Primarily for general aviation discussion, but other aviation topics are also welcome.
#1839356
Our group operated aeroplane ( high value sport homebuilt) suffered a ground handling incident late last year, the insurers liability even after excess payment will be circa £15K + .

understandably, our groups members are anxious that the subsequent years premium will be effected on renewal. we are insured through one of the new generation on-line broker websites that one assumes insures with the traditional underwriters at Lloyds of London.

Can anybody say how their renewal premium was indexed/incresed after a claim please?

many thanks
Altsel
#1839360
No I can't help with that, but the increased premium that may happen at the next renewal post-my groundloop I see as my responsibility, not the group's

Rob P
By johnm
FLYER Club Member  FLYER Club Member
#1839361
Our premium was not significantly impacted by a £30k claim the whole point of insurance is the sharing of risk
User avatar
By PeteSpencer
FLYER Club Member  FLYER Club Member
#1839364
Our Arrow was taken off by a group member ten years ago with the towbar attached . The subsequent landing with the nose wheel jammed in the up position by the towbar led to a £34k claim which was settled without a peep.

The following year’ s premium was less than £100 more and most of this was due to a new less experienced member joining the group .

Subsequent premiums were pegged for a few years then crept upwards in line with all the other companies .

We stayed with them for the next ten years and they deserve a mention -Traffords.

I don’t think you have much to fear from your present company.

Sadly a new online insurance kid on the block arrived last year and the group voted to go with them. :(
User avatar
By Pete L
FLYER Club Member  FLYER Club Member
#1840808
Interested as to the basis for that - i.e. is there evidence that one accident follows another? I could understand why our collective insurance went up or down after all claims were considered, but not the individual. Otherwise it's not really insurance anymore - or at least it's insurnace with a large and variable excess.
#1840832
Following a claim - ( dependent on contract) - you may well loose a formal no claims amount of up to 20% of the last years premium ( before tax) , combine with generic increases and a 'bit' for the claim ( yes there is evidence one claim mean s another is more likely) - and increases seem all due to claim - but actually are a combination of things.

In reality there is no way an insurer will ever reclaim the costs of a 'significant' claim from the premium of the person that had it . Some do feel persecuted despite paying an insurer to carry the ALL risk of their aircraft / flying .......

Historically the market has taken a very common sense view of one off claims - but the market is very different now to what it was even a couple of years ago.
MikeB, kanga liked this
#1840931
From my experience of running a group as administrator it seems to be normal to have a particular
individual who is responsible for any accidents involving a claim. There are usually warning signs. The person in question was a founder member of the group so was a member when the other current members joined.
In our case it was a series of events--hit a gooseneck when landing at LT--excuse--very busy. LT made him pay for a new one before they let him return to UK. Remains of gooseneck left in aircraft for me to find-ins claim £600. Set off fire extinguisher when parked--excuse--it was in a bad situation. Tyres seemed to wear out quickly-. He normally flew on his own--I flew with him once and suggested better to use a check list--apparently "he didn"t need it"
Finally had a prop strike --didn"t know as it was a "normal landing"--found by next member to fly.
At that point we"d "had enough,--engine shock--rebuild --undercarriage checks ,new prop £16k , the gent left. The whole claim process and getting the aircraft back on line took 3 months--whole summer bu**ered up.
So be aware of early warning signs.