Skymaster Forum - Q: Insurance recommendation

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- - Q: Insurance recommendation (http://www.337skymaster.com/messages/showthread.php?t=4697)

KLRDMD

11-09-20 08:04 PM

Quote:

Originally Posted by phlgsse (Post 25799)

I've got parker woodruff working on it. I don't want to double broker it

Parker is a good guy, I've known him for years and have used him in the past. But I've been with Wendy a long time now and she does amazing things with underwriters.

mshac

11-09-20 08:05 PM

Back off on that 1MM liability figure. That's whats driving the rate up. Ask for a hull-only quote, no liability, and see a P&C insurance broker about an umbrella policy. Ask me how I know this works.

phlgsse

11-09-20 08:06 PM

Quote:

Originally Posted by mshac (Post 25801)

I already have an umbrella, but it carries an aviation exclusion. :rolleyes:
I'll see what I can do, thanks for the idea.

phlgsse

11-09-20 08:07 PM

Quote:

Originally Posted by KLRDMD (Post 25800)

Parker is a good guy, I've known him for years and have used him in the past. But I've been with Wendy a long time now and she does amazing things with underwriters.

seeing you talk about your P on mooneyspace is what put me in this situation to begin with :mad::D

mshac

11-09-20 08:08 PM

Ask what they would charge to remove the exclusion. In the insurance world, everything has a price.

KLRDMD

11-09-20 08:08 PM

Quote:

Originally Posted by phlgsse (Post 25799)

a P was a hard no when I asked like a year ago.

I bought my first P337 in 2015. Wendy was able to get me insured at a good premium with no formal school and only 5 hours transition training. When I bought my current P337, she was able to get no school and no transition training.

She got the guy I sold my first P337 insured in it without even a multi-rating. Obviously he had to get the rating before solo. Wendy knows the underwriters of these companies very well and has simply worked magic for me in the past.

YMMV.

KLRDMD

11-09-20 08:10 PM

Quote:

Originally Posted by phlgsse (Post 25803)

seeing you talk about your P on mooneyspace is what put me in this situation to begin with :mad::D

Sorry :D

JimC	11-09-20 08:11 PM

Quote:

Originally Posted by mshac (Post 25804)

Ask what they would charge to remove the exclusion. In the insurance world, everything has a price.

I got a "not for any price" from State Farm.

mshac

11-09-20 08:12 PM

Quote:

Originally Posted by JimC (Post 25807)

I got a "not for any price" from State Farm.

Then find the carrier that does offer you a price. State Farm is far from the only fish in the sea. Often its the smaller companies that will write policies like this. You wouldn't recognize the company that writes mine.

phlgsse

11-09-20 08:12 PM

Quote:

Originally Posted by KLRDMD (Post 25805)

ah crap. well, I don't think I can do much about it now since I'm already working with a broker. I wish I had asked before talking to parker.

KLRDMD

11-09-20 08:13 PM

Quote:

Originally Posted by phlgsse (Post 25809)

ah crap. well, I don't think I can do much about it now since I'm already working with a broker. I wish I had asked before talking to parker.

Call or E-Mail Wendy and tell her the situation and ask.

phlgsse

11-09-20 08:14 PM

Quote:

Originally Posted by KLRDMD (Post 25810)

Call or E-Mail Wendy and tell her the situation and ask.

ok!
(and more characters)

mshac

11-09-20 08:20 PM

Quote:

Originally Posted by phlgsse (Post 25809)

ah crap. well, I don't think I can do much about it now since I'm already working with a broker. I wish I had asked before talking to parker.

Speaking as someone who spent years working for one of the largest insurance companies (not aviation):

1. Clients who are married to one broker often pay higher premiums.
2. Larger insurance companies are usually more risk-averse.
3. Smaller "boutique" insurers often offer policies where the big guys don't.
4. You can have an aviation insurance broker AND a P&C broker. They are NEVER the same person, or at least they shouldn't be.
5. Insurance companies will often negotiate if you threaten to cancel your policy. They really don't want to send you a check.
6. The financial rating of an insurer is critical for life insurance and investments, but not for liability policies. By law, any claimants have to chase the insurer for payment. The policyholder is off the hook.

Just a few nuggets to take or leave as you see fit.

phlgsse

11-09-20 08:36 PM

Quote:

Originally Posted by mshac (Post 25814)

Speaking as someone who spent years in the working for one of the largest insurance companies (not aviation):

1. Clients who are married to one broker often pay higher premiums.
2. Larger insurance companies are usually more risk-averse.
3. Smaller "boutique" insurers often offer policies where the big guys don't.
4. You can have an aviation insurance broker AND a P&C broker. They are NEVER the same person, or at least they shouldn't be.
5. Insurance companies will often negotiate if you threaten to cancel your policy. They really don't want to send you a check.
6. The financial rating of an insurer is critical for life insurance and investments, but not for liability policies. By law, any claimants have to chase the insurer for payment. The policyholder is off the hook.

Just a few nuggets to take or leave as you see fit.

thanks,

I'm not married to the broker per se, but the problem is one of the only underwriters that will write in hawaii reasonably appears to be global. Once they've quoted one broker they won't quote another for the same plane/pilot, so I'm stuck with parker for this year if I continue to pursue the plane.
Edit: I'm looking for another umbrella policy and checking on hull only also

JimC	11-09-20 08:55 PM

Quote:

Originally Posted by phlgsse (Post 25818)

Once they've quoted one broker they won't quote another for the same plane/pilot, so I'm stuck with parker for this year if I continue to pursue the plane.

Ask your new broker to give you an AOR (agent of record) letter to give to the underwriters. It basically says "I know I was with one broker, but I really want to switch to another. I'm serious about switching and I pinky swear I'm not going to switch again."

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