View Full Version : Loss Of Licence Insurance.
Can anyone advise me of a good insurance company that provides decent loss of licence insurances? I am currently employed as a Flight Instructor. Many thanks in advance.
Henrik
niknak
17th Feb 2006, 22:09
There are several who advertise in Pilot, Flyer and other aviation mag's.
Prepare yourself for a rude awakening though, I don't imagine that rates for a QFI would differ much from those for an ATPL (or in my case, an ATCO), the last time I checked, a lump sum payment of £30k would cost around £300 per year.
My employer used to provide us with a "proper" loss of licence scheme, but had to replace it with an income protection scheme. This is a minefield of interpertation, we would be offered "another post in the company at the same salary" or "between 50 - 75% of salary until retirement".
Whatever, it's very expensive to run any scheme, and it's unlikely that you'd get any employer to cough up with the premium.
covec
17th Feb 2006, 22:45
I wonder if it would be legal for all pilots, students or otherwise to sign a disclaimer, before using an FTO or joining a club, that they fly at their own risk and with no legal claim to an FIs estate in the event of an accident?
And if the answer is no - why?
Could you put the house into the wife's name and sign a (solicitor witnessed) disclaimer to the effect that you have no "interest" in said wife's possessions including bank accounts, cars, house etc...:D
Oktas8
18th Feb 2006, 20:30
Ahh, that magic phrase: "trust fund".
But seriously, I don't know if UK rules allow setting up a family trust in order to protect family assets from an employer-related dispute or liability claim.
I use IFALPA's loss of license scheme. Cost to me (in NZD) is about 7 dollars spent per year for each 900 dollars of protection.
Thanks so far for the comments. Having a LOL insurance with a Swedish Company with seems cheaper that in the UK apparently.
Paying about 400 GBP/Year to cover 90k
How does the job-situation looks in UK by the way? Are the market opening up for pilots? In Denmark it still looks rather bad, but is getting better though.
Henrik :-)