Jet Insurance?
 

In another current thread, a member referred to insuring jets a few times and posted contact information to a particular agent and a phone number. These posts are now missing from that thread :eek:, so I started this new one.

I've heard talk of jet insurance before, but figured people were referring to supplemental liability insurance. I can't imagine an insurance company would be willing to insure model airplanes against crash damage - but maybe that's what's being referred to? Anybody else know? If there's an insurance company willing to insure against crash damage, I'd be a lot more willing to practice low-level 4 pointers... :D

Rusty

RE: Jet Insurance?
 

Let's list the risks that would have to covered...

Dumb Thumb Syndrome
Manufacturer Cheapness


And then there would have to be some exclusions...

All models made in China
Anyone with a crash in the last five years


George

RE: Jet Insurance?
 

I'll insure any jet,

$20,000.00 deductible[&:]

RE: Jet Insurance?
 

Well, a couple of years ago my Skymaster Dragon had a Festo filter fail, causing a fuel leak and fire which totaled the airframe, compromised the radio components and damaged the turbine. I have an "All Risk" homeowners policy which means that if it is not specifically excluded, it's covered. The policy specifically excluded "full scale airplanes". It did not exclude model airplanes. My claim was for almost $6000.00. The adjuster didn't even question it. He asked for photos and proof of the cost. I emailed him the photos of the damage, the link to Skymaster's website showing the Dragon and links to all replacement parts on Dreamwork's website. I also submitted the repair bill for the turbine repair, about $800.00. I had a check for the full amount less my deductible in about a week.

In my conversation with the adjuster, he told me that since a part failed on the airplane, it was covered. Had I dumb thumbed it, they probably would have denied it. If the airplane had been stolen, damaged in transportation, sitting at the field or in my house or whatever, it was covered.

This was my experience with my insurance company. I do not have my airplanes specifically insured. Just don't forget, dumb thumbs and brain farts are going to be denied.

Jim
Farview RC Flyers
Hamburg, PA

RE: Jet Insurance?
 

yeah, and then your home owners went up by $500.00 annually, so just remember the more claims you make the higher your policy.

RE: Jet Insurance?
 

Thanks racer.

I wonder how they would handle a claim of failure of an airframe or internal component while in flight? And would say a video suffice as burden of proof as to cause while in flight? That would be very different than a plain dumb-thumb, but have basically the same end results.

It might be totally worth it to make a claim on a high-end jet. Most insurance companies have basically a "three strikes" policy in a given timeframe, so there is the possibility it won't change your rates at all, depending on your past claims (or lack thereof).

RE: Jet Insurance?
 

There's a German company that has a special model airplane insurance. They will insure you for crash damage, fire, theft, -and yes- even dumb thumbs.
Here's the URL: [link=http://www.sekura-gmbh.de/]http://www.sekura-gmbh.de/[/link]
Prices are up there too, just look at the charts. An insurance for a model with a value of 6000euro is going to cost you 746euro annually, or a 20000euro model costs 2290euro a year.

Regards, Bart.

RE: Jet Insurance?
 

Actually, my premium did not go up at all. But even if it went up say $250.00 per year, it would take over 20 years to make up the nearly 6K that I got paid. The key is not to abuse this benefit. If you have 2 or 3 jets a year getting damaged then you are going to get dropped by your insurance or they will become excluded. Another key to this is having a better rated insurance company. This varies by state. The company you have could be terrible for claims processing in NY and NJ but great in Ohio for example. And it pays to pay a little more per year to have a company that is better at paying claims.

Jim
Farview RC Flyers
Hamburg, PA

RE: Jet Insurance?
 

Rusty,
I looked into this ONLY because when I called State Farm to add some coverage on my trailer (since I had $100k in jets in there), they thought I was asking for coverage from crashes during flights!!! They called back a day later telling me they couldn't, nor could they find anyone to write the coverage for air crashes...but they bumped my home owners up for $25 a year to cover the $100k in trailer contents for fire, collision damage, theft and anything that happened EXCEPT while they were in the air.

There was a guy at KY Jets last year that is in the Insurance industry for years and he was talking out loud about how easy it would be to underwrite a crash policy for events only. It sounded more like a Poker Game to me! The "premium" would be pooled and the losses paid from the pool, with a $1,000 deductible and a max of $10k payout. He figured the premium would need to be $500 per person for a 4 day event, and at least 50 pilots to buy in. LOL!

Rex

RE: Jet Insurance?
 

