Thu Sep 12, 2019 11:45 am #1719735
Looks like Mike Patey and Draco have come unstuck, he's found he can't get insurance for any public appearances, including things like Reno, Oshkosh and STOL events.
Loss of DRACO. Sad week and loss for Draco, myself and friends. No, Draco has not crashed or been damaged but it feels a bit like it. I’m heartbroken to report that DRACO airshow performances and racing is over. I have attached a short compilation of DRACO performances and trips from Florida to Alaska and everywhere in between.
What happened? Sadly in an effort to cross off a bucket list item and race Draco at Reno, I inadvertently lost insurance coverage for all show performances. I am not upset with the insurance companies, we should all be grateful for every company who supports aviation. My provider and underwriter did everything possible to work past this and I am forever grateful to them for the attempt and efforts to get me insured, but after working on this for over a month, time has run out and I just can’t bring myself to pay $45,000/year to do a couple events.
*See the attached copy of the premium increase, I have cropped the paper to avoid shedding any negative light on the companies.
To better understand what I was asking of them, they realized the added risk and felt they couldn’t agree to cover Draco at the price I’ve been paying. My policy, as it stood, must reflect to either no longer cover those risks, cancel my policy completely or increase the premium as seen below to do ANY “STOL or airshow demonstrations”.
I have since learned that I’m not the first. Many before me have been cut from Reno and racing because of the higher value of their aircraft. Many companies have limits of $500,000 or less and the loss risk was simply less to allow more options for less cost.
My current build, “Scrappy”, won’t have experimental exhibition that limits some insurance, nor will it exceed $500,000, so it will fit into all the categories my friends found insurance with.
I will focus my efforts and time on my future builds. Fortunately, I am able to still hold insurance and will be flying DRACO to the Reno Air Race to be on static display.
Please come say HI and join me in cheering all my friends racing the pylons as well as my bush flying buddies as they introduce the exciting STOL drags this year. I am their Biggest fan!!
Kick butt everyone I plan on losing my voice screaming from the stands with all your other giant fans!