Should I get my IA?

Discussion in 'Maintenance Bay' started by psween, Apr 7, 2020.

  1. brien23

    brien23 Cleared for Takeoff

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    35 years ago I had to do the old IA bring your own microfiche and machine to the test, it was more of a can you write out the answers in the time allowed test and it did take all day. Not sure their were any more or less IA's that sold their signature on the cheap. My first annual sign off was on a PA-28-140 for a 6 pack of Beer and I have done a lot of free ones for friends. Most of the A&P IA back then not running a shop for a living did the same for their friends, FBO's did not like us then and still don't like us now.
     
  2. Timbeck2

    Timbeck2 Final Approach

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    Will you be my friend?
     
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  3. unsafervguy

    unsafervguy Pattern Altitude

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    they don't like you because your cheap, i charge a 12 pack!
     
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  4. Jdm

    Jdm Pre-takeoff checklist

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    So how much is a solid insurance policy? I’m thinking about getting my IA to help maintain the company twin and my own Cessna
     
  5. Bell206

    Bell206 En-Route

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    When I dropped my coverage as a freelancer it was north of $11k per year. If you had a fixed base of ops it was lower at around $9k. The main problem is to find someone who will write a policy for your specific situation. Why do you need a separate policy to maintain the "company" twin? Are you not an employee?
     
  6. Jdm

    Jdm Pre-takeoff checklist

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    No I’m not an employee. I suppose they could make me one. I just do a little contract flying for them in the twin. I’ve had my A&P for many years. They are interested in having me increase my presence by taking on the maintenance. Basically take care of the plane and fly it a couple times per month. I’ve got a regular job, so this is just a nice little side gig. I’m sure they are willing to entertain anything that makes sense for us all. They offered to pay for me to get my IA. Figured I could also use it on my Cessna. Not really a big deal as I’ve managed to keep my plane going for 20 years with just my A&P and a few good friends.
     
    Last edited: May 23, 2020 at 5:37 AM
  7. schmookeeg

    schmookeeg Pattern Altitude

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    I got a quote for this recently, these are sort of minimum amounts, not at all a "solid" policy. Coverages were:

    $1MM Premises Liability, $1MM Product Completions (PCL), $1MM Personal and Advertising Injury, $50K Fire, $5K Medical; $1,000 Deductible for Property, $5,000 per aircraft;

    $7,900 premium annually.

    My broker shopped 14 providers; 9 declined to quote, 2 do not do "single mechanic" policies; Other quotes were $10,230 and "$Not competitive" which must have been eye-watering for my broker to exclude it despite his other thoroughness. :D

    Probably the easiest angle is to tuck under an existing shop policy or "share" premium under one umbrella. Our shop insurance was "very solid" compared to this, and it was only about $double for 5 mechanics and 5MM coverage limits. I wonder if there's some sort of co-op/pool opportunity one could get away with here.
     
  8. Bell206

    Bell206 En-Route

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    So was my airplane work. It got to the point I was working to pay for the insurance at the end. But unless you plan to make a decent profit over your entire overhead costs, it becomes more a hobby than working for a profit.
    In the 25 odd years or so of buying insurance never ran across any co-op, etc where several mechanics could pool their resources for insurance. Most underwriters want the liability on one certificate whether that is a APIA or CRS.
     
  9. Jdm

    Jdm Pre-takeoff checklist

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    Wow, that is incredibly expensive. I’m guessing that most independent IA’s practice uninsured?
     
  10. Bell206

    Bell206 En-Route

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    In my experience, most pay for the insurance. Sometimes depends on who they work for. I, and other similar mechanics, only work on certain private aircraft with no insurance. But that is a personal decision. All depends on what your personal "risk aversion" is. But I don't see how you could work on a "company" aircraft without it unless they want to bring you in under their company policy. Your personal aircraft is a wash mx liability wise unless your present aircraft policy excludes mx coverage, i.e., items beyond preventative mx.
     
  11. Jdm

    Jdm Pre-takeoff checklist

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    Don’t know why the IA concerns me so, I’ve never had liability insurance for my A&P, CFI, CFII, or MEI.
     
  12. Geosync

    Geosync Pre-takeoff checklist

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    I'm in claims and having seen what I've seen I always recommend insurance for all independent instructors and IAs. I know if several claims in which IAs admittedly screwed up an install or repair, causing severe damage to the airplane. They were pursued in court by the airplane"s insurer who paid the the loss and had to pay restitution. If the IA is liable for a fatal plane crash, they're ruined financially. Same with CFIs although more rare and on a lesser scale. Usually botched landings and gear up landings during training. Comes down to PIC, who was at the controls, yada yada. As an a&p/pilot myself I hate to see shops and IAs the target of an investigation. But the prevailing attitude of "it won't happen to me" is woefully short sighted. It happens quite a bit.
     
  13. Jdm

    Jdm Pre-takeoff checklist

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    Excellent advice. Thanks for sharing your knowledge. I’ve never had insurance as an instructor or A&P, but most my maint background has been with the airlines. Very unfortunate that it has to cost so much. I could never recoup the cost with the little bit of work I do on the side
     
  14. Checkout_my_Six

    Checkout_my_Six Touchdown! Greaser!

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    I've never heard a salesman say not to buy his wares......and I don't know of any IA's who have successfully been sued. I'm sure it happens....but it's not common.