What type, and how much, insurance for AP biz?

[Renfield]

We have a million dollar blanket liability policy through the studio, and I'm going to research equipment coverage today.

Thought I'd throw this out to all the pro's and see what others are doing?

Thanks,
George

[Cryofix]

I am curios about this also and possibly what the costs are, I called a local agent recently but he hasnt gotten back to me.

[MarkWebber]

RCAPA has an agent with whom they have developed an AP policy. Coverage is 500,000/1,000,000 for something like $1000-1200. I asked my agent to look into it for me. The quote he came up with was $50k. Yes, $50,000! That's ludicrous. I'd have to be flying full scale over the superbowl to justify that kind of premium. And maybe even with the intent of crashing purposly during halftime.

[Renfield]

The quote he came up with was $50k.

Was that for six months, or the full year.

:shock: :shock: :shock:

At that rate, I'd let their attorneys squeeze my turnip.

[MarkWebber]

Was that for six months, or the full year

He wasn't specific (or the shellshock affected my hearing) but I didn't care to have him go into details!

[WillJames]

At that rate, I'd let their attorneys squeeze my turnip.


Probably easier to just let them squeeze your lemon.... :shock: :dontknow

[Renfield]

"Blood from a turnip" is the old saw I was obscurely referencing.

Not to say that I didn't just fall off a turnip truck. It would explain a lot. :D

[askman]

One thing I would recommend is do an LLC. you can do an LLC as single propriator, and will limit the liability to the LLC and protect your personal assets as long as you operate under your LLC. it is very cheap and easy to do. (I used www.fileinc.com and cost 50 bucks more than filing cost, which was 80 bucks in my state) once your income is high enough, you should go with insurance.

[Brett Horton]

The RCAPA insurance guy is loco!
Just liability for my business was going to be $4050 yearly.
Any one else had a quote from these people?

[MarkWebber]

Just liability for my business was going to be $4050 yearly.
Any one else had a quote from these people?

Really, Brett? That's not what they are advertising. Wouldn't be the first bait-and-switch out there. I've heard lots of persons say they had insurance for $1000 but RCAPA guys are the only ones giving out a name that I've seen. The thing that worries me with them is they don't post the actual policy and any riders. I prefer to know up front what I'm paying for.

[Tabbytabb]

Mine was around 1650.00 per year throught the RCAPA provider including 1,000,000 liability and somewhere around 50K worth of equipment coverage.

Tabb

[Brett Horton]

Don't know why, but first it was $4500 and included auto, terrorism. We called and removed for another quote, then it was still over $4000. My Cessna 310 Full Scale was not that much 10 years ago!!
$1500 to $2000 was what I was expecting but not $4000!!
But we are still working with them.
These quotes DO NOT INCLUDE Hull, just liabilty.
We'll see...

[Hyde]

here in omaha we obtained a policy which covers us up to 2 million / year (1 million per incident - 2 incidents max) liability and 10k for our copter/camera gear. wasn't hard to find. ran about $1080 for the year.

[Brett Horton]

We currently and for years now have had insurance, but just decided to get additional quotes, so far not good for the competitors

[Angelos]

One thing I would recommend is do an LLC. you can do an LLC as single propriator, and will limit the liability to the LLC and protect your personal assets as long as you operate under your LLC. it is very cheap and easy to do. (I used www.fileinc.com and cost 50 bucks more than filing cost, which was 80 bucks in my state) once your income is high enough, you should go with insurance.


Why not buy a car via the LLC so you don’t have to get insurance for that either?

In this part of the world the director of an LTD (equivalent of the American LLC) can be held personally responsible in cases of gross negligence and operating without insurance will most likely be seen this way.

Limited Liability Companies are there to protect your personal assets if your company suffers large financial losses. For example if one of your customers or suppliers goes bankrupt owning you money or before delivering the goods… which could then put your own company in bankruptcy.

-Angelos

[askman]

even with LLC , you can be personally liable in case of personal negligence. but it does protect business liability. so, if you hurt someone, you could be personally liable. but if someone does not like your business and sues, you would be protected. (and I've seen frivolous lawsuites that has hurt small business) in any regard, you do need insurance professionally. if you are flying Slow stick, chance of you hurting anybody is pretty low. if you are flying a heli, the risk goes up tremendously. sadly, until we get some real regs, we will have issues getting insurance. insurance companies hate uncharted territories.

[wwellman]

I'm constantly amazed by the topic of AP insurance. Maybe I live in a part of the country where it's not much of a problem. I never had a problem getting AP insurance.

I went looking for a new carrier for my AP insurance, like CopterViews did. I found Hill & Usher insurance. They insure AP heli's all over the country.

My cost is $1,250 for I million dollars of liability coverage, and for an additional $250 I could have $7,000 in equipment coverage. The cost is based on your gross income, $27 dollars per $1,000 of receipts (with a base cost of $1,250 minimum). Of course the more you make the more you pay because of the additional exposure. I'm not sure why Copterviews had such a high rate given to them, maybe it's because they make more money than the rest of us since they are doing this full time :mrgreen:

The cost has to justified by Hill & Usher. Either 2 or more AP platforms are being covered, more than one pilot OR the receipts are $150,000 per year.

If the income is $150,000 per year "you da man"

Walter

[Brett Horton]

yeah,
I forgot to mention, that the insurance is based on yearly projected income. :oops:

[wwellman]

Brett

You are my idol :noteworthy :noteworthy

Walter
www.RPVaerialphoto.com

[Brett Horton]

We got lots of overhead now!! :arggg: