I think you'll find that's 3.5m of third party liability cover. Ie if you crash into someone's house and squash their dogs, it covers you for them coming after you for two new Labradors and a new house.
I think you'll find your quote will be fully comprehensive too. Ie, your aircraft is fully covered at the agreed value in the event of a total loss. Read it through and it should be clear.
Last edited by Monocock; 26th Jun 2012 at 20:17.