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 Previous Item - New member - Grant Pronishen
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I need advice |
|  Next Item - New Searey builder
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Chris Pajak - Jan 27,2005
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I put myself in a position to purchase a used Searey in April, giving me time to get some ratings I will need before then. The seller decided to sell early but I'm having difficulty getting insurance. Do I purchase now, keep the Searey in hangar with no coverage and proceed to Florida for some training? Should I wait and lose the deal? Rotax engine prices keep going up, is it worth the gamble to purchase now? Any advice is valued.
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Don Maxwell - Jan 27,2005
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Chris, it should be easy to get not-in-motion (under its own power) hull insurance while it's stored. But you'll almost certainly need a seaplane rating and SeaRey training in order to get insurance for flying it.
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Chris Pajak - Jan 27,2005
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That is pretty much what I asked for to an agent by the name of Mike Sherrard. They won't insure it for even not-in-motion. I talked with another Searey owner who set me up with Falcon Insurance but they said they might be blocked out now because I used the other agent. I guess I don't understand aircraft insurance.
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Chris Vernon-Jarvis - Jan 28,2005
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Do AOPA or EAA offer insurance? Are you looking for full hull insurance?<br /><br /> Mine came courtesy of COPA and did not have any restrictions at all. I had asked another company but the COPA insurance is a form and sign up at a fixed published price. If I'd wanted to get hull insurance it would have bben different . I understood it would have been 10 to 18 percent of value, in my case, (60 hours, no water work) I reckoned 18%. Five years and I'd have paid for a new plane anyway.
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Chris Pajak - Jan 28,2005
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I guess I am just looking for something to protect my investment while it is sitting in the hangar. Once I get my seaplane rating everything should be better for getting through this insurance thing. Thanks Chris! and thanks Don!. I can tell you that I've never spoken to any Searey owner who hasn't wanted to help a Searey new-be. <br />
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Kenneth Leonard - Jan 28,2005
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You're not blocked out because you asked for a quote from another agent. You need to sign a form releasing the first agent before you can use another. The first will bitch, of course, but he didn't provide you with what you want. FYI, low time pilots without a seaplane rating will likely not find insurance at any price. Even a fresh seaplane rating isn't a guarentee.
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Don Maxwell - Jan 28,2005
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Chris P., Mike Sherrard is my agent, and I've found him to be reasonable. (But that's NOT an endorsement. I'd probably start with Falcon now, because they're affiliated with the SPA. Sherrard used to be.) Ken L. is right about signing the form. There are lots of agents, but (I believe) there's only one underwriter in the US that will insure homebuilt amphibians, so in effect it controls all of the agents. <br /><br />Ken's right about the ratings and the time, too. I think they're most interested in reliable SeaRey training and SeaRey time. <br /><br />Mike Sherrard accepted the PA training for me, even though neither Kerry, nor Paige is a CFI, because he recognized that no one else had their SeaRey experience. <br /><br />But the underwriter wouldn't insure me until after my SeaRey was out of Phase I--that is, until it had 40 hours on it. It would, however, insure my SeaRey if the first 40hours were flown by a pilot with at least 250 hours of SeaRey time. (I had only about 14 SeaRey hours then, 10 at the factory and 4 in other SeaReys.)<br /><br />Well, hiring a 250 hour SeaRey pilot wasn't a realistic option for me, so I took a VERY deep breath and flew the first 40 hours uninsured. I was flying from a rather busy airport, with a pretty big flight school and a fair amount of commuter traffic--so I picked slow times and stayed as far from the Citations and King Airs as I possibly could. And I was VERY careful. And I made sure to get some additional SeaRey training immediately before taking mine up for the first flight. But the SeaRey flies docilely, and I had no problems. <br /><br />My insurance coverage began at hour 40.5, even though I STILL didn't have 250 SeaRey hours and wasn't insurable at hour 39.9. There's not much logic in that--just someone's idea that the pilot was magically insurable after the FAA's 40 hour rule was satisfied.
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Frank A. Carr - Jan 28,2005
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Chris,<br />I'm still in the process of building, but like you have an investment. USAA is my insurance company and they provide me with about $25K insurance for my SeaRey/kit (provided I'm not flying it--unlikely given no engine yet) for under $400 per year; covers me here in FL.
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Chet Tims - Jan 30,2005
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Frank, what coverage do you get for your $ 400 a year?<br />Mine is uninsured because the best quote I could get about 3 years ago was $ 5000 a YEAR, just for HULL insurance - engine off ONLY...NO coverage was offered for engine-running operation.
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Frank A. Carr - Feb 02,2005
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Chet, My coverage is $25,000 with $200 deductible, for 'Hull coverage, ground, not in motion' Annual premium is $385.00 My Ins company is USAA but policy is written by U.S. Aircraft Insurance Co.
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Chet Tims - Feb 04,2005
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Thanx Frank.... Just found out recently that there's no insurance on the common hangar where I keep mine, so if the thing falls apart ( old Army Air Corps hangar RE-assembled in it's present location in 1934 ), there would be no coverage if it fell on mine.....
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