Insurance reminder

[Guest Andys@coffs]

Hi People

 

Just a reminder to those out there that have an insurance policy for an RAA registered aircraft, where there is a public liability component (L25 for those with QBE). The changes in recent years to RAA insurance have led to at least QBE in my case adding an endorsement which in effect says that the RAA insurance has precedence and that QBE is liable only if the RAA policy either doesnt pay, or doesnt fully cover then they will step in to cover the amount up to the policy defined liability limit.

 

All good, however remeber that in effect the QBE risk has significantly reduced for that Liability cover and as a result the policy cost should decrement, so please check that it does/has. If not, you may be entitled to a reduction.

 

While I use and identified QBE, they are all the same and probably all of them added the same type of endorsment to the policy so no matter who provides might be worth a check. For me, with a $2m liability line I think the reduction in cost was nearly $200.

 

While the risk has dropped for QBE, the claim amount payable doesnt change, being the liability amount plus the RAA policy coverage amount (At least thats my uneducated assumption not having read the RAA policy T's and C's)

 

Hope it helps, but understand that Im not an insurance salesman/expert and your mileage may well vary over that which I have experienced.

 

Andy