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Post by Guest owner on Jul 25, 2013 12:26:09 GMT -5
Just received...from Steve Santo
Good afternoon, Please be advised that the insurance coverage for your aircraft is set to expire 12:01AM on July 31, 2013 . At this time, Avantair is unable to procure insurance coverage following the policy expiration period. If you would like to continue insurance coverage on your aircraft, you may contact Robert Hopson at Lockton Companies. Please be advised that in order to continue insurance coverage on your aircraft, the insurance broker will need to receive payment for 100% of each aircraft’s premium as insurance cannot be purchased as fractions. Further, the insurance premium must be paid in advance to avoid any lapse in insurance coverage. Mr. Hopson’s contact information is as follows: Robert Hopson Vice President Aviation Specialist Lockton Companies 444 W. 47th St. #900 Kansas City, MO 64112 Direct: (816) 960.9143 Fax: (816) 783.9143 rhopson@lockton.com Thank you, Avantair, Inc.
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Post by Guest on Jul 25, 2013 12:29:34 GMT -5
Wonderful to hear from you at long last, Steve...and thanks for the 4 business days notice.
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Post by Curious on Jul 25, 2013 13:25:08 GMT -5
Once the insurance lapses, are individual fractional owners now personally liable for their "fair" share of any damages as a result of innocents being around or in an uninsured hulk and sustaining any injury?
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Post by Guest on Jul 25, 2013 13:27:25 GMT -5
Yup
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Post by Surprised on Jul 25, 2013 13:41:56 GMT -5
Surprised SS didn't push insurance from Kevco Insurance Co.
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Post by whatwouldherbdo on Jul 25, 2013 15:06:50 GMT -5
Hey, He's getting better... They told us about our furlough the day of, and retroactively about our pay by two weeks.
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Post by guest on Jul 27, 2013 7:51:30 GMT -5
How appropriate. As Employees we only got four days notice that our HEALTH Insurance was going to lapse. The only difference is that we are given no information about further coverage.
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Post by piaggiolegalrep on Jul 30, 2013 14:58:22 GMT -5
As many owners probably are aware, liability and hull insurance will be required before you can begin flying again. Elite Air has put its insurance provider on notice that it will soon begin adding several Piaggio P180s to its portfolio, and the provider is prepared to bind the aircrafts to our policy within one day’s time. The premiums, while still being negotiated, will reflect Elite Air’s significant volume discount, clean safety record and Argus Platinum rating, all of which combine to make our rates among the lowest in the industry.
This loss of Avantair-provided insurance coverage in no way changes our existing proposal (email sgibbs@eliteair.com if you'd like more information) regarding management of your airplane. We still believe the best first step is for you and your co-owners to create an LLC. The LLC executives will then be able to contract a reputable third-party management company to ensure you are able to fly your airplane when you need it.
Thank you for considering Elite Air, and good luck getting back in the sky!
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Post by tmcgowan on Jul 30, 2013 15:26:51 GMT -5
All should be aware that there is disagreement among the lawyers on whether an LLC is the way to go or not. I am neither an attorney or CPA. All I'm suggesting is to investigate the depth of the water before you jump in.
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Post by piaggio on Jul 30, 2013 18:19:39 GMT -5
Ratings can be bought, after FAA violations. Owners move your aircraft to a reputable operator.
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Post by wildcat on Jul 30, 