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Why Suck Low Limits
Posted: Mon Nov 23, 2020 8:07 pm
by LBK
Hello
I'm in training for my LSA Certificate and I just started looking around for renter's insurance. I have some assets and I want to protect them should things go wrong. The max limit I can find is $1,000,000 property damage and $100,000 personal injury. Heaven forbid someone is hurt. But $100,000 does not go to far when covering an injury or a death. Is there any way to increase these limits to provide meaningful coverage for an injury? Who offers higher limits?
Re: Why Suck Low Limits
Posted: Mon Nov 23, 2020 9:57 pm
by LBK
Sorry - Such Low Limits.
Re: Why Suck Low Limits
Posted: Tue Nov 24, 2020 12:34 pm
by proemer
20 or 30 years ago you could get 1,000,000 passenger limits for only a small added charge. No more. Rumor has it that a very high profile crash (which should never have happened) resulted in big insurance payouts and every company backing out of that market.
Some years ago Loyds of London did offer such coverage (I think), with a minimum premium of 10,000 per year or some such.
Sadly, while carrying passengers was a great joy and done on almost every flight back then, I'm now hardly ever carrying passengers. "Liability Releases" may help some, but are not a sure fire protection.
If you can find greater passenger liability limits for an LSA, be sure to let us all know.
Pete
Re: Why Suck Low Limits
Posted: Tue Nov 24, 2020 10:23 pm
by LBK
Ugh. Yeah - that is kind of depressing news. Thanks.
Re: Why Suck Low Limits
Posted: Tue Nov 24, 2020 11:13 pm
by LBK
Ugh. Yeah - that is kind of depressing news. Thanks.
Re: Why Suck Low Limits
Posted: Wed Nov 25, 2020 3:58 pm
by JimParker256
Yeah, that's why the only non-family-member folks who ride with me fly under the auspices of the EAA's "Young Eagles" or "Eagle Flights"... That way, there's a million-dollar insurance policy the EAA provides, in addition to my coverage... Just make sure you follow all the EAA rules (background check and EAA online training complete and current, EAA's YE or EF waiver form signed and held by someone else (not the parent or spouse of the person flying with you!) on the ground before the flight, etc.
It doesn't remove all risk from the situation, but it does get the EAA's legal team and their "deeper pockets" involved as well to help mitigate the problem.
Oh, and I do make an exception for other pilots who are trained and current, though I an pretty selective here as well... I figure their family has already accepted some degree of "risk" since they are also pilots, and would (hopefully) be less inclined to frivolous lawsuits.