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

Been flying for a few years now but am considering "Loss of License Insurance".
Anyone have any advice on the good bad or indifferent they have run across in this field? Hard to find in NZ and doesnt seem widely available elsewhere.
Info appreciated.

Lama: depends on your responsibilities I suppose, oh, and age, and depth of pockets!, and risk taking....

I have had ocassion to claim recently, because of a bad smash I was involved in. Personally, wouldn't be without it. Having said that, the premium is outrageous! But peace of mind.

The clause I claimed under was for 'disability' while recovering. I was off flying for the best part of a year. When one drops to sick pay, the extra insurance provides you with one less worry during the recovery process.

Very common over here (UK) but only with large organisations, I suspect. Stick with reputable companies, that way they won't change the goal posts when they smell a claim coming, but instead honour their commitments.



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Thermal runaway.

Loss of Licence Insurance
 

Can any-one recommend any insurance companies in Australia that offer loss of licence insurance for Aussie pilots?. . Also how many companies or employers actually provide loss of licence and life insurance as stipulated as per the Australian federal helicopter pilots award?

I've just joined the Australian Federation of Air Pilots, which acts as a type of union and also for addition quids offers loss of licence insurance.

They have a web site, <a href="http://www.afap.org.au." target="_blank">www.afap.org.au.</a>

Hope this helps.

AFAP: read the fine print. When I was laid up some years ago, they refused to pay out on my LOL, because I was getting worker's comp. Turns out that there is a clause that exempts them from paying if you have other insurance, which they classed worker's comp. as being <img src="frown.gif" border="0">

AAUP used to offer a reasonable alternative, it would be worth shopping around. Needless to say, I quit the AFAP scheme in disgust.

Try Kenney Aikin in Qld, 07 54434944 estimated quote for H1000+, charter work ie no mustering y around $2300/year with $150K cover. :)

John, wouldn't that workers comp thing affect all policies? Isn't there some law against "double insurance" or am I way off track (and too drunk to notice)?

I've got LOL Insurance with a broker in NZ which is underwriten by an English company. $500 p/y for 200K. I don't know how this compares with others as I found it quite difficult to find LOLI in NZ. The broker does all sorts a avaition type insurance here in NZ and Oversea's. Quite a good guy as well. I can give you name a number if ya like?

I am completely out of my element on this one but you might want to look into the writing of a LOLI policy in NZ for a pilot based in OZ. I live in Canada and when I took a consulting contract in Maryland I had to take out a similar type policy on my consulting business. When I left Maryland and returned to Canada I tried to continue the policy in the event that I took another contract in the US. Although the insurance company was in all 50 states they told me that the policy would only be good in Maryland as the writer of the policy was licensed to write policies only in that state and if I went into another state that required that type of insurance I would have to write another policy having it written by a broker licensed in that state.

[ 02 February 2002: Message edited by: Lu Zuckerman ]</p>

Thw Westpac Helicopter Service I work for in Lismore pays the LOL insurance premium for the pilots of up to $700 per year(as per our EBA). Unfortunately with the SEP 11 tragedy, our premiums have jumped up another $290 which the pilots are responsible for paying. All that aside we are insured for LOL up to$300K.. .AON Aviation is the broker I believe: (02) 9253 7000. GPO Box 4189, Sydney. 2001.. .The insurer is Dexta Corp LTD.. .The class of insurance in Aviation COMBI(whatever that is).

Life Insurance for pilots
 

If someone could tell me where I can get life insurance which would cover me for flying helicopters i'd be grateful. Also, is it possible to get an insurance policy covering me for instructing etc?

many thanks,

mutt:

A good place to start would be Sovereign (they advertise in most of the UK pilot mags).

Nigel Howard will sort you out.

G :cool:

tks grainger, i'll try them.

Yep agree.

They did mine for general and mortgage. Quick and easy.

I have had no problems with any major company insuring me..currently with Norwich Union/Barclays for normal life insurance. All that I made sure that I did was to inform them that I was a pilot and gave them an approximate number of hours flying per year. They did not load me on decleration which I expected :)

In the States, the group policies negociated by organizations such as the Reserve Officers Association have excellent rates, and have no flying clauses in their policies. I started two such policies while an active test pilot (!) with no rejection. They are "term" policies, which simply pay for death, with no cash value (the only kind of insurance to buy, I think). Almost every professional society has such plans, with similar rates.

I don't know how UK insurance business is run, perhaps this is not a possibility.

I have had insurance with both Standard Life and Eagle Star with no loading whatsoever. You need to shop around as all companies change their policy depending on how much business they have already captured within each sector.

Good Luck!

insurance
 

Have you thought of just handing the task to a broker?

I palmed the job off to a friendly broker and he found me a policy with some company (forget which) because my Royal Sun Alliance policy had an aviation (except commercial airlines) exclusion. Then two years later the R &SA dropped the exclusion provided I just documented my experience and my likely hours flying. I then dropped the original one and now just have the one policy. Wasn't that much of a problem.

Obviously, you need to talk to an IFA (Independent Financial Adviser). An IFA is legally obliged to work on the clients behalf and not any individual insurance company. He can get details of the whole range of policies, etc, on offer and select the right product for your needs. And it just so happens I'm an IFA. (Shamless bit of self promotion, this!) as well as being an ex commercial and military pilot.

If you want to talk about it just give me a ring on 01242 239784.
Ask for 'Mark'.

Helimut

Word of caution, before you part with your drinking vouchers, read the small print.

Some of the catch all's:

1. You are insured only for the description shown under "occupation" If you put: 'pilot' then it will only pay out if you cannot fly-full stop. If there is a chance you could still 'medically' fly in the company of another pilot, then they will not pay out! Make the job description specific (like: single pilot ops etc).
2. Check the deferred pay out period, for a few pounds more you can reduce this period quite significantly. (normally they won't pay out for a year+):eek:
3. Did you know that 85% of applications to the CAA for "loss of licence" are amended to read: 'suspended'.
This means the insurance won't pay out:mad:
You would need to suffer from a terminal illness/Diabetes/partial blindness etc for a payout.

I don't mean to put you off, but experience with the industry on a number of cases has uncovered a plethora of inconsistencies and lots of 'insurance parlance'. Read it thoroughly and then read it again! Tailor it to your needs and come to an arrangement with the underwriters thru your intermediary. A good one is worth its weight in gold.
You may want to consider: employment protection, or a pick and mix :)