To Insure or not?

Dr. O said:
I carry liability but no hull. I can afford to walk away from it. And there is a significant difference in the premium.

Interestingly on liability - For a number of years I carried multi million dollar liability for professional activities. Until a law suit showed up. For two and a half years my lawyers showed up at every deposition and every motion in court and each time demanded of the judge that I be dropped from the suit because I had nothing to do with it, nada, zilch, zero. - didn't provide any professional services, had no legal or professional relationship with the plaintiff. Each time the judge would look down at that huge insurance available number on the plaintiff's pleadings, smile, and say "We'll let the jury decide that."
The case eventually collapsed under it's own weight and the suit against me (finally, god, finally) dismissed with prejudice by the judge. 5 minutes later that huge policy was terminated by me and changed to a policy with only the bare minimum required by state law. Never had another suit filed in 30 years. Even the insurer's lawyer laughed as he said to me that policy was like a waving a red flag at every plaintiff attorney in the country..
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I just love having a bunch of old vehicles(bad assets), a small(by today's standards) 17 yr old, paid for house, an S Corp(more bad assets), a bunch of bee hives(more bad assets).
 
Brad Z said:
You proved my point. When you have insurance you don't worry about anything other than saving your butt.
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I had a engine failure without insurance, turned out fine, no one hurt, didn't even scratch the paint.

Even if you're trying to save the plane, the better condition the box is in, often the better condition the contents are in.
 
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