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Insurance

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Insurance

Unread postby Mikey » Thu Mar 17, 2016 4:55 am

Hi
What are you all paying for insurance.
What I really want to know is what percentage of total value are you paying, and I'm most interested in those of you with an amphib. Also what sort of flying hours/experience do you have to get the rate you have.
I'm 45yrs old 15000hrs, 5-6000 in light aircraft the rest in Boeing/Airbus jets. Zero float plane time , any thoughts on the sort of percentage rate I might get?
My project (cessna 206) is getting towards the end and after my aerocet floats arrived the other day I decided it was time to start looking at insurance coverage. For hanger risks only ( good for now) I'm being quoted 2.5% of the agreed value.

Any help please?

Mike.
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Re: Insurance

Unread postby BGH » Thu Mar 17, 2016 7:15 pm

1970 Cessna A185E,1900tt cpl,single engine ifr & single engine land and sea rating.900 taildragger on type& 620 straight float on type.I get quoted 1.6 to 1.8% on wheels & 2 % on floats.I'm hoping to go to Amphibs this summer & have been told that as long as I have a gear advisory system installed I should be able to get a quote on the 2 to 2.3% area.I only have about 1/2 hour on Amphibs to date.Part of the agreement for insurance is time with an instructor until the instructor is comfortable with my flying.

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Re: Insurance

Unread postby RKittine » Thu Mar 17, 2016 7:37 pm

I can only comment about what my insurance was on Straight Floats. As my float time went up, my annual premium did not go down, but my deductible while in motion sure did. Started out as 10% of the Declared Value Hull amount. While not in motion, the deductible was and stayed $500.00 but the in-motion went from $6,000.00 to $500.00 after 6 seasons of flying. Interesting too that they were concerned with the number of hours flown rather than the cycles, which I think is much more important for float flying. One hour of splash and goes IMO is more important than an hour of XC flight with one take off and landing.

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Re: Insurance

Unread postby cubdriver2 » Thu Mar 17, 2016 11:11 pm

2% seems cheap. I don't insure but if 2% is available I would do it

Glenn
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Re: Insurance

Unread postby RKittine » Fri Mar 18, 2016 2:48 pm

Our premium (for three named pilots) on straight floats equated to 2.3 percent of the hull value insured. That was with "Stated Value" insurance and as you might remember Glenn, that was a frame up rebuild with a Zero Time Don's Dream Machine C-85-12 / 0-200 engine, new prop, brand new interior, starter, battery, VGs Vertical Card Compass, rebuilt 92-1400 Floats, Becker TSOed Minature Nav/Com, Becker Minature Transponder, New Fabric and Paint, plus intercom etc. I thought it was a bargain.

I am sure that Liability, most important to me and Don, was a big chunk of the cost. Stated Value is also more expensive as you get that amount if the plane is totaled and no arguing over market value, current value etc.

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Re: Insurance

Unread postby cubdriver2 » Fri Mar 18, 2016 4:13 pm

RKittine wrote:Our premium (for three named pilots) on straight floats equated to 2.3 percent of the hull value insured. That was with "Stated Value" insurance and as you might remember Glenn, that was a frame up rebuild with a Zero Time Don's Dream Machine C-85-12 / 0-200 engine, new prop, brand new interior, starter, battery, VGs Vertical Card Compass, rebuilt 92-1400 Floats, Becker TSOed Minature Nav/Com, Becker Minature Transponder, New Fabric and Paint, plus intercom etc. I thought it was a bargain.

I am sure that Liability, most important to me and Don, was a big chunk of the cost. Stated Value is also more expensive as you get that amount if the plane is totaled and no arguing over market value, current value etc.

Bob


So how much was insurance in $$

Glenn
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Re: Insurance

Unread postby RKittine » Fri Mar 18, 2016 4:19 pm

$1,400.00 a year. We had $60,000 on the Hull. After all the work that I did on your old 7CCM, I paid $585.00 a year with $30,000 on the hull.

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Re: Insurance

Unread postby gear » Fri Mar 18, 2016 11:28 pm

My 182 is on straight floats and insured for $260k as a land plane, $300k as a seaplane - I have 900 hours TT, 5-600 on straight floats, fly 100 hours per year, $2M liability, $1000 deductible, single engine, VFR, night rated. Just renewed today for $4300.

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Re: Insurance

Unread postby cubdriver2 » Sat Mar 19, 2016 12:15 am

Bob, $60k on an Aeronca Chief? Pretty funny. What company. I got quotes on 30k for over $ 2500

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Re: Insurance

Unread postby RKittine » Sat Mar 19, 2016 4:20 pm

The documented total cost (at least the way Dick broke it down) was $56,500. In any case, with "Stated Value" we could state it at anything, but insured at $60,000.00. We got the insurance through Falcon. Ken Brice is the agent we always used. 800-881-9688 kbrice@falconinsurance.com I don't know what licenses, ratings or total time you have which can make a difference.

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Re: Insurance

Unread postby jjbaker » Sat Mar 19, 2016 6:39 pm

Glenn may remember Mr. Brice. Some here certainly do...

He was the nice gentleman who attempted to force the SPA to take Don's Easter Greetings off the SPA forum.
Dr. McManus was threatened with having Falcon's advertising pulled from the Waterflying Magazine in case I didn't remove his posts.

I refused folding and a few weeks later Seaplaneforum.com was born.
In essence, Mr. Brice is an absent founding member here... :lol:

Don posted a bunch of very interesting topics on seaplane insurance. His username is AirSurance.

Unfortunately Don got tired of the riffraff he encountered every time he posted. Some people worked hard at telling funny stories about him.
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Re: Insurance

Unread postby RKittine » Sun Mar 20, 2016 7:41 pm

Don always treated us nicely.

Bob
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