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<< Lancair Builders' Mail List >>
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Require the buyer, before he buys your plane, to take out a
five-year-term life insurance policy of say $500,000 or more on his own
life naming you, the builder/manufacturer, as the beneficiary of that
policy. You hold that policy. The stipulations of the purchase/sales
agreement are that the insurance policy proceeds will be used by you to
defend you, the builder/manufacturer, against any claims of liability
arising FROM ANYONE FOR ANY REASON during the statutory time period for
written contracts (usually four years). Further stipulate that all
funds not used for the direct purpose of your own legal defense (as
manufacturer and seller) will be gifted to the estate of the deceased
buyer but only after payment of all of your consequential legal costs
and, after all of your legal exposure has terminated--whichever is
latter.
The benefits of this arrangement: 1. The family of the deceased will
have an additional $500,000 of life insurance coverage for the period of
that term insurance--but only if the family members do not sue you and
thus consume that $500,000 of coverage through legal expenses. 2.
$500,000 will buy you, the builder/manufacture/seller first-class legal
defense and, 3. After the buyer has had five full and long years of
flying that Lancair, your own liability will tremendously diminish
because of the staggering number of alterations, "improvements"
additions, inspections, repairs, failures-to-repair, and mistakes etc.
that have been made by that buyer/pilot on the Lancair you sold him.
I know that there are Lancair builders out there who are also attorneys
and I should like to hear you opine on this liability protection
"plan". Can it work? All builders or flyers of experimental aircraft
have interest in this topic. Greg Nelson
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LML website: http://www.olsusa.com/Users/Mkaye/maillist.html
LML Builders' Bookstore: http://www.buildersbooks.com/lancair
Please send your photos and drawings to marvkaye@olsusa.com.
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