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First Union Capital Markets Corp.

I called Avemco last week to update my insurance coverage for my
airplane-in-progress.  It was a sobering and depressing phone call.  Here's
the update:

1. I currently have just hull insurance, for not-in-motion coverage, for
$150,000 to cover my investment in parts and labor for my 360.  The cost of
this coverage was about $900 /year.

2. I recently (after 1 and 1/2 years on a waiting list) was allotted a
T-hangar at my local airport, and am now required to carry liability
insurance, with the airport listed as a co-insured.  They policy premium was
increased to $1,200.  I still can't fly the plane!

3. In-flight coverage, with liability and hull valued at $175,000, will be
$5,600.  Arghhh!  I do only have 160 hours, but even with 200 hours and an
instrument rating the rate will be $5,200 / year!!

The real bummer is this - I am about 2 months from finishing the plane.  2
months is never 2 months though, and the hangar must be occupied within 90
by MY plane (no one else's allowed) in order to keep the hangar.  I can't do
any maintenance or construction there.  SO, if I don't finish the plane in
90 days, I will have wasted 3-months rent @ $2000 / month, I will lose my
space and will go back to the eternal waiting list.  Or I can forfeit the
space and get on the eternal waiting list.  Some choice.

Matt
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