AIRCRAFT INSURANCE

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gwc747
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AIRCRAFT INSURANCE

#1 Post by gwc747 » Fri Nov 29, 2013 5:01 pm

Recently I was billed $500/yr extra for having a second pilot covered on my policy. My insurance is with COPA & the underwriter (until the next policy renewal date) is Marsh. Is this a Cash Grab by the broker The Magnus Group or really an underwriter charge? This additional fee had not been charged in the past. The A/C owner is a low time PP & the additional pilot is ATR rated with 20,000 hrs. The policy premium used to be based on the qualifications & experience of the most junior pilot.
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AirFrame
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Re: AIRCRAFT INSURANCE

#2 Post by AirFrame » Fri Nov 29, 2013 11:25 pm

Interesting. I am relatively low time, only 250 hours when I bought my plane, but I received good rates from COPA for it. I had my father listed on it as well, who had more than 10x the total time but no time on type other than a 5 hour checkout. They didn't change the rate at all when I dropped him off as a named insured last year... I chose to remove him as the policy through Magnes says right in it that any COPA member is automatically a named insured, provided:
Any pilot approved by the Named Insured subject to having a
(i) Current and valid COPA membership;
(ii) Minimum 250 hours Total Time;
(iii) Minimum 35 hours on Make, Model and Configuration; and
(iv) Minimum 10 hours in past 12 months.
It was easier than coordinating getting all of his hours so I could fill them out on the renewal application.
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Re: AIRCRAFT INSURANCE

#3 Post by AirFrame » Fri Nov 29, 2013 11:27 pm

Wait... I just re-read your post. Did they send you a bill for $500 part way through the year, ie. in the middle of your policy coverage period? Or was the $500 an increase for next year's policy?
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gwc747
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Re: AIRCRAFT INSURANCE

#4 Post by gwc747 » Sat Nov 30, 2013 9:06 am

On the policy renewal they have an additional fee of $500 for second pilot. That's new. Another A/C owner advises that he was asked for a fee of $300 to have the second pilot to remain on the policy. The second pilot had been on the policy for years & has 25x the experience of the A/C owner. I'm going to shop for alternate insurance coverage.
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Re: AIRCRAFT INSURANCE

#5 Post by AirFrame » Sat Nov 30, 2013 10:50 am

gwc747 wrote:I'm going to shop for alternate insurance coverage.
I get 3 or four quotes every year. Check coverages carefully to make sure you're getting the same coverage in any part of the policy you care about. I've been with COPA, Park, EAA, and now back to COPA. Looking forward to see how the quotes come in this year... Just sent my COPA one in.

Note that while Marsh is no longer the underwriter at COPA, they are apparently still in the aviation business and are still competitive.
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Re: AIRCRAFT INSURANCE

#6 Post by CpnCrunch » Mon Dec 02, 2013 6:37 pm

Try AON - they seem to be the cheapest, and there's usually no charge to add a new pilot to the policy.
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