I've been with the same Ins. Co. for over 25 years, and only had 2 claims, each 5 years apart - water damage & roof, both of which they fell over themselves paying out with no increase. My agent just requires an inventory list of the big stuff for standard coverage under homeowners, but I never considered the possibility of crash damage, or even asked.

My company is the same as the one listed by the guy in the other thread, so I'm hoping he'll chime in here with his experience since he was bringing it up a few times.

Rufter, that's a pretty high premium, but again, maybe worthwhile for an expensive jet, at least until its proven to be reliable - then drop the policy when you feel comfortable. It would sure beat a 20K smoking hole after the first few flights - or worse.

Rex, the lotto thing probably wouldn't be something I'd buy into either, the buy-in wouldn't last long enough to be worthwhile to me.

RE: Jet Insurance?
 

Crap like this is why our insurance is so high. Unbelievable.

RE: Jet Insurance?
 

Why is our insurance so high? Because honest people who pay their premiums on time, all the time, have a legitimate claim and put in for it? Or because someone has a small leak in their house and drags all the old furniture in and fraudulently files an inflated claim for 10 times the honest amount?

Mike, respectfully, you can pay for a product and not get delivery if you want. I pay for my insurance and use it honestly for what is covered. I am not the problem.

Jim
Farview RC Flyers
Hamburg, PA

RE: Jet Insurance?
 

I agree with Jim. Use isn't abuse, else why buy? Our insurance premiums have been relatively flat over the life of the policy.

Living in areas prone to hurricanes & floods - areas where people live below sea level or on a beach, mudslides where people choose to live on cliffs & homes high up on dry midwest mountains that see fires every year - that would likely cause a policy to cost more.

RE: Jet Insurance?
 

I saved the posts about insurance from before that were deleted along with some others - So how about it, Gerry?

You stated previously:
and:
then:
So I'm checking into it. I'd like your input and experience with insuring your jets against crash damage and runway accidents, etc. - there will be no manufacturer bashing in this thread as it would be off-topic. Agent info. redacted in case that was a problem too.

Hey, I'm insured by the same company as you are, so whats the deal so we'll all know?

Thanks,
Rusty

RE: Jet Insurance?
 

Not necessarily true. When I was living at my parents house , my dad backed up over a BVM Maverick. Home Owners covers it and the deductible did not go up. Depends n the insurance carrier, size of claim, and how long you have had your policy without filing a claim.

RE: Jet Insurance?
 

Man Rusty, I hope it stops raining soon you really need to get out of the house!

RE: Jet Insurance?
 

PM sent

RE: Jet Insurance?
 

[quote]ORIGINAL: TUMBLER

Not necessarily true. When I was living at my parents house , my dad backed up over a BVM Maverick. Home Owners covers it and the deductible did not go up. Depends n the insurance carrier, size of claim, and how long you have had your policy without filing a claim.



Oh my word! Was it yours or your dad's Maverick? Was he trying to get you to move out? :)

RE: Jet Insurance?
 

Thanks Gerry, She gave me the scoop - I called my agent but he's gone for the day, so I'll call him back tomorrow. Thanks for bringing it up as often as you did, or else I would have just ignored it - I hope they will cover me here in GA as all states dont have the same ins. rules and such, but if they do I owe you a beer :)

RE: Jet Insurance?
 

That's good to hear!! Not pulling any legs, or trying to start crap! Thank's and I"ll take that beer sometime!! I really hope it works for you!

RE: Jet Insurance?
 

Haha. It was mine. I was taking pictures of it and ran inside for a second and he ran over it in the driveway.


[quote]ORIGINAL: STKNRUD

RE: Jet Insurance?
 

So what did you find out?

RE: Jet Insurance?
 

He wants an inventory of aircraft to be covered, and is then going to submit a request for coverage. So I'm working on documenting replacement costs on the jets I'm flying right now, and one that's about to be finished. Did yours want this info. as well?

Guys, this is not tied to homeowners policy whatsoever - nor is one required to apply. Anyone but the filthy rich might want to look into this with their own companies, you might be surprised. The premium costs less than soda out of a vending machine per day...YMMV.

RE: Jet Insurance?
 

Yes, They wanted full documentations, For replacement cost.  Than it was based on that. I also gave them a biography of my flying and how long and stuff.  I didn't mind giving up all that info. knowing that when I fly my jets I REALLY do have peace of mind flying!!  You will see what I mean if it all works out, its a lot easier to fly a big jet!!