REFLECTOR: Insurance Issue

[Scott Derrick]

I guess my problem is my plane is worth more than I can afford! :-)

Scott

Tom wrote:
> Thx Scott, useful info for future prospects...Tom
>
> The terms and premium amounts listed by the insurance company are
> typical for someone in the preferred insurance group.
> Rates seen today average $500 to $750 for $1M in liability; plus 3% of
> the hull value ($70K x 3% = $2,100) ...together comes to $2,600 to
> $2,850 for the annual premium.
> Training requirements often go hand in hand with the experience level
> of the pilot.  Someone with a minimum (less than 200-hours) of high
> performance time may be asked to get 20-hours of Dual, plus completion
> of the factory flight transition training program.  After the flight
> transition training is done and if it is apparent to the new owner and
> the Velocity chief pilot that 20-hours of dual seems excessive based
> on the knowledge and experience of the new owner, the factory
> instructor might be able to negotiate with the insurance agent to
> lower the total amount of dual instruction hours that is needed. 
> Sometimes relief is given by the insurance company; and sometimes not.
> Scott B
>
>
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