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Date: Thu, 23 Mar 2006 12:00:54 -0500
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From: "Hamid A. Wasti" <hwasti@starband.net>
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Subject: Re: [LML] Re: Insurance
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> Posted for "Sasscer, Michael S CDR" <michael.sasscer@navy.mil>:
>
> My insurance premium
> (what an appropriate term.....Premium) is up for renewal @ $2436 with 
> AIG,
> 1,000,000 Liability/100K hull for a LNC2/360.

We can all agree that $2.5K is not pocket change.  However, lets look at 
the big picture.  While the insurance premiums for Lancairs are higher 
than comparable certified aircrafts, they are not significantly higher. 
 A typical Mooney 201 with an IO-360 engine, slightly lower performance, 
slightly lower hull value, slightly higher liability due to 4 seats 
instead of two, a SIGNIFICANTLY larger pool and SIGNIFICANTLY better 
safety record, will be insured for around $2K.  The "typical" pilot for 
this typical airplane has several hundred hours of retract time, several 
hundred hours in make and model, an instrument rating and takes annual 
recurrent training in that aircraft.

Considering the loss rate we have suffered in the last couple of years, 
I am actually surprised that insurance is available at any price.  The 
best thing to lower premiums is to fly safely and encourage others to do 
so.  I know that a lot of people take the attitude that if someone is 
doing something stupid, it is that person's problem and if they get 
killed doing it, they suffer the consequence of their actions.  However, 
you too will suffer the consequences of their actions when it comes time 
to renew your insurance.

Regards,

Hamid