And just in case there is an doubt why people distrust insurance companies so much, please read Victor's email again. Wow.
With 10 - 15 years of hull insurance on a KR, you have paid for the aircraft. So ask yourself if losing your KR is going create an unrecoverable financial hardship? If not, then you might question why you would pay for hull insurance. In 40+ years of aviation and 20 years flying the KR along with a bunch of other aircraft, I have never filed an aviation insurance claim. If something were to happen to my KR, then I would salvage what I could from the plane and build another plane. For those that are more concerned with something happening to their plane while it is parked, you can buy "Not In Motion" hull insurance. Not in Motion is significantly less expensive than "In Motion" hull insurance, and will cover your plane for damage due to weather, hangar falling in, etc. Pilots that park their planes outside in our area carry "Not in Motion" coverage as we tend to get large damaging hail regularly. But you have to read the policy closely to make sure your aircraft is fully covered as sometimes the hail damage is excluded. -Jeff Scott Los Alamos, NM --------------- Subject: Re: KR> insurance claim payouts I was a full time insurance adjuster and still do it occasionally so I can spread a little light on this. All aircraft hull policies are "agreed on value" policies. You're premiums are based on value divided by risk. The underwriter has the option to repair or replace any damage. If you under insure your aircraft to say $10,000 and make a claim for a prop strike they can pay policy limits and take salvage rights. If they pay for it they own it in other words. If you were to over insure your aircraft to say $40,000 they would repair you prop with some of they money you had paid them in premiums. This process makes the agreed value slightly higher than the fair market value in most cases. You must understand the policy though if you insure an aircraft. The policy is also a "conditional" policy. That means that in order for them to pay the insured (you or your family in this case) must do certain things as your part to collect any claim. You must of course be 100% legal. Your aircraft must be legal and your activity must be legal. If you didn't log you tail dragger proficiency and had a mid air collision your family cannot collect even though the cause wasn't because you hadn't remembered to log those takeoff and landings to a full stop. If you ever make a claim no matter how small it is you are going to have to prove that you were 100% legal to collect. If you are always 100% legal then the risk of you having an accident are fairly low. Are you always more than 2,000 feet from any persons or property on the ground? Were you at an altitude that you could make a safe landing in the event of a loss of power? If you crashed because of a loss of power apparently you were not. If your engine quit when was the last compression check and oil change? If it were properly maintained then why did it fail? If you ground looped were you properly trained and were you proficient and can you prove it? So if you have a policy make sure to cross the t's and dot the i's. Make sure your family is aware of where your log books are in case you are no longer with us. If I have given you the impression that the insurance companies will cheat you I'm sorry because that isn't correct. They will pay if you have had an accident while you and your aircraft were 100% legal as well as your activity at the time of the accident. If you have followed all ten thousand regulations you are very unlikely to have an accident in the first place. Did you actually do a weight and balance before the flight and if so where is it? Did you give that passenger briefing? Did you check the weather and how can you prove it. I carry liability only because I know how I am. I can't tell you the last time I did a weight and balance on my airplane even though I know under certain conditions I am within the CG range. Just because I'm safe doesn't mean that I'm legal and if I'm legal have I fully met the policy conditions? Victor Taylor Sent from my iPhone _______________________________________________ Search the KRnet Archives at https://www.mail-archive.com/krnet@list.krnet.org/. Please see LIST RULES and KRnet info at http://www.krnet.org/info.html. see http://list.krnet.org/mailman/listinfo/krnet_list.krnet.org to change options. To UNsubscribe from KRnet, send a message to krnet-le...@list.krnet.org
