Insurance: Life, Loss of Licence, Sickness etc (NOT hull insurance)
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There are a number of sources for Loss of License coverage in the UK: Haywood Aviation is but one. PM me for alternatives, if you wish.
Secondly, there is no reason why a self-employed, non-salaried, professional pilot cannot insure against Loss of Licence. At least, for "total" loss. If you are wanting a temporary benefit, that might be more tricky unless you can demonstrate a continuous income stream over a period of time.
Any Insurer who tries to escape on the basis that a licence has been "suspended", rather than "cancelled", doesn't deserve to be in business!
My understanding is that most (if not all) Loss of Licence policies cover against the suspension of a licence following a "long term unfitness assessment", OR permanent revocation, on medical grounds. Usually, a 12-month "waiting period" applies from the date of initial suspension. If, at the end of that period, there is little or no hope of the licence being reinstated, the policy pays. One policy I saw contained a further condition that said that the pilot could not apply for the reinstatement of his licence within 3 years from the date of payment, unless with the insurance company's consent and that that, if reinstatement was achieved within the 3 years, the insurance company could, at its option, require a refund of part of what it paid out.
Secondly, there is no reason why a self-employed, non-salaried, professional pilot cannot insure against Loss of Licence. At least, for "total" loss. If you are wanting a temporary benefit, that might be more tricky unless you can demonstrate a continuous income stream over a period of time.
Any Insurer who tries to escape on the basis that a licence has been "suspended", rather than "cancelled", doesn't deserve to be in business!
My understanding is that most (if not all) Loss of Licence policies cover against the suspension of a licence following a "long term unfitness assessment", OR permanent revocation, on medical grounds. Usually, a 12-month "waiting period" applies from the date of initial suspension. If, at the end of that period, there is little or no hope of the licence being reinstated, the policy pays. One policy I saw contained a further condition that said that the pilot could not apply for the reinstatement of his licence within 3 years from the date of payment, unless with the insurance company's consent and that that, if reinstatement was achieved within the 3 years, the insurance company could, at its option, require a refund of part of what it paid out.
Teignmouth, it's not the insurance company that are weedling their way out of it, it's the CAA's intransigence in making the medical decision. What happens if the long term unfit decision takes longer than a year to resolve (medically) - no insurance!
Insurance companies are not a charity and don't tell me they are keen to help either
The Balpa scheme is another cracking scheme. So few now do the 2% /month scheme for suspended licences. It's worth its weight in gold if you can get a policy.
Insurance companies are not a charity and don't tell me they are keen to help either
The Balpa scheme is another cracking scheme. So few now do the 2% /month scheme for suspended licences. It's worth its weight in gold if you can get a policy.
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Loss of medical insurance
Hi all,
I'm heading out to New Zealand shortly on the CTC Wings course and for this I require insurance to protect from loss of medical.
I'd like to know the best companies that offer this service and why you think they're the best. This would be a great help.
If for some reason the rules state that you cant post companies names etc on here please feel free to message me with them.
Thanks in advance,
Charlie
I'm heading out to New Zealand shortly on the CTC Wings course and for this I require insurance to protect from loss of medical.
I'd like to know the best companies that offer this service and why you think they're the best. This would be a great help.
If for some reason the rules state that you cant post companies names etc on here please feel free to message me with them.
Thanks in advance,
Charlie
Cparker:
It doesnt really matter who you pick provided they cover you for the following and that you are aware of the following:
85% of all medical situations preventing you from flying allow the CAA (UK) to SUSPEND your licence. A very FEW ailments actually allow them to REVOKE your licence [ diabetes / serious heart problems etc].
Almost all LOL insurances wont pay out on a suspended licence, only a permanent LOSS OF LICENCE claim.
The CAA mentality is that you might well be suffering from this or that, now....but it might clear up sometime in the future and they might be able to give you your category back. The insurance companies therefore wont pay up!!
Some ailments actually allow you to continue flying even with serious repairs like heart bypass, cancer etc by reclassifying you as multi crew only. This means you can no longer fly solo.
Some insurance companies pay out monthly while you are 'ill' at say 2% of the total cover amount. This might be a better option as it is more flexible.
ALWAYS tell the company anything medical that happens to you no matter how seemingly insignificant. Ask them if they want to hear from you everytime you go to the docs with a pain or cold. Most will ask only for significant changes in your health.
Read the small print over and over again...if there is any misunderstanding...call them up and talk to them about it.
DON'T TRUST THEM......they will do everything in their power to squirm out of paying. Stick to your guns and dont back down.
I tell you this from personal experience of several claims from several companies we went through for our pilots. We have ironed out most of the irregularities now but it's taken years to establish transparency with the insurance company.
good luck.
