rick-p Posted August 15, 2015 Share Posted August 15, 2015 What does anyone know about the insurance coverage included in our membership? I have heard that the cover is or was only $250,000. That wouldn't even be enough to cover loss of consortium in a death claim. Have we been hoodwinked into believing we are covered when in fact we are not? Does anyone have the answers? Link to comment Share on other sites More sharing options...
rick-p Posted August 15, 2015 Author Share Posted August 15, 2015 What does anyone know about the insurance coverage included in our membership? I have heard that the cover is or was only $250,000. That wouldn't even be enough to cover loss of consortium in a death claim. Have we been hoodwinked into believing we are covered when in fact we are not? Does anyone have the answers? Link to comment Share on other sites More sharing options...
Fishla Posted August 15, 2015 Share Posted August 15, 2015 You can't sue for loss of consortium where I fly so no problems! Anyway, it's $250k for "legal liability to a passenger, for each occurrence". It's $10 million for liability to the public. Not sure if the dead female passenger's husband is the public or the passenger when it comes to the law. Link to comment Share on other sites More sharing options...
Fishla Posted August 15, 2015 Share Posted August 15, 2015 You can't sue for loss of consortium where I fly so no problems! Anyway, it's $250k for "legal liability to a passenger, for each occurrence". It's $10 million for liability to the public. Not sure if the dead female passenger's husband is the public or the passenger when it comes to the law. Link to comment Share on other sites More sharing options...
Guest ozzie Posted August 15, 2015 Share Posted August 15, 2015 From what i have heard, that 'insurance' starts with the lawyers and the little left over (if any) goes to the victim. Link to comment Share on other sites More sharing options...
Guest ozzie Posted August 15, 2015 Share Posted August 15, 2015 From what i have heard, that 'insurance' starts with the lawyers and the little left over (if any) goes to the victim. Link to comment Share on other sites More sharing options...
Guest Andys@coffs Posted August 15, 2015 Share Posted August 15, 2015 log into the members portal of RAAus and then click on the "member insurance" link on the LH Side menu. All details there. My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement. Ensure when getting quotes that the broker acknowledges, in writing in terms of the policy wording, that the RAAus insurance is available and that in the event that a claim for public liability is made the RAAus insurance is identified as the primary insurance and that your private insurance is then only for sums in excess of the RAAus policy amount coverage. The fact that your private policy is then secondary should mean that the risk to the underwriter is lower and therefore your policy cost should be less...... You will need to verify that is the case in reality...... Andy Link to comment Share on other sites More sharing options...
Guest Andys@coffs Posted August 15, 2015 Share Posted August 15, 2015 log into the members portal of RAAus and then click on the "member insurance" link on the LH Side menu. All details there. My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement. Ensure when getting quotes that the broker acknowledges, in writing in terms of the policy wording, that the RAAus insurance is available and that in the event that a claim for public liability is made the RAAus insurance is identified as the primary insurance and that your private insurance is then only for sums in excess of the RAAus policy amount coverage. The fact that your private policy is then secondary should mean that the risk to the underwriter is lower and therefore your policy cost should be less...... You will need to verify that is the case in reality...... Andy Link to comment Share on other sites More sharing options...
Keith Page Posted August 15, 2015 Share Posted August 15, 2015 What does anyone know about the insurance coverage included in our membership?I have heard that the cover is or was only $250,000. That wouldn't even be enough to cover loss of consortium in a death claim. Have we been hoodwinked into believing we are covered when in fact we are not? Does anyone have the answers? Hello Rick-P, I thought the cover was greater than $250k.. But stand being corrected. I have to get myself up to speed here, back when QBE gave coverage I am sure the cover was greater because there was a big yell about someone doing something wrong and the next person was so brilliant, just egos.. I have forgotten the text of the yelling match and the content. So need to educated regarding the subject * Why it was moved from QBE * The premiums * The coverage. Regards KP. Link to comment Share on other sites More sharing options...
