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That is a problem not easily overcome. The max
hull that AIG would insure for my ES-P was USD$300k, about half what it
cost to build. So either I accept a potential 50% loss or risk a 100%
loss. After 4 years of premiums I now choose the
latter.
Robert M. Simon
ES-P N301ES
The one caveat on the value of hull insurance is to be sure
you do not under insure. If you do and have a total loss, the insurance
company can pay you the amount for which you insured and then it’s their
plane. An acquaintance of ours did that to save on the premium on his
Baron – and the insurance company did indeed end up owning the plane after
paying him the insured value which was considerably less than the real value of
the plane. He didn’t have enough to purchase another similar plane.
The insurance company got to either repair and re-sell or part it out.
They came out ahead.
Claudette Colwell Legacy
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