Bravo ....Good Point
but i guess they would not pay out if i was strapped in with a pair of goggles on the way back from a party !!
Whirls.....shall i say this s l o w l y .... Lloyds names did not get stung because the wrote more than they could cover ...they were totally in the hands of their syndicate and had NO limit on the downside...therefore if you were very rich you did NOT join Lloyds because you would be bailing everyone else out , as it is joint and several ie you keep paying till yr dry whether it is 1m or 20m it all goes. The policies they wrote , like asbestos etc had no ceiling. But back to the point
1) When you pay your premium it is say 3 -4 % of the hull value as a guess.
2) If 50 people self insure and they lose a machine they will lose 2% , but are still slightly up on balance. ( If the machine is worth only 250k then the loss is only 1 % ) Think of the owners as having say 50k shares, so the 500k Squirrel has 10 shares and the 100k R44 ( no R22,s allowed ) has 2 shares.
In a write off you get paid Full value out of the syndicate pot.
Of course not ALL Robbo pilots are daft ........but i suspect MOST are
