Renter's Insurance?

A pilot buddy who works for a law firm has rattled my cage over renter's
insurance and liability.

Do you renters feel the need to pick up supplemental insurance? If so who
did you use and how much did it cost you?

Here's his comments:

You should talk to me about FBO insurance too. Unless your FBO is
different than every other FBO I've ever been into, their insurance
provides them (and/or the aircraft owner if it is leased to the FBO) with
hull coverage and liability insurance. In the event of damage to the
aircraft, of harm to a person (but maybe not you), the insurance will pay
to repair the aircraft and defend and pay and lawsuits that arise out of
the event. However, when all is said and done, to the extent that the
incident is your fault (most are), the insurance company will have the
right to sue you to recover all the amounts they paid to 'clean up your
mess'. If you are renting from an FBO, getting a renter's policy
(sometimes called a non-owned aircraft policy) is a good idea. I've never
figured out how the 'hull' portion of those polcies work - if you were
flying a $100K aircraft, you wouldn't want to have to maintain $100K of
hull coverage on top of the liability coverage.


--
Dallas

On Dec 5, 9:53 am, Dallas wrote:
A pilot buddy who works for a law firm has rattled my cage over renter's
insurance and liability.

Do you renters feel the need to pick up supplemental insurance? If so who
did you use and how much did it cost you?

Here's his comments:

You should talk to me about FBO insurance too. Unless your FBO is
different than every other FBO I've ever been into, their insurance
provides them (and/or the aircraft owner if it is leased to the FBO) with
hull coverage and liability insurance. In the event of damage to the
aircraft, of harm to a person (but maybe not you), the insurance will pay
to repair the aircraft and defend and pay and lawsuits that arise out of
the event. However, when all is said and done, to the extent that the
incident is your fault (most are), the insurance company will have the
right to sue you to recover all the amounts they paid to 'clean up your
mess'. If you are renting from an FBO, getting a renter's policy
(sometimes called a non-owned aircraft policy) is a good idea. I've never
figured out how the 'hull' portion of those polcies work - if you were
flying a $100K aircraft, you wouldn't want to have to maintain $100K of
hull coverage on top of the liability coverage.

--
Dallas

When I rented, I did get this supplemental coverage. It was about
$550/yr for liability and $60k of hull. This was in the late 90s
though.

Since then, I've joined a club whose members are "named insured".
Another benefit of a club...

--Dan

On 12/5/2007 11:53:39 AM, Dallas wrote:

Do you renters feel the need to pick up supplemental insurance? If so who
did you use and how much did it cost you?

Your buddy is correct. The FBO's insurance protects the FBO and the aircraft.
You need to protect yourself. When I rented I paid about $300 per year for a
renter's insurance policy from USAIG.

You might also try these folks he http://www.air-pros.com/

They are a broker but usually can land very competitive prices on both owner
and renter insurance policies. I use them now for my Bonanza's insurance.

AOPA also has leads on renter's insurance so you may check with them, too.

--
Peter

Dallas wrote:
A pilot buddy who works for a law firm has rattled my cage over
renter's insurance and liability.

Do you renters feel the need to pick up supplemental insurance? If
so who did you use and how much did it cost you?

Here's his comments:

You should talk to me about FBO insurance too. Unless your FBO is
different than every other FBO I've ever been into, their insurance
provides them (and/or the aircraft owner if it is leased to the FBO)
with hull coverage and liability insurance. In the event of damage
to the aircraft, of harm to a person (but maybe not you), the
insurance will pay to repair the aircraft and defend and pay and
lawsuits that arise out of the event. However, when all is said and
done, to the extent that the incident is your fault (most are), the
insurance company will have the right to sue you to recover all the
amounts they paid to 'clean up your mess'. If you are renting from
an FBO, getting a renter's policy (sometimes called a non-owned
aircraft policy) is a good idea. I've never figured out how the
'hull' portion of those polcies work - if you were flying a $100K
aircraft, you wouldn't want to have to maintain $100K of hull
coverage on top of the liability coverage.


Is everything above after "Here's his comments:" really a lawyers comments?
If so he really needs to go do some remedial work on insurance law. Because
the last part about hull versus liability shows a significant cluelessness.

