I agree with Mark about not getting hull insurance. If you just put the money aside every year you can basically replace the airplane about every ten years or so. In the state of Alabama as with many states we have insurance benefits from fraternal order groups. Basically if you are a policeman and you are injured or killed on the job the Fraternal Order of Police pays a flat fee to you or your family as a benefit of being in the fraternity. Since the organization is a charity and thus any dues donated is therefore tax deductible.
If you could get enough KR folks together to form a Fraternal Order then you could have set prices for damaged parts in the event of a claim. This is not insurance but a benefit. Landing gear $500, Fuselage $1000, Prop strike $500 etc. So you set a price to join with quarterly dues that are tax deductible. But you cannot do it with ten owners. The number has to be large enough or the fees are too much. I am not sure we have enough members who would be willing to do that but it is a thought. Over time you build the account up to a point that the amounts could be raised or build that two seat trainer that we have talked about in the past. To pay out the group would have a proof of loss form to be filled out by the person making the claim. Then the board would review the claim and approve the payout. If you could start the group with 25 owners and pay just $125 per quarter then in a year you would accumulate over $12,000. Put that amount in the right place and within a few years you have over a hundred grand in the bank and can pay great benefits. There is no way that you could ever cover liability though so owners would have to find that for themselves. Just a thought, Just FYI for all the group. I took the chief pilot job at Velocity Aircraft in early January. It is a part time position that I will do when I am not in the Middle East. It is an exciting time for Velocity and believe me when I tell you that Velocity is not just building homebuilt airplane kits. There are some very exciting projects coming together at this time that will come to light later this year. Victor TaylorKR Airframe Almost done.Irvington, Alabama _______________________________________________ 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
