Jack.Phillips(at)cardinal
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 Posted: Mon Jul 31, 2006 9:26 am Post subject: -10's for sale in quantity, available today - Now Insurance |
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The big issue for me is insurance. Last month I happened to meet the
guy that underwites the insurance on my RV-4 and my Pietenpol (Falcon
Insurance). I told him I was building an RV-10 and expected to insure
it with him and he looked at me over the rims of his glasses and started
asking questions like "how much total time do you have?" and "are you
instrument rated?" I told him 1200 hours and yes, respectively, and
asked him why? He told me the insurance industry is very concerned
about the RV-10 - much more so than the other RV's. When I asked why,
he said because in general they are much more valuable, and have higher
performance (which I disagree with) than the other RV's, and there
simply is no track record with them. Having one get damaged in a forced
landing will be the first tick mark on the insurance company's ledger
against the airplane. And the surest way to have this get to the notice
of an insurance company is to have it run afoul of FAA regs.
Right after I finished building my Pietenpol (while in the test flying
phase), I had a forced landing due to an engine failure and set the
plane down on a highway. In avoiding hitting a pickup truck I ran it
off the road and into a ditch, breaking an axle in the process. The FAA
immediately wanted to know:
a. Was I alone? (I was)
b. Was I within my flyoff box? (yes)
c. Was my medical current? (it was)
d. When was my last BFR? (I had just gotten my instrument rating 5
months earlier, which qualified)
e. Was anyone hurt? (nothing but my pride)
Once those questions were answered to their satisfaction, I was free.
The insurance was not notified, and I repaired the plane for a couple
hundred dollars.
Had I been out of compliance with the regs, I know the insurance company
would have been notified, and my premiums (and all other Pietenpols
premiums) would have gone up.
Jack Phillips
#40610
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