Jim:
Thanks for the clarification concerning the FAA. That is what I was referring to with my "Part 91" comment above.
Concerning insurance, it *shouldn't* be a problem if the plane is restricted to its previously listed pilots and profiles, but you raise an interesting question. I personally have not seen an issue with insurance in this context, but I certainly wouldn't be surprised if the issue popped up in today's GA climate.
Keven
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ALFONSO DE PORTAGO