Insurance: Life, Loss of Licence, Sickness etc (NOT hull insurance)

[Katfish]

AON insurance handles helicopter insurance and income protection. They do a lot of business with Westrpac HEMS.

[Rotor1]

Hey Masteroff check your PMs

[Australia2]

Tonto,

That sounds like the best of a bad bunch. Appreciate any more info you have. (as would many others at KA) Is it OK to give him a call ?

Thanks, Oz2

[backspace]

Tonto,

Is that a Hong Kong number?

[Tonto Kowalski]

Yes, that is a HK number. I would recommend giving him a call. He'll explain the differences between the Noall policy and this coverage and you can make an informed decision. As I said there are a number of differences, none of which were too objectionable in my opinion. You're right - it's the best of a decidedly average range of insurance options, but better than none at all!

[22to355]

Loss of Licence insurance

hi,
can any one point me in the right direction for loss of licence insurance? Thanks

[Camp Freddie]

http://www.pilotslossoflicence.com/

arranged through IFALPA

regards

CF

[Subholic]

Loss of Licence Insurance

Hi Guys,

Have performed a search on the above but cannot find much. Would appreciate some contact details for companies providing the above.

Many thanks.

[LOL1]

Understand the expert in this field is:

Graham Hynd

00 353 21 4777 917

Based in Ireland and London.

[Airbus Girl]

There aren't many companies that offer it but try BALPA Financial Services and also Traffords, both are brokers and offer a Loss of Licence policy. You can choose temporary benefit if you want and can choose the amount you want to cover for.

[rotatrim]

So far I've been unable to find a company offering LOL insurance to people in my position who've spent a fortune on self-sponsored training but don't actually have a flying job. The sticking point is that all payouts seem to be based on loss of earnings.

[Re-Heat]

How much does medical history affect LOL insurance in your experiences? I had thyroid problems but am fine to get a Class 1 - I am wary however of getting the medical and undertaking training however if LOL insurance will not cover the rather large investment it takes nowadays to gain the licence.

[HMM]

loss of medical, insurance?

currently doing some research into getting myself financially insured against the loss of my license in the event of failing an annual medical examination. as i'm sure some of you can appreciate the cost of training is not cheap, and always a little more expensive than u thought it would be, and so a big fat loan from the bank was a integral part of being able to train as a pilot. i'm well aware that your medical could be pulled at any time for any number of reasons and that the unfortunate souls you hear about from time to time who fail medicals, could easily be me next time. i'm based in the uk, so if any of my fellow ppruners have any info on insurance companies or underwriters who specialise in covering pilots for loss of medicals, or any advice based on current or past experience with said companies i would very much appreciate it, HMM.

[B Sousa]

The best insurance that you are seeking is to continue your education. Get that degree and have a back-up plan should it occur. Maybe an education where you can still work in the aviation field at an executive level. With experience and education Im sure you would be in demand. Besides theres more money in flying a desk and weather is not a limiting factor.
As I have seen loss of license insurance, its minimal for a while and then goes away.....Your willingness to advance yourself is the best insurance.

[GLSNightPilot]

I can't speak for British conditions at all, but in the US the cost of such insurance is prohibitively expensive. If you even consider the possibility of a medical grounding, then you'll never even start flying. What is merely a minor inconvenience to most people can ground a pilot for life, or at least several years. That's why employers must treat pilots differently from other employees, who are not limited by the requirements of an annual medical exam. If you don't have lots of available sick leave and vacation time, you're going to be in financial trouble eventually, unless you're fantastically lucky.

[Thomas coupling]

I can only speak from experience:
Haywards Aviation Insurance London, are who I am insured with and they have been tested in anger on 2 occasions with our pilots here. On each occasion they were true to their word and very efficient.
Expect around the £2000/yr premium for £200,000 cover. It all depends on your job and age.

Whatever you do, READ THE small PRINT!!!

It is VERY important to understand the following:

When/If the CAA pull your licence, they do so for the duration of any investigations. The licence is then said to be suspended.

Only in a very few cases (literally miniscule)do they then downgrade you further where they permanently remove your licence. In 99.9999% of the cases they 'suspend' your licence forever, because there is a tiny chance you could get it back.
You might still be able to fly 'multi crew' which in the Uk basically means you've got to go to the offshore guys and ask for a job!!!

If your licence is suspended, then you DON'T qualify for LOSS of licence
You need to insure for LOSS OF YOUR CURRENT POSITION. I.e single pilot IFR, or single pilot helicopters, etc and get it sanctioned by the insurance company.

There are an awful lot of commercial pilots out there who think they have LOL insurance when technically...they don't!

[HMM]

Thanks Thomas, just the kind of info i was looking for, appreciate it, HMM.

[verticalhold]

I used to carry loss of license cover, but divorce and tax meant that I could no longer afford such huge expense. I now carry Permanent Health Insurance which pays out an income should I lose my license, and therefore my job. However it only pays until I find another job for which I am "suitably qualified" nasty bit of small print that.

I also insure my mortgage and any other loans I have. The lenders arrange it and it is surprisingly cheap.

VH

[Bearintheair]

BALPA Financial Services provide a Loss of Licence policy which pays out a lump sum of the sum insured (in our case twice annual salary) if your medical is revoked, and a monthly payment of 2% sum insured/month if your medical is suspended.

Ours is a company scheme through them but it does cover non BALPA members.

[marcr]

I have spoken to Hayward Aviation, Nigel Foster and Corinne Fletcher. They were both very helpful. The response given to me : if you're looking for loss of licence cover you need to be salaried, i.e. they can't assist if you're self employed. If its training costs, and their repayment, that you need the protection for, it is possible for them to arrange that, but only for an integrated course.

Best of luck. Marc