Keith Page Posted August 15, 2015 Share Posted August 15, 2015 What does anyone know about the insurance coverage included in our membership?I have heard that the cover is or was only $250,000. That wouldn't even be enough to cover loss of consortium in a death claim. Have we been hoodwinked into believing we are covered when in fact we are not? Does anyone have the answers? Hello Rick-P, I thought the cover was greater than $250k.. But stand being corrected. I have to get myself up to speed here, back when QBE gave coverage I am sure the cover was greater because there was a big yell about someone doing something wrong and the next person was so brilliant, just egos.. I have forgotten the text of the yelling match and the content. So need to educated regarding the subject * Why it was moved from QBE * The premiums * The coverage. Regards KP. Link to comment Share on other sites More sharing options...
Old Koreelah Posted August 15, 2015 Share Posted August 15, 2015 ...My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement...... Andy That's been discussed here before Andy, so I got a couple of quotes. About $500 to double my PL cover. Seems a bit OTT when the first half of that cover costs a fraction of that. Perhaps RAAus could negotiate a better deal; I'd be happy to pay a bit more to get a better cover. Our aircraft rego is so inexpensive maybe it could be raised in order to fund an increase in our PL cover. Link to comment Share on other sites More sharing options...
Old Koreelah Posted August 15, 2015 Share Posted August 15, 2015 ...My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement...... Andy That's been discussed here before Andy, so I got a couple of quotes. About $500 to double my PL cover. Seems a bit OTT when the first half of that cover costs a fraction of that. Perhaps RAAus could negotiate a better deal; I'd be happy to pay a bit more to get a better cover. Our aircraft rego is so inexpensive maybe it could be raised in order to fund an increase in our PL cover. Link to comment Share on other sites More sharing options...
DonRamsay Posted August 15, 2015 Share Posted August 15, 2015 Everybody has their own tolerance for financial risk. As to how much financial risk you are prepared to carry yourself and how much you are want somebody else to carry for you is a decision we each make. Plenty of people don't insure their houses and get away with it all their lives but some don't get away with it and are financially ruined for the rest of their life. I base the deductible (excess) on what I can stand to lose and not have irreparable damage done to my finances. For example, I do not insure for windscreen damage in my car because the relatively low risk of it happening with a curved, laminated windscreen and sealed roads and the relatively low financial impact if the risk happens. For my aircraft, I am reasonably comfortable with the RAAus $10 million for public liability but find the $250k for passenger a risk I am not prepared to take. So, when I took out hull insurance on my Sling LSA, I specified an additional $5 million for pax liability. This may be overdoing it because some legal decisions in NSW appear to deny a pax the right to claim for injury because they were undertaking a risky activity. Clearly, I'm no lawyer but I just can't manage to sleep nights with that as the guarantee I won't ever face a multi million dollar claim. Link to comment Share on other sites More sharing options...
DonRamsay Posted August 15, 2015 Share Posted August 15, 2015 Everybody has their own tolerance for financial risk. As to how much financial risk you are prepared to carry yourself and how much you are want somebody else to carry for you is a decision we each make. Plenty of people don't insure their houses and get away with it all their lives but some don't get away with it and are financially ruined for the rest of their life. I base the deductible (excess) on what I can stand to lose and not have irreparable damage done to my finances. For example, I do not insure for windscreen damage in my car because the relatively low risk of it happening with a curved, laminated windscreen and sealed roads and the relatively low financial impact if the risk happens. For my aircraft, I am reasonably comfortable with the RAAus $10 million for public liability but find the $250k for passenger a risk I am not prepared to take. So, when I took out hull insurance on my Sling LSA, I specified an additional $5 million for pax liability. This may be overdoing it because some legal decisions in NSW appear to deny a pax the right to claim for injury because they were undertaking a risky activity. Clearly, I'm no lawyer but I just can't manage to sleep nights with that as the guarantee I won't ever face a multi million dollar claim. Link to comment Share on other sites More sharing options...
Keith Page Posted August 15, 2015 Share Posted August 15, 2015 log into the members portal of RAAus and then click on the "member insurance" link on the LH Side menu. All details there.My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement. Ensure when getting quotes that the broker acknowledges, in writing in terms of the policy wording, that the RAAus insurance is available and that in the event that a claim for public liability is made the RAAus insurance is identified as the primary insurance and that your private insurance is then only for sums in excess of the RAAus policy amount coverage. The fact that your private policy is then secondary should mean that the risk to the underwriter is lower and therefore your policy cost should be less...... You will need to verify that is the case in reality...... Andy Andy you say log into the members portal...how much spare time has one?? How many hours practice have you put into that? I have spent ages just navigating about that thing and after about an hour I am back where I started.. Quicker and easier to call and ask, all done in 3mins. with out wasting time and not to mention the frustration. All I say Andy you have a lot of spare practice time or had lessons from the designer. Regards, KP. Link to comment Share on other sites More sharing options...
