Q: Insurance recommendation - Page 3

KLRDMD · #31 11-09-20, 09:04 PM

Quote:

Originally Posted by phlgsse

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 · #32 11-09-20, 09:05 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 · #33 11-09-20, 09:06 PM

Quote:

Originally Posted by mshac

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.

I already have an umbrella, but it carries an aviation exclusion.

I'll see what I can do, thanks for the idea.

phlgsse · #34 11-09-20, 09:07 PM

Quote:

Originally Posted by KLRDMD

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

mshac · #35 11-09-20, 09:08 PM

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

KLRDMD · #36 11-09-20, 09:08 PM

Quote:

Originally Posted by phlgsse

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 · #37 11-09-20, 09:10 PM

Quote:

Originally Posted by phlgsse

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

Sorry

JimC · #38 11-09-20, 09:11 PM

Quote:

Originally Posted by mshac

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 · #39 11-09-20, 09:12 PM

Quote:

Originally Posted by JimC

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 · #40 11-09-20, 09:12 PM

Quote:

Originally Posted by KLRDMD

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.

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 · #41 11-09-20, 09:13 PM

Quote:

Originally Posted by phlgsse

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 · #42 11-09-20, 09:14 PM

Quote:

Originally Posted by KLRDMD

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

ok!
(and more characters)

mshac · #43 11-09-20, 09:20 PM

Quote:

Originally Posted by phlgsse

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 · #44 11-09-20, 09:36 PM

Quote:

Originally Posted by mshac

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 · #45 11-09-20, 09:55 PM

Quote:

Originally Posted by phlgsse

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."