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Parker_Woodruff

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Everything posted by Parker_Woodruff

  1. Parker_Woodruff
    Mike and I just had BBQ with our wives who got to sit quietly and listen to us yak about Mooneys and related topics.
  2. Parker_Woodruff
    Roughing it at 108 knots...
  3. Parker_Woodruff
    Or just get a policy that provides waiver of subrogation to all named pilots or includes named pilots as Insureds. Policies like this are not hard to find.
  4. Parker_Woodruff
    I'm referring to value/broad language that adds waiver of subrogation for named pilots. If you own a plane and you add your close friend as a named pilot, it's a good to have broadform coverage that includes WOS for named pilots.
  5. Parker_Woodruff
    Many insurance policies remove the Pilot Requirements when the aircraft is in the care, custody, and control of an FAA Certified Repair Station. If your mechanic is not operating within the capacity of a CRS, his qualifications should be verified to make sure he meets the requirements of your pilot warranty.
  6. Parker_Woodruff
    Again, some policies automatically provide a Waiver of Subrogation for Named Pilots. Some policies include pilots flying the aircraft with the policyholder's permission as Insureds. Some policies only Name pilots to keep the policy in effect for the Named Insured and leave the possibility for subrogation open. There is value to be had with certain carriers and their broader language.
  7. Parker_Woodruff
    Some insurance policies leave this open to the company's option and some policies consider pilots flying under the open pilot warranty (OPW) Insureds, so they would not come after them.
  8. Parker_Woodruff
    Hi David, There are a few forces at work here. 1) Even the most conservative aviation underwriting companies basically reached the point in rates where they were losing money. There's a point where they must raise rates even if it means losing market share. 2) Interest rates going up. As interest rates go up, there is an expectation for higher returns on investment. When the safe play (a CD/bond) gets you 2.5%, there had better be a much greater return from an aviation insurance carrier. The first half of 2018 basically saw a willingness from many carriers to not go below the expiring premium (unless there was significant underwriting reason to do so). It seems the latter half of 2018 was carriers pushing minimum 5-10% increases . And this is all what I had seen when I left my underwriting job at a major carrier at the end of 2018 to start the agency. I think we'll see the same sustained for at least the first half of this year.
  9. Parker_Woodruff
    Unfortunately I don't have an M20K anymore and I don't think anyone around here has one that's insured to operate for commercial uses (Instruction & Rental). If you wanted to go for a ride, @DonMuncy always seems to be looking for an excuse to fly
  10. Parker_Woodruff
    Charging for Additional Insureds is not unheard of as a general rule, but has not been a frequent occurrence the last 10+ years due to a soft aviation insurance market. However, most companies have not made a strong point of not charging for Additonal Insured as respects flight training providers. They see owners who are hiring good, competent instructors as a positive thing and are willing to afford the requested coverage. I have only seen two companies, including your report about Avemco, charging for Additonal Insureds as respects flight training. All this said, adding Additional Insureds does increase the exposure for the insurance company (greater legal defense cost and another target for settlement) and it does have a way of diluting the policyholder's coverage as the policy limits are now shared between the policyholder and any Additonal Insured who is involved in a particular occurrence. Unless the pilot's age was 70-75 or more, or there is significant other adverse underwriting conditions, the $4000 premium is quite high for today's market. As a side note, I recommend any flight instructor carrying their own Non-owned liability policy. It's nice to have a policy that's 100% in your interest.
  11. Parker_Woodruff
    There is no federal government mandate for aircraft owners and operators to carry insurance, except for those holding a DOT certificate (charter, airline, etc.). First try to see if your insurance agent has a way to quote the USA exposure. A US insurance agent could probably get something done, but it may be through a Lloyds sydicate if you don't have some kind of residence or business address here.
  12. Parker_Woodruff
    Not an unreasonable guess. A chance the number could be lower than what you think, but it will depend on which insurance company presently insures the aircraft.
  13. Parker_Woodruff
    Primary drivers of change in premium will be if that pilot is instrument rated and how much retractable gear time the pilot has. How much premium difference will be dependent on many other factors.
  14. Parker_Woodruff
    Some policies will afford a broad amount of coverage to the non-owner Named Pilot, including giving that pilot a Waiver of Subrogation for hull losses and making that pilot an Insured. Other policies do not go so far and naming that pilot only ensures the Policyholder is insured while that pilot is flying the aircraft.
  15. Parker_Woodruff
    On the first question - do you mean Named Pilots and to what degree are they covered? Regarding the second question, some policies allow for reimbursement of basic operating costs by Named Pilots and some allow for rental to Named Pilots. All of this is on a limited basis. For rental to the general flying public, a commercial policy insured for Instruction and Rental operations would be necessary.
  16. Parker_Woodruff
    Most carriers treat each model individually. There are some exceptions. If a pilot was lower time where time in any M20 could be of benefit in determining rates, it's easy for an insurance agent to pick up the phone and call an underwriter. Look at your declarations page - if the model is written "M20" versus "M20[insert letter here]" then that's typically how the underwriter viewed the aircraft model. When in doubt, ask your agent. If they're in doubt, they can ask the company.
  17. Parker_Woodruff
    Yes. Also, Prop strikes are experienced frequently in nose-heavy aircraft with student pilots. One reason some carriers won’t insure a student in an aircraft like a C182, while in general a C182 is one of the least expensive aircraft to insure.
  18. Parker_Woodruff
    Great question. In short, the normal frequency of pilots forgetting to lower the gear is already baked into retractable gear aircraft insurance rates. However, the specific Insurance Company that insures Mooneys will typically group their losses by Make and/or Model. They also have loss codes that show the general facts of the claim. If the loss trend goes up for a specific make/model or retractable gear models in general, the product line manager (Personal Pleasure and Business Aircraft manager) may decide to amend rates accordingly. A more likely scenario where gear-related losses cause Mooneys to experience rate increases would be aging airframes which are more susceptible to landing gear failures and more years of bad maintenance procedures adding up into more losses. Now compare insurance rates for Piper Comanches to Mooneys. The Pipers will be more expensive to insure due to the more failure-prone gear.
  19. Parker_Woodruff
    Insurance is a topic that creates anxiety in many people. Most importantly, they want to know that the Insurance Company will be there in the case of an unfortunate event. On a related note, they want to know they're getting the right coverage - paying for what they need and not paying for what they don't need. For the first time in awhile, rates are increasing - even for those that have never filed a claim. As a MooneySpace Sponsor, we're starting this thread to answer questions about anything aviation insurance related. What's on your mind as you come up for policy renewal? Do you have questions about transitioning to a Mooney? Want to know some general things about how claims are handled? Why did my rate change? Do you have a specific coverage need that needs to be addressed? Ask away!
  20. Parker_Woodruff
    For avionics, consider Florida options. There is no sales tax on aircraft repair & service for aircraft 2000+ pounds.
  21. Parker_Woodruff
    7200+ when I sold it
  22. Parker_Woodruff
    Tempest Fine Wires only.
  23. Parker_Woodruff
    Also depends on the nature of the claim...
  24. Parker_Woodruff
    "It depends". But it should certainly help. Especially if 2-3 years have elapsed since the loss...and once the loss is >5 years in the rearview mirror basically no company asks...
  25. Parker_Woodruff
    Yeah, it was an Embry Riddle M20J-AT. Very good value in an airplane.
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