Keith Page Posted August 15, 2015 Share Posted August 15, 2015 log into the members portal of RAAus and then click on the "member insurance" link on the LH Side menu. All details there.My personal view is that the RAAus insurance is a great start, but for most aircraft owners, depending on how much you stand to lose, will need their own top up insurance to complement. Ensure when getting quotes that the broker acknowledges, in writing in terms of the policy wording, that the RAAus insurance is available and that in the event that a claim for public liability is made the RAAus insurance is identified as the primary insurance and that your private insurance is then only for sums in excess of the RAAus policy amount coverage. The fact that your private policy is then secondary should mean that the risk to the underwriter is lower and therefore your policy cost should be less...... You will need to verify that is the case in reality...... Andy Andy you say log into the members portal...how much spare time has one?? How many hours practice have you put into that? I have spent ages just navigating about that thing and after about an hour I am back where I started.. Quicker and easier to call and ask, all done in 3mins. with out wasting time and not to mention the frustration. All I say Andy you have a lot of spare practice time or had lessons from the designer. Regards, KP. Link to comment Share on other sites More sharing options...
Guest Andys@coffs Posted August 16, 2015 Share Posted August 16, 2015 Well in retrospect I did send you the long way of 3 or 4 moves....the shorter way is to log in....let me know if that's an issue and I'll provide blow by blow instructions.... Then type insurance into the search bar at the top....from memory it's the 2nd link the search returns....... Keith I haven't spoken to the designer, the design came from the previous board...perhaps Myles can give you a better feel for how you drive that doggggg.......there is a new website/portal underway now. Time will tell if it's a thing of wonder.....or if it barks as well! That said while finding things isn't intuitive the search engine generally works, however only use it after logged in because otherwise the vast majority of links will not work but rather only take you to the log in screen, which would be fine if after loggin they then took you to the original requested page but alas that thought process never made it into the requirements doc.....assuming there was one, but knowing with almost 100% surety that there was no such thing....so we got what we asked for.....nothing! Which fits in well with the other results that team provided! Andy Link to comment Share on other sites More sharing options...
Guest Andys@coffs Posted August 16, 2015 Share Posted August 16, 2015 Well in retrospect I did send you the long way of 3 or 4 moves....the shorter way is to log in....let me know if that's an issue and I'll provide blow by blow instructions.... Then type insurance into the search bar at the top....from memory it's the 2nd link the search returns....... Keith I haven't spoken to the designer, the design came from the previous board...perhaps Myles can give you a better feel for how you drive that doggggg.......there is a new website/portal underway now. Time will tell if it's a thing of wonder.....or if it barks as well! That said while finding things isn't intuitive the search engine generally works, however only use it after logged in because otherwise the vast majority of links will not work but rather only take you to the log in screen, which would be fine if after loggin they then took you to the original requested page but alas that thought process never made it into the requirements doc.....assuming there was one, but knowing with almost 100% surety that there was no such thing....so we got what we asked for.....nothing! Which fits in well with the other results that team provided! Andy Link to comment Share on other sites More sharing options...
waraton Posted January 4, 2017 Share Posted January 4, 2017 Today I renewed my hull insurance with a liability top up. I decided to give the RAA preferred insurer a go, PSB group. They were almost 25% cheaper than my previous insurer and around 30% cheaper than the next nearest quote. They have an on-line quote system via the RAA website which allows you to work out what suits. The saving covered this years registration, membership and magazine subscription. For me, it was worth having a look around. 1 1 3 Link to comment Share on other sites More sharing options...
BJFly Posted January 5, 2017 Share Posted January 5, 2017 I changed my insurance to PSB after I purchased a Drifter. They are one of the few insurers that are happy to insure rag & tube + 2 stroke. Recently put my Rans S-7S with them and was happy with the premium. 1 2 Link to comment Share on other sites More sharing options...
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