I’m considering purchasing a Loss of Licence policy through CSU. I know there are few threads on here where they are mentioned, but there never seems to be many responses from people who have purchased through them, or (knock on wood) had to make a claim. I’m curious if there is anyone out there who would be willing to PM me about their experience, or share it here for everyone.
I’m genuinely curious how many pilots hold this insurance, and if they have ever had to make a claim what their experience was like.
Thank you in advance to anyone willing to share.
Loss of Licence Insurance with CSU
Moderators: sky's the limit, sepia, Sulako, lilfssister, North Shore
Re: Loss of Licence Insurance with CSU
I got a quote from them years ago. It's not cheap and comes with what i thought was some serious pit falls. If you lose your medical it has to be gone for 5 years+ to keep the money. It goes up with your age. I do stupid shit in aircraft, bumping into wires, heli ski , dropping things, live explosives onboard. They were not into any of that at all. On the road to getting insurance i was occupational denied by 3 companies. Read the fine print with CSU carefully.
In the end i got RBC to give me custom policy for injury illness. You basically insure your wage. If you make 100k you can buy up to 80k. 80% of your wage. Pick your wait time 30/60/90days. It's not based on hours worked, just whats on the T4. It's a locked in price and not cancellable until 65. I previously had my coverage cancelled from another aviation insurance provider, for no reason. Only caveat with RBC i'm not covered if i get hurt in an aircraft accident, but in thats what WCB is for. It will pay out for a max of 5years, all i could get as a pilot. It's a bit of game with inflation, the amount you can collect with inflation goes relatively down, but then so do the monthly payment amounts.
I have filled a claim with RBC, i lost my medical after a trip to the ER , there was bunch of documents to get filled out by the doctors. But RBC couldn't really say much when i had a letter for TC saying i cannot pilot an aircraft until i hear from them. They paid with no issues, they were actually pretty easy to deal with.
Good luck. Well worth it to have your own insurance.
In the end i got RBC to give me custom policy for injury illness. You basically insure your wage. If you make 100k you can buy up to 80k. 80% of your wage. Pick your wait time 30/60/90days. It's not based on hours worked, just whats on the T4. It's a locked in price and not cancellable until 65. I previously had my coverage cancelled from another aviation insurance provider, for no reason. Only caveat with RBC i'm not covered if i get hurt in an aircraft accident, but in thats what WCB is for. It will pay out for a max of 5years, all i could get as a pilot. It's a bit of game with inflation, the amount you can collect with inflation goes relatively down, but then so do the monthly payment amounts.
I have filled a claim with RBC, i lost my medical after a trip to the ER , there was bunch of documents to get filled out by the doctors. But RBC couldn't really say much when i had a letter for TC saying i cannot pilot an aircraft until i hear from them. They paid with no issues, they were actually pretty easy to deal with.
Good luck. Well worth it to have your own insurance.
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Justcheckingthisout
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Re: Loss of Licence Insurance with CSU
" If you lose your medical it has to be gone for 5 years+ to keep the money."
I believe that 5 year requirement is through Hunter McCorquodale (HMC) a competitor of CSU, if you read CSU's wordings their requirement is only 2 years.
"It goes up with age"
Any annual disability policy is based on age and yes they get costlier when you get older. That's a given.
I do stupid shit in aircraft, bumping into wires, heli-ski , dropping things, live explosives onboard.
While most of these activities are not covered under HC's policy they are under CSU's , but that being said they would likely have an issue with a pilot who recklessly piloted their aircraft and did stupid shit.
They were not into any of that at all.
Most underwriters would not be with that type of behaviour.
On the road to getting insurance i was occupational denied by 3 companies.
Most domestic disability Insurers tend to stay away from insuring pilots , so being denied by 3 is normal
Read the fine print with CSU carefully.
I agree you should read the fine print in all policies including CSU's competitor HC as well
I believe that 5 year requirement is through Hunter McCorquodale (HMC) a competitor of CSU, if you read CSU's wordings their requirement is only 2 years.
"It goes up with age"
Any annual disability policy is based on age and yes they get costlier when you get older. That's a given.
I do stupid shit in aircraft, bumping into wires, heli-ski , dropping things, live explosives onboard.
While most of these activities are not covered under HC's policy they are under CSU's , but that being said they would likely have an issue with a pilot who recklessly piloted their aircraft and did stupid shit.
They were not into any of that at all.
Most underwriters would not be with that type of behaviour.
On the road to getting insurance i was occupational denied by 3 companies.
Most domestic disability Insurers tend to stay away from insuring pilots , so being denied by 3 is normal
Read the fine print with CSU carefully.
I agree you should read the fine print in all policies including CSU's competitor HC as well
