Insurance - smooth limits

Paul kgyy wrote:

I'm curious how many of you owners do carry smooth limits.

I do. The only time I couldn't get it was after switching planes and
having nearly zero time in type. The follwing year everything was
back to normal. Every year my broker (Falcon. A good one!) sends me
quote for one million smooth and $100K sublimit. The smooth quote is
about 25% more, but offers a potentional injured passenger up to 10
times as much coverage. I have assets to protect, so the premium
increase is worth it for me. YMMV.

John Galban=====N4BQ (PA28-180)

Paul kgyy wrote:

I'm curious how many of you owners do carry smooth limits.

I never did.

George Patterson
There's plenty of room for all of God's creatures. Right next to the
mashed potatoes.

"xyzzy" wrote:
...
Before I went with an
HMO that doesn't require claim forms, my medical insurance claim
forms
used to ask if there was an accident involved, and I assume if you
say
yes they may choose to get more information to go after the person
who
caused it.

Does that happen? Medical care is expensive, but so is paying
attorneys to pay experts to investigate an accident and determine if
the pilot was negligent. They can't sue by themselves; they have to
convince the insured to sue, and turn over any award to the insurance
company.

Fred F.

On 4-May-2005, "Paul kgyy" wrote:

I'm curious how many of you owners do carry smooth limits.


We carry $1M smooth liability on our Arrow IV. According to our broker, it
adds 2-3 hundred to the premium, but only one or two companies offer it.
All three partners have between 850 and 2000 hours and all are instrument
rated. Apparently, the IR is a big deal for liability premiums. On the
other hand, retractable gear, which raises hull premiums a fair bit, has
little impact if any on liability premiums. That's reasonable since gear
problems rarely cause serious injuries.

--
-Elliott Drucker

On 4-May-2005, "TaxSrv" wrote:

They can't sue by themselves; they have to
convince the insured to sue, and turn over any award to the insurance
company.


I don't think so. An insurance carrier that has paid a claim for injuries
caused by a third party has every right to sue that third party to recover
its losses. It's called subrogation, and it's done all the time if the
underwriter believes there is a good chance of actually collecting.

--
-Elliott Drucker

They can't sue by themselves; they have to
convince the insured to sue, and turn over any award to the
insurance
company.

I don't think so. An insurance carrier that has paid a claim for
injuries
caused by a third party has every right to sue that third party to
recover
its losses. It's called subrogation, and it's done all the time if
the
underwriter believes there is a good chance of actually collecting.
--
-Elliott Drucker

All well and good, but what of all the auto accidents every day? How
often do drivers receive a bill from the injured party's
hospitalization insurance carrier, under threat of suit for
negligence? Fat chance those people, and the friends they tell the
story to, will consider that company in the future for their
hospitalization coverage. The subrogation clause in my health policy
says if I receive a damage award, all or part may have to be paid over
to them.

Fred F.

Again, how much risk are you willing to take? You can't assign all your
risk in life to insurance companies. There are risks in life, get over
it (and no, a loss in court does not mean you will lose your house and
car, etc you'd never be able to pay court fees if the court took away
your ability to work your career).

-Robert

TaxSrv wrote:

They can't sue by themselves; they have to
convince the insured to sue, and turn over any award to the

insurance

company.

I don't think so. An insurance carrier that has paid a claim for

injuries

caused by a third party has every right to sue that third party to

recover

its losses. It's called subrogation, and it's done all the time if

the

underwriter believes there is a good chance of actually collecting.
--
-Elliott Drucker


All well and good, but what of all the auto accidents every day? How
often do drivers receive a bill from the injured party's
hospitalization insurance carrier, under threat of suit for
negligence? Fat chance those people, and the friends they tell the
story to, will consider that company in the future for their
hospitalization coverage.

You say that like most or even a significant portion of insured people
have a choice on who to use for their hospitalization coverage.

Keep in mind, also, that $1M smooth gives the ins co a lot
more incentive to defend YOU.

You want them to be very interested in this. Otherwise, they will
write the check for $100K very quickly and bow out.

You will then bear the cost of defending the rest of the story.

Bill Hale

On 4 May 2005 11:05:52 -0700, "Paul kgyy" wrote:

This is a follow-up to a discussion some time back about liability
coverage, specifically about using "smooth limits", which eliminates
the typical $100,000 cap per person. I've been buying my insurance
through AOPA, and they have told me that their carriers would not offer
smooth limits on aircraft the age of my 1969 model. I just received a
fax from AOPA Insurance that they have found a carrier that will
provide this coverage. The only catch is, it doubles my premium!

I'm curious how many of you owners do carry smooth limits.

I've always carried smooth limits. At present it's $1M. I get my
insurance through Falcon. I have no idea how much more it is than
$100K/seat as I'd never consider carrying that.

My airplane is a 1965 Mooney M20E, and I am the only pilot.


Ron (EPM) (N5843Q, Mooney M20E) (CP, ASEL, ASES, IA)