ATC Loss of Licence Insurance
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ATC Loss of Licence Insurance
Can anyone give us an idea who to contact for controller loss of licence insurance? There is info in the GATCO pack about a company in the Channel Islands, but apparently they no longer provide it. We don't get it through the company, and quite a few of us would like to purchase it ourselves.
Also, anyone who does buy their own, how much roughly does it cost, and how much benefit?
Cheers!
Also, anyone who does buy their own, how much roughly does it cost, and how much benefit?
Cheers!
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atco 777
we went through this at our unit a few years back, whilst the company i work for pay for our loss of licence insurance we simply couldn't find anyone who would agree to private loss of licence insurance. check your p.m's though
we went through this at our unit a few years back, whilst the company i work for pay for our loss of licence insurance we simply couldn't find anyone who would agree to private loss of licence insurance. check your p.m's though
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For some reason, loss of licence for ATCOs has always been difficult to obtain and those policies which have been available have never paid out what a pilot might get. To give you some idea:
When I worked at a non-State aerodrome many years ago I had Loss of Licence through GATCO which would have paid me about one year's salary (£1,500 in those days) if I'd lost my licence. A colleague of mine at the same place lost his licence due to a heart attack and the company Loss of Licence paid him 3 times his salary. A few years later an airline pilot acquaintance lost his licence due heart attck and his LoL paid him over £100,000!
The NATS "scheme" - if it still works - was something of a black art. When I was at work there seemed to be little information available but I do know of a couple of ATCOs who went out on medical grounds and they continue to receive virtually their full salaries many years later.
When I worked at a non-State aerodrome many years ago I had Loss of Licence through GATCO which would have paid me about one year's salary (£1,500 in those days) if I'd lost my licence. A colleague of mine at the same place lost his licence due to a heart attack and the company Loss of Licence paid him 3 times his salary. A few years later an airline pilot acquaintance lost his licence due heart attck and his LoL paid him over £100,000!
The NATS "scheme" - if it still works - was something of a black art. When I was at work there seemed to be little information available but I do know of a couple of ATCOs who went out on medical grounds and they continue to receive virtually their full salaries many years later.
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I'm currently going through the loss of licence scheme myself, I haven't any figures yet but know it is administered though SRG if you are a NATS employee.
You may thus wish to give SRG a call and see if they can advise you .
You may thus wish to give SRG a call and see if they can advise you .
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Weird coincidence, I was just about to start a thread on this.
Non-nats here, our company's banding about a piece of paper with some loss of license benefit they appear to have made up (and its not very good). Whats the general consensus for a fair loss of license package, 1 years salary, 3 x salary, some sort of limited pension. I ask because if I were to lose my license on medical grounds, I would have to drag my invalided carcass down to McDonalds and start flipping burgers
Non-nats here, our company's banding about a piece of paper with some loss of license benefit they appear to have made up (and its not very good). Whats the general consensus for a fair loss of license package, 1 years salary, 3 x salary, some sort of limited pension. I ask because if I were to lose my license on medical grounds, I would have to drag my invalided carcass down to McDonalds and start flipping burgers
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Coolb
Pension and loss of licence are separate entities, and need to be treated as such.
If they're trying to put together a package then you should be aiming at 3x salary for loss of licence, 4x salary for "death in service" paid to your dependants. That was the industry norm in company run schemes.
For anyone looking to get their own - Traffords insurance do an aircrew LoL policy which they're quite happy to adapt for ATCO's. It gets pricy as you get older, and consists of buying units of £10K to an amount you want so long as that doesn't exceed 3x salary.
Pension and loss of licence are separate entities, and need to be treated as such.
If they're trying to put together a package then you should be aiming at 3x salary for loss of licence, 4x salary for "death in service" paid to your dependants. That was the industry norm in company run schemes.
For anyone looking to get their own - Traffords insurance do an aircrew LoL policy which they're quite happy to adapt for ATCO's. It gets pricy as you get older, and consists of buying units of £10K to an amount you want so long as that doesn't exceed 3x salary.
Last edited by Chilli Monster; 18th May 2007 at 14:53.
niknak
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We have an "income protection plan", which in essence pays out 75% of your salary until your official retirement age (65 in our case).
The major drawback is that under the scheme you aren't allowed to earn another salary, if you do the monthly payout will be reduced accordingly.
Personally I'd prefer a "three times the salary" lump sum or similar, but there are very few UK employers who do this.
As Chilli says, Traffords offer the option, but for me, it's not far off £1300 per annum for a £35K payout.
The major drawback is that under the scheme you aren't allowed to earn another salary, if you do the monthly payout will be reduced accordingly.
Personally I'd prefer a "three times the salary" lump sum or similar, but there are very few UK employers who do this.
As Chilli says, Traffords offer the option, but for me, it's not far off £1300 per annum for a £35K payout.
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ATC Loss of Licence
Hello all..we CTlers in Malaysia too are trying to get someone out there to provide us a coverage. I think it is time some company come up with a scheme to cover ATClers lol. Do contact me if such a scheme is avbl.
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Thanks for the info from all.
I have a friend who had company loss of licence insurance, had a heart attack and got £80k which was on a salary of about £30k at the time. I'm ex-NATS and vaguely remember their terms as being something like 4x salary (a fortune on NATS salaries!).
I'll post any updates in case it helps anyone else trying, but sadly they seem to be slow in coming... another 2 emails sent and still no response. Any further info, especially advice on further companies to try and/or how much private punters pay for their own insurance, would be gratefully appreciated!
I have a friend who had company loss of licence insurance, had a heart attack and got £80k which was on a salary of about £30k at the time. I'm ex-NATS and vaguely remember their terms as being something like 4x salary (a fortune on NATS salaries!).
I'll post any updates in case it helps anyone else trying, but sadly they seem to be slow in coming... another 2 emails sent and still no response. Any further info, especially advice on further companies to try and/or how much private punters pay for their own insurance, would be gratefully appreciated!
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Also try contacting the UK Independant Pilots Association (http://www.ipapilot.com/) as they do a lump sum LoL insurance scheme for flight crew and have in the past provided similar cover for UK-licensed civil ATCOs. And it wasn't necessary to be a member of IPA.
