation Insurance
is required for small plane owners, and it
revealed that only 3 American states had
mandatory requirements. South Carolina was
one, and I don't remember what the other 2
states were.

Well, talking to a fellow at the airport the other
day, I was telling him that the insurance for
a new low wing plane was going to eat me
alive. He then told me to look into a Delaware
offshore LLC status to buy my plane through.
He said I could also circumvent paying taxes
too.

This Delaware LLC thing looks for real to me.

---
Mark


If you're an AOPA member call their legal services line, it's free to
members.

Darkwing wrote:

"Mark" wrote in message
...
I remember a couple of years ago doing a
search of where mandatory Aviation Insurance
is required for small plane owners, and it
revealed that only 3 American states had
mandatory requirements. South Carolina was
one, and I don't remember what the other 2
states were.

Well, talking to a fellow at the airport the other
day, I was telling him that the insurance for
a new low wing plane was going to eat me
alive. He then told me to look into a Delaware
offshore LLC status to buy my plane through.
He said I could also circumvent paying taxes
too.

This Delaware LLC thing looks for real to me.

---
Mark


If you're an AOPA member call their legal services line, it's free to
members.

You will get advice, but the real legal services plans are extra. I
carried during the 12 years I owned an airplane for that "just in case".
I also carried insurance even though I owned it outright from the git go.

--

Regards, Ross
C-172F 180HP
Sold
KSWI

On Nov 16, 12:28*pm, Jeffrey Bloss wrote:
On Mon, 16 Nov 2009 04:30:59 -0800 (PST), Mark wrote:
On Nov 16, 12:45*am, Jeffrey Bloss wrote:

Sure can which is a very good reason to match your plane purchase and
your insurance carrier from the beginning.

Don't you read for comprehension? I've already said
I'm paying cash. Also, my point is to determine how
to avoid the insurance racket.

Your responses smack of imagination.

Plane insurance is still a fairly competitive field which means that
they keep each others rates inline *but* if they get a hardon for a
certain plane, type or certification, you can find yourself with a
gobful of insurance $$$ to expend.

Cite reference please.

---
Mark

Here's one.

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........../'/.../..../......./¨¯\
........('(...´(..´......,~/'...')
.........\.................\/..../
..........''...\.......... _.•´
............\..............(
..............\.............\

No, you're doing it wrong. See, when someone
asks for references, you prove you know what
you're talking about by supplying the data. That
gives you credibility.

If you just show a picture of your finger, we
assume you just pulled it out of your ass,
like the rest of your information.

Ha ha ha ha ha ha ha ha ha ha ha ha ha
ha ha ha ha ha ha ha ha ha ha ha ha ha
ha ha ha ha ha ha ha ha ha ha ha ha ha

cough, cough

ha ha ha ha ha ha ha ha ha ha ha ha ha
ha ha ha ha ha ha ha ha ha ha ha ha ha!

Ok. whew. Carry on.

---
Mark