The value of your aircraft exceeds our current underwriting guidelines.

Discussion in 'Hangar Talk' started by NorthEast Ohio, Jun 19, 2021.

  1. NorthEast Ohio

    NorthEast Ohio Pre-Flight

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    NorthEast Ohio
    So I am shopping to upgrade from my 80 HP light sport. I am impressed with the whole TECNAM lineup. I want a new one with all the bells and whistles (IFR capable, deluxe seat covers, etc.)
    So, I go to the AVEM CO website and fill in the blanks on their online form. I get this response:
    Unable to offer you coverage at this time for the following reason(s): The value of your aircraft exceeds our current underwriting guidelines.

    I guess, I’ll have to get a basic VFR version and install sheepskin seat covers myself.
     
  2. RussR

    RussR Pattern Altitude

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    Have you tried anyone other than Avemco?

    May I recommend my insurance agent, who has helped me out many times and many of my clients as well:

    Victoria Neuville at Aviation Insurance Resources, www.air-pros.com, 301-682-6200.

    She is also an active pilot and CFI.
     
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  3. rtk11

    rtk11 Pattern Altitude PoA Supporter

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    Second vote in support of Victoria Neuville.

    I was with AOPA and Avemco before. As we've (likely) all felt, rates increased dramatically 1.5 years ago. Victoria got me insured with rates far better than I've had before on my LSA.
     
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  4. schmookeeg

    schmookeeg Administrator Management Council Member

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    I've run into this twice now with my broker, under two different aircraft scenarios (one prospective purchase, and one desire to bump up my current hull value due to engine MOH)

    I suspect they either fear froth in the market, or they've had one too many junkity planes submerged fraudulently for high-hull payouts. Or both. :)
     
  5. scarcherpilot

    scarcherpilot Pre-Flight

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    I hear her on a Podcast I listen to. Seems pleasant on air.
     
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  6. ARFlyer

    ARFlyer En-Route

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    I think most insurance providers are becoming more skittish to high hull coverages. My 172 Hull was increased to 100k from 75k this spring to cover our engine replacement.

    Our broker balked until we provided invoices and MX entries to prove we installed a new 0 time engine and upgrade avionics.
     
  7. EdFred

    EdFred Taxi to Parking

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    Three votes, and waaaaaaay quicker than some others on here have complained about with other brokers.
     
  8. RussR

    RussR Pattern Altitude

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    Stuck Mic AvCast!
     
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  9. Joe_B1

    Joe_B1 Pre-takeoff checklist

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    Got the same from mine a couple of months ago. Broker wants to go out for quotes now.
     
  10. Checkout_my_Six

    Checkout_my_Six Touchdown! Greaser!

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    Chris wolf at AirPros.
     
  11. NorthEast Ohio

    NorthEast Ohio Pre-Flight

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    I can’t pretend to understand the Underwriting world, but is it really a better bet to insure decades-old spam cans then it is a brand new airframe with brand new engines and brand new accessories?
     
  12. wsuffa

    wsuffa Touchdown! Greaser!

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    Depends on whether you look at risk or the value of the asset (potential loss). Insurance companies look at both.

    If the risk is comparable, then the value of the asset will be the major factor in the difference in rates.
     
  13. PaulMillner

    PaulMillner Line Up and Wait

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    Of course, Victoria is good, but she's a broker, not an agent. Agents represent insurance companies. Brokers represent you, the insured.

    Paul
     
  14. RussR

    RussR Pattern Altitude

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    Thank you, that's even better then.