You Are The Insurance Company
New owners of soon-to-be-certified (the same phrase was used in 2003) Seawind amphibs won't have to worry about getting their $300,000 aircraft insured. They'll be doing it themselves. Seawind, a Canadian company that hopes to produce certified versions of the distinctive homebuilt, is organizing an insurance cooperative among owners to keep those costs down. Sales manager Vince Parisi said there just isn't enough historical data for insurance companies to fairly assess the insurance premiums for a design like the Seawind so the company has opted for the self-insurance scheme. Under the plan, owners will put up a bond and pay initially high premiums. As the fleet builds and the economies of scale take over, the premiums will drop and the bond money will be returned. Parisi said owners will have to take regular recurrent training and maintain their proficiency. Owners who don't plan to use the aircraft on water will get a lower rate. He also stressed the insurance plan will be strictly non-profit. "We are in no way trying to set up an insurance company," he said. "We are only doing this to sell airplanes." Parisi said Transport Canada certification should come by the end of the year and deliveries should start in 2005.