Return-Path: Received: from s.transport.com ([209.222.130.8]) by truman.olsusa.com (Post.Office MTA v3.5.1 release 219 ID# 0-52269U2500L250S0V35) with ESMTP id com for ; Fri, 5 Nov 1999 15:23:13 -0500 Received: from micron (bend10-1-158.transport.com [209.177.158.158]) by s.transport.com (8.8.8/8.8.5) with SMTP id MAA21551; Fri, 5 Nov 1999 12:27:27 -0800 From: "Larry Klaas" To: "Michael Smith" Cc: "Lancair Net News" Subject: Insurance Date: Fri, 5 Nov 1999 12:27:23 -0800 Message-ID: Importance: Normal X-Mailing-List: lancair.list@olsusa.com Mime-Version: 1.0 <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> << Lancair Builders' Mail List >> <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> >> I went through the sticker shock of insurance on a IV-P also. After talking to all the other owners I could I came up with this solution. I formed a Nevada corporation with a nominee for the officers. The plane is the only asset of this corporation. I issued bearer shares (those that have the shares in possession "bear" the shares - hence bearer shares). Shareowners are not recorded with the state. Hence my name is not anywhere. I sold the plane to the corporation, and rent it back. The payment that would otherwise go to the insurance company goes to my self-insurance fund. I will use that for minor accidents. For major accidents I have life insurance. I also have not-in-motion insurance for a fire or other mishap. If the plane nose-dives into a busload of future millionaires the attorneys can have the keys to whatever is left of the plane and the keys to the corporation. Larry Klaas N51LK >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LML website: http://www.olsusa.com/Users/Mkaye/maillist.html Builders' Bookstore: http://www.buildersbooks.com/lancair >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>