It doesnt really matter who you pick provided they cover you for the following and that you are aware of the following:
85% of all medical situations preventing you from flying allow the CAA (UK) to SUSPEND your licence. A very FEW ailments actually allow them to REVOKE your licence [ diabetes / serious heart problems etc].
Almost all LOL insurances wont pay out on a suspended licence, only a permanent LOSS OF LICENCE claim.
The CAA mentality is that you might well be suffering from this or that, now....but it might clear up sometime in the future and they might be able to give you your category back. The insurance companies therefore wont pay up!!
Some ailments actually allow you to continue flying even with serious repairs like heart bypass, cancer etc by reclassifying you as multi crew only. This means you can no longer fly solo.
Some insurance companies pay out monthly while you are 'ill' at say 2% of the total cover amount. This might be a better option as it is more flexible.
ALWAYS tell the company anything medical that happens to you no matter how seemingly insignificant. Ask them if they want to hear from you everytime you go to the docs with a pain or cold. Most will ask only for significant changes in your health.
Read the small print over and over again...if there is any misunderstanding...call them up and talk to them about it.
DON'T TRUST THEM......they will do everything in their power to squirm out of paying. Stick to your guns and dont back down.
I tell you this from personal experience of several claims from several companies we went through for our pilots. We have ironed out most of the irregularities now but it's taken years to establish transparency with the insurance company.
good luck.
Last edited by Hawk; 5th Jul 2005 at 00:34.
niknak
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If Thomas hasn't depressed you enough, be prepared for quotes which will probably be way beyond your means, as an ATCO I was quoted around £300 per year for a one off payment of £30K.
I assume that you are looking for cover to take into account possible loss of the bond payment, I thought that you could take out cover via CTC for this? As a mere sprog embarking on your first leap into aviation, I don't think you'll find anything cheaper than their cover, and almost certainly, it's unlikely that you'd get cover for the full amount of the bond for a realistic price.
All the best with the course though...
I assume that you are looking for cover to take into account possible loss of the bond payment, I thought that you could take out cover via CTC for this? As a mere sprog embarking on your first leap into aviation, I don't think you'll find anything cheaper than their cover, and almost certainly, it's unlikely that you'd get cover for the full amount of the bond for a realistic price.
All the best with the course though...
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cparker
Have a look at this address
www.aviationcoop.co.nz
or email Janet Wharton
[email protected]
I've used them (via a broker) for years. They are a New Zealand company but they uesd a London Underwriter. I had a claim a few years ago and got paid 2% of the total payout figure per month while I was getting my medical back....I recently renewed the policy with no drama's at all and I'm back flying....well worth it, helped pay the morgage etc for 12 months
BB
Have a look at this address
www.aviationcoop.co.nz
or email Janet Wharton
[email protected]
I've used them (via a broker) for years. They are a New Zealand company but they uesd a London Underwriter. I had a claim a few years ago and got paid 2% of the total payout figure per month while I was getting my medical back....I recently renewed the policy with no drama's at all and I'm back flying....well worth it, helped pay the morgage etc for 12 months
BB
Loss of Licence Insurance
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Here is a US web site that shows rates and coverages for one group policy, as an illustration:
http://harveywatt.com/iacp/iacp_highlights.html
http://harveywatt.com/iacp/iacp_highlights.html
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check the fine print before you sign on the line.. All these insurance companies promise the world until you go to them with a legitimate claim and then they turn on you, Aon in Sydney are good at taking your money but thats about all...you are treated like a criminal when the chips are down and when you really need the cover they will do everything in their power to get out of paying.
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I don't know who the players are in Oz but in insurance terms what you want is disability insurance with an own occupation rider "own occ".
If you have basic disabilty insurance and you bust your leg and cannot fly but flip burgers; guess what? You get to flip burgers and they make up the difference within your policy limits.
With "own occ" if you cannot fly they pay: be prepared to submit to a lot of medicals unless you have a major disaster like loss of eyesight.
There are a bunch of minor clauses that you should consider so pm me if you want. Used to be in the game and sold a lot of this product to surgeons.
If you have basic disabilty insurance and you bust your leg and cannot fly but flip burgers; guess what? You get to flip burgers and they make up the difference within your policy limits.
With "own occ" if you cannot fly they pay: be prepared to submit to a lot of medicals unless you have a major disaster like loss of eyesight.
There are a bunch of minor clauses that you should consider so pm me if you want. Used to be in the game and sold a lot of this product to surgeons.
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Looking for info on personal insurance for professional pilots
Hello all,
I have just started working as a contract pilot and have been told that there are aviation specific insurance products designed for this type of work. AXA was recommended and I am seeking more info from them.
