I"m in the same boat, my company would never allow me to fly. $1M
policy wouldn't even pay for their large legal staff. I assume only
people who work for very small companies are able to use the $1M
policy to encourage the use of flying themselves. Most companies seem
to want at least $10M. When you are talking about companies that have
more than $100M in stock issued, $1M doesn't sound like much.
"Iain Wilson" wrote in message link.net...
I posted a while back about finding a way around my company's policy of not
allowing employees to fly private aircraft to places of business.
Someone suggested getting my own insurance and having the company named on
the policy. I pursued that and here's what happened:
I checked out AOPAIA and they offer coverage up to $1,000,000 for liability.
Adding my company as named insured cost an extra $50/yr and with $10,000 a/c
damage coverage the total cost per year for renters insurance was $465. Not
bad at all I thought and the cost would be recouped from the reduced flying
cost (Aircraft Rental - Airline Ticket or mileage cost)
The cost breakdown is as follows
Liability - $240
Damage - $175
Additional Insured - $50
Interesting that the $10,000 damage is pretty close to the $1,000,000
liability. I'm sure that the insurance companies have run the numbers here
and worked out that the chances of a pilot getting sued for a mil are about
the same as incurring $10k damage...
So I proposed this to my company but no go. They said they need at least
$3,000,000 liability coverage. sigh
Back to AOPAIA I went but they don't offer coverage over $1,000,000 and
suggested I get blanket coverage from somewhere. So I tried PICLife.
$3,000,000 coverage costs $3,930/yr with a 10 year policy!!!
Over $1,000,000 must be a magic number in the insurance world. Anyway, the
$4,000 breaks the bank for me, back to the drawing board.