If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#21
|
|||
|
|||
NW_PILOT wrote:
"Jim Weir" wrote in message news I appreciate the link, but when I go to the online application and "hangar" and "occupation" are misspelled, and then go to the "send us email" link and it gives me an Apache server error, I tend to shy away. They are probably very nice people, but their inattention to detail on their website makes me question the attention to detail of the business. Jim (One's Too Many) shared these priceless pearls of wisdom: -Give a call to AUA in Greensboro, NC. - -http://www.auaonline.com Jim Weir (A&P/IA, CFI, & other good alphabet soup) VP Eng RST Pres. Cyberchapter EAA Tech. Counselor http://www.rst-engr.com Don't blame the company, blame the web master it's usually contracted out and typos are simple to do everyone dose them. The company's name is on the site. They hired the web company. They are responsible. Matt |
#22
|
|||
|
|||
Don't blame the company, blame the web master it's usually contracted out and typos are simple to do everyone dose them. The webmaster may have made the original error, but I'm with Jim on this one. The person/company who hired the webmaster failed to do basic quality control on the web presentation. I'll avoid doing business with companies for similar reasons. It shows a lack of attention to detail. |
#23
|
|||
|
|||
Doug wrote: No harm in getting a quote from Avemco. If your time isn't worth anything. George Patterson If a man gets into a fight 3,000 miles away from home, he *had* to have been looking for it. |
#25
|
|||
|
|||
|
#26
|
|||
|
|||
|
#27
|
|||
|
|||
|
#28
|
|||
|
|||
Michael,
You got good advise back when you got it. It is, unfortunately, out of date. The aviation insurance market has changed so much in the last decade that it is not possible to get enough insurance to make oneself a "target". Now, if you have the assets to own an airplane, you have the assets to be a target. You are correct that a plaintiff's attorney will not go after a dry hole; the problem is that sublimits of $100,000, is not enough to stop an attorney from going after the owner's assets should there be a serious injury or death. The fact that a person owns an airplane is a pretty good indication that there are assets to be reached in the event of a suit, even if it is the insurance check that went to the owner to pay for the airplane after the crash. Yes, some owners have structured their assets to get them beyond reach of a lawsuit, or they think they have. They may have moved them offshore, illegally, and the lawsuit may lead to a discreet call to the IRS by the plaintiff's attorney that buys the owner an opportunity to defend an action by the IRS and potentially, criminal charges. Sadly, I've had to defend the estates of pilots who bought inadequate insurance and their widows found that the money that was there for the widow and children got diminished substantially. Their memories of their husbands were no longer that he was a good provider for the family, but that he went out and did something stupid in an airplane, killing himself and passengers and that he was cheap, especially when a million smooth policy would have protected the estate completely. It's sad to watch pilots who spend a bunch of money on an airplane go cheap on things that matter, such as maintenance and insurance, thinking they are getting a good deal, and then rationalize it with phrases like "what the aviation attorneys don't want you to know". The reality is that most aviation attorneys are pilots and want to do their best for pilots. Right now, the aviation attorneys I know, whether on the defense side or the plaintiff side, are recommending million smooth policies to their friends because have seen what happens to someone who has inadequate coverage. Many are trying to get two million smooth, but are finding it hard to do so and they have given up on getting any higher limits, because they are no longer available. Some of my friends no longer fly on business because they cannot get adequate coverage and an accident could mean the loss of their business. All the best, Rick (Michael) wrote in message . com... (Rick Durden) wrote (if you are getting less than $1 million smooth you may very well have inadequate coverage as the "$100,000 sublimit" policies mean only $100,000 is available per injured/deceased person, which is not adequate for such a claim and puts your assets at risk)? In an ideal world, everyone would be covered for millions for everything. Ideal for attorneys, that is. The best advice I ever got about liability insurance came from a retired aviation attorney who had practiced in GA for 20 years. He had just recently signed me off for my glider checkride, and was suggesting that because of my prior experience as a skydiving instructor, I needed to start working on my CFI-Glider. Since he was a man of means and protection of personal assets was certainly an issue for him, I asked him about liability insurance, specifically for instruction. What developed was a fairly long and mostly one-sided conversation on aviation liability insurance in general, the high points of which I am going to relate here. The first thing he told me was that he was telling me the dirty little secret of the profession - something a practicing attorney was not likely to tell me. Here it is - all liability insurance does is make you a target. It is VERY difficult to get an aviation attorney excited about taking a case against an uninsured person unless that person has extensive assets - and now we're talking about someone with enough assets that he is not getting his risk management advice over the internet or via any other informal method - he has people on retainer. Or, to put it another way - if you need hull coverage, you really don't need liability coverage. There is a reason why you can't buy hull coverage without buying liability. There are all sorts of reasons for this. Juries have a tendency to make large awards (that are usually reduced later) against corporations, but not so much against individuals. In most cases, liability is tough to determine, so the suit is a long shot. And most importantly, while an insurance company will usually settle a suit, an individual will usually fight it out - and even if he loses, there's usually little or nothing to collect for the plaintiff's lawyer because the defendant's lawyer got it all. Of course the defendant's lawyer could advise the defendant to settle - meaning give the money to the plaintiff's lawyer. Yeah, that's likely. It's also a little known fact that it's general insurance company policy not to write a check to the plaintiff unless he accepts that check as a complete settlement. If the plaintiff chooses not to accept, the insurance company will defend the claim. Given the choice between a possibly inadequate but sure thing settlement (of which the plaintiff's lawyer will get a cut) and putting time and effort into a case that may pay nothing, and will involve trying to get blood from a stone, what do you suppose the plaintiff's lawyer will recommend? So I asked this retired attorney what kind of aviation liability insurance he carried. After all, he routinely flew and instructed in aircraft he didn't own. The answer was none. I asked him what he would do if he bought an aircraft, and he replied that he would get the minimum he could get in order to have hull insurance, and suggested I do the same. And so I have. Michael |
#29
|
|||
|
|||
Rick Durden wrote: Yes, some owners have structured their assets to get them beyond reach of a lawsuit, or they think they have. This part I agree with. I know several people who have a corporation as the registered owner of the plane. They are the only officer of this "corporation". They think this will protect them from a lawsuit. It never does. |
#30
|
|||
|
|||
"TripFarmer" wrote in message ... IMHO, you should have enough to cover your assets. Then you should make sure you have enough to cover any future earning you don't want to give up. If you have $1-2M and are an average guy you should have enough. Trip You cannot cover your assets with liability insurance. Best you can do is hope they go after your liability insurance and leave you assets alone. Fact is your assets are fair game in addition to what liability insurance might provide. |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
The cost of war | Mark Hickey | Home Built | 56 | October 27th 04 05:54 AM |
FBO Insurance requirement for tie-downs | Chris | Owning | 25 | May 18th 04 07:24 PM |
Aviation Insurance History, data, records? | cloudclimbr | General Aviation | 0 | February 17th 04 03:36 AM |
How find out one's aviation insurance claims history? Aviation Claims Information Bureau? | cloudclimbr | Owning | 1 | February 15th 04 11:16 PM |
Light Twins - Again - Why is the insurance so high? | Doodybutch | Owning | 7 | February 11th 04 08:13 PM |