Do any other professional pilots, especially those that do contract work for a number of companies, have any recommendations or words of advice?
I live in Queensland, Australia... so would appreciate info from anyone, but especially those from Oz in similar employment.
Thanks in advance,
Conway B
I have just started working as a contract pilot and have been told that there are aviation specific insurance products designed for this type of work. AXA was recommended and I am seeking more info from them.
Do any other professional pilots, especially those that do contract work for a number of companies, have any recommendations or words of advice?
I live in Queensland, Australia... so would appreciate info from anyone, but especially those from Oz in similar employment.
Thanks in advance,
Conway B
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try here
QBE offer cover for pilots as opposed to just aircraft owner
http://www.qbe.com/australia/aviation/index.html
use the products link on the left
chap I spoke to was a FW crop-duster yester-year, don't recall his name though sorry.
there used to be a product specifically for contract pilots were covered on an individual basis & could use their cover to fly different aircraft &/or operators.
I think the bloke mentioned that this was targetted to Ag work, regardless product has been pulled & is no longer available.
http://www.qbe.com/australia/aviation/index.html
use the products link on the left
chap I spoke to was a FW crop-duster yester-year, don't recall his name though sorry.
there used to be a product specifically for contract pilots were covered on an individual basis & could use their cover to fly different aircraft &/or operators.
I think the bloke mentioned that this was targetted to Ag work, regardless product has been pulled & is no longer available.
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Helinut,
I'm looking for liability insurance for passengers, public liability, third party and also income protection if that's available in the same package.
Any recommendations would be appreciated.
Cheers
Conway
I'm looking for liability insurance for passengers, public liability, third party and also income protection if that's available in the same package.
Any recommendations would be appreciated.
Cheers
Conway
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Looking for advice on insurance for contract pilots
Hello all,
I have recently started accepting contract work as a commercial pilot and was wondering what sort of insurance others in my situation have.
If anyone's got any advice on tips, pitfalls, good products, etc, I'd be grateful.
A recent close call brought home the importance of making sure everything's up to speed; life assurance, paperwork, etc.
Besides public liability and income protection (and associated adjunct benefits), what other things should I be wary of or looking for? I am a FW and RW CPL/ATPL from QLD, AUS and working nationwide but with a good chance of off-shore work in the not-too-distant future
Anyone out there with advice? (Am awaiting QBE to get back to me with some of their products).
Thanks in advance,
Conway B
I have recently started accepting contract work as a commercial pilot and was wondering what sort of insurance others in my situation have.
If anyone's got any advice on tips, pitfalls, good products, etc, I'd be grateful.
A recent close call brought home the importance of making sure everything's up to speed; life assurance, paperwork, etc.
Besides public liability and income protection (and associated adjunct benefits), what other things should I be wary of or looking for? I am a FW and RW CPL/ATPL from QLD, AUS and working nationwide but with a good chance of off-shore work in the not-too-distant future
Anyone out there with advice? (Am awaiting QBE to get back to me with some of their products).
Thanks in advance,
Conway B
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If you can even GET income protection insurance, I'd like to know with whom.
Know what the tax ramifications are.
Do you qualify as a contractor? There are 4 basic tests the ATO will apply if you are ever audited.
1. Do you contract for a result? Have something on paper.
2. Do you supply your own tools?. Helmet and maps.
3. Are you liable for rectification of mistakes?Insurance.
4.Is less than 80% of your income from one 'client'?
Rob R had one of the insurance company guys talk at and R-22 safety course at Caloundra earlier in the year about some products they have. Just forget who.
Good luck.
Know what the tax ramifications are.
Do you qualify as a contractor? There are 4 basic tests the ATO will apply if you are ever audited.
1. Do you contract for a result? Have something on paper.
2. Do you supply your own tools?. Helmet and maps.
3. Are you liable for rectification of mistakes?Insurance.
4.Is less than 80% of your income from one 'client'?
Rob R had one of the insurance company guys talk at and R-22 safety course at Caloundra earlier in the year about some products they have. Just forget who.
Good luck.
Last edited by Lowlevldevl; 10th Nov 2005 at 14:41.
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Thanks Low Level,
I should have thought to speak to Rob personally. (I am a duffer).
Also, thanks for the advice. I am currently reviewing a product by QBE covering liability for passengers and damage to aircraft and property not owned by me. They have recommended other insurers for the personal insurance/income protection policies.
Once again, thanks.
Conway
I should have thought to speak to Rob personally. (I am a duffer).
Also, thanks for the advice. I am currently reviewing a product by QBE covering liability for passengers and damage to aircraft and property not owned by me. They have recommended other insurers for the personal insurance/income protection policies.
Once again, thanks.
Conway