...AIG Takes On Insurance
It's no coincidence that Eclipse simultaneously announced the revised training program with the unveiling of an insurance carrier willing to take on the new jet jockeys. AIG Aviation Inc. lists the training program as a condition for insuring the 500. "Quality training will be a critical element to a successful future for very light jets. AIG Aviation has recognized that the successful completion of the Eclipse 500 type rating and mentor program is the prerequisite to insurability," said William Lovett, vice president of AIG Aviation Inc. While we're not insurance experts, the proposed rates announced Friday seem proportionately in line with other GA insurance. Willis Global has set estimated costs for insuring an Eclipse based on pilots with three levels of experience. A relatively inexperienced pilot (500 hours total time with limited instrument and multi time) will pay about $42,000 for hull loss ($1.175 million) and a maximum of $1 million in liability. A pilot with 1,000 hours, a commercial rating, 100 hours of instrument and 200 hours of multi time will pay $37,000 for the same coverage but is eligible for $5 million in liability insurance for a total premium of $44,000. An experienced pilot with more than 2,500 hours with lots of instrument and multi time as well as 100 hours of turbofan time and a previous turbofan rating can get the basics for $27,000 and up to $10 million in liability for $36,000. If those premiums seem a little breathtaking, consider the insurance cost as a fraction of the hull value and they're about in line with what you'd pay, proportionately speaking, for a $40,000 Cessna.