I have a insurance question for you all seeking opinion and options of what is wise to do.
For years I had a umbrella policy and for years I owned this awesome piper arrow. Just now my insurance company called me they don't want to extend the umbrella anymore on the upcoming renewal due to the plane exposure. In all fairness, I had always been under the assumption that GA/aviation was excluded from the umbrella and only covers in and around the house / car related claims.
For the plane I have a separate insurance with haul, passenger and property damage coverage. Obviously up to a certain limit per claim per incident.
This now also got me thinking about carrying passengers outside of immediate family, and possible exposure to claims over these aviation insurance limits and since they are not
protected by the umbrella how to go about it.
Questions:
1 - Are there insurance companies that would still offer an umbrella albeit with some wording of exclusion of aviation related incidents
2 - I have considered setting up a trust and split the plane, assets from myself. Would that take care of possible liability for claims over the aviation insurance limits?
3 - At the same time, I almost want to give passengers a waiver to sign explaining they are covered during flight up to a certain amount of the coverage limits and that they waive the right to sue or claim for more. Sort of similar when you go to certain attractions where one signs a waiver that you understand the risk etc.
However some say that is off putting and concerning potentially and some said this is not even legally bound?
4 - if "3" is a reasonable idea, is there a "template" for this available by any chance?
5 - I wonder how this works for CFI's then too? Could a student possibly sue the gazoo on a CFI beyond the coverage limits?
I am almost getting uncomfortable taking people for a ride besides my family considering the associated (financial) risk. And that is a loss also as I take so much pride introducing people
to aviation.
any options and opinions welcome!
cheers!
xander
For years I had a umbrella policy and for years I owned this awesome piper arrow. Just now my insurance company called me they don't want to extend the umbrella anymore on the upcoming renewal due to the plane exposure. In all fairness, I had always been under the assumption that GA/aviation was excluded from the umbrella and only covers in and around the house / car related claims.
For the plane I have a separate insurance with haul, passenger and property damage coverage. Obviously up to a certain limit per claim per incident.
This now also got me thinking about carrying passengers outside of immediate family, and possible exposure to claims over these aviation insurance limits and since they are not
protected by the umbrella how to go about it.
Questions:
1 - Are there insurance companies that would still offer an umbrella albeit with some wording of exclusion of aviation related incidents
2 - I have considered setting up a trust and split the plane, assets from myself. Would that take care of possible liability for claims over the aviation insurance limits?
3 - At the same time, I almost want to give passengers a waiver to sign explaining they are covered during flight up to a certain amount of the coverage limits and that they waive the right to sue or claim for more. Sort of similar when you go to certain attractions where one signs a waiver that you understand the risk etc.
However some say that is off putting and concerning potentially and some said this is not even legally bound?
4 - if "3" is a reasonable idea, is there a "template" for this available by any chance?
5 - I wonder how this works for CFI's then too? Could a student possibly sue the gazoo on a CFI beyond the coverage limits?
I am almost getting uncomfortable taking people for a ride besides my family considering the associated (financial) risk. And that is a loss also as I take so much pride introducing people
to aviation.
any options and opinions welcome!
cheers!
xander