The liability covers the insured against damage done to OTHER's person or
property. The hull coverage covers the insured aircraft.

That said, if you need renter's insurance depends on two things. The policy
that to FBO has and your personal net worth. There are policies out there
that cover renters with no or limited right to subrogation. If your FBO has
one of those you don't need renter's insurance. Also, if you don't have
enough assets you don't need to worry about it either.

On Wed, 5 Dec 2007 12:10:40 -0500, Peter R. wrote:

Peter

Yo Peter...

I haven't seen you here for a while. I wanted to tell you that you're
directly responsible for my new PP-SEL.

I credit you for goading me off my ass and out the door to fly.

Thanks, (I think.. :-)

--
Dallas

On Wed, 5 Dec 2007 11:35:52 -0600, Gig 601XL Builder wrote:

Is everything above after "Here's his comments:" really a lawyers comments?

Sorta yes and no.. he's a paralegal at the firm.

Also, if you don't have enough assets you don't need to worry about it either.

Yeah, the ole blood out a turnip... The nice thing about Texas is they
can't come after your homestead. But, I'm guessing they can clean out a
stock portfolio.

--
Dallas

Gig 601XL Builder wrote:
That said, if you need renter's insurance depends on two things. The policy
that to FBO has and your personal net worth. There are policies out there
that cover renters with no or limited right to subrogation. If your FBO has
one of those you don't need renter's insurance. Also, if you don't have
enough assets you don't need to worry about it either.


Exactly so. Way back when I was young and poor, I tore up a C-210 to the tune
of about $17,000 in damage. I was warned the insurance company might come after
me but all I could offer them was my **** pot. That was the end of that. I
guess they weren't interested in my '69 Fury I.

So sad, too bad... for them. I got away with that when I was young. Today I
wouldn't take the chance... too much to lose now.



--
Mortimer Schnerd, RN
mschnerdatcarolina.rr.com

Dallas wrote:
On Wed, 5 Dec 2007 11:35:52 -0600, Gig 601XL Builder wrote:

Is everything above after "Here's his comments:" really a lawyers
comments?

Sorta yes and no.. he's a paralegal at the firm.


It would somewhat concern me that you ae taking advice from someone that
doesn't understand the difference in what is covered by liability and hull
coverage.


Also, if you don't have enough assets you don't need to worry about
it either.

Yeah, the ole blood out a turnip... The nice thing about Texas is
they can't come after your homestead. But, I'm guessing they can
clean out a stock portfolio.

Yes they can. Assets are assets unless they are protected.

AOPA has a perfectly good renter's policy. I'd check it out if you are in
the market.

"Gig 601XL Builder" wrDOTgiaconaATsuddenlink.net wrote in message
...

Yeah, the ole blood out a turnip... The nice thing about Texas is
they can't come after your homestead. But, I'm guessing they can
clean out a stock portfolio.

Yes they can. Assets are assets unless they are protected.

Sounds like Texas may have a Homestead Act as well.

The Homestead Act
Questions & Answers
Massachusetts General Laws, Ch. 188, §1-10
What is a Declaration of Homestead/Homestead Protection?
An Estate of Homestead is a type of protection for a person's residence, in
the form of a document called a "Declaration of Estate of Homestead". The
form is filed at the Registry of Deeds in the county where the property is
located, referencing the title/deed to the property. It allows homeowners in
Massachusetts to protect their property up to five hundred thousand dollars
($500,000) of the value of their primary residence, per family.

On 12/5/2007 2:08:00 PM, Dallas wrote:

I haven't seen you here for a while.

Yeah, I am one of the many casualties of the war that has been going on
inside this group for the last year or so. However, since I am still using my
airplane to commute weekly I occasionally look for the gem of information
that sometimes surfaces.

I wanted to tell you that you're directly responsible for my new PP-SEL.

Really? I didn't realize. First, congratulations to you on your new
certificate. When did you get it? I knew you were in training but my lack of
regular reading here caused me to miss the day you passed your checkride.

Secondly, if you ever purchase your own airplane promise me you won't turn
that appreciation into loathing.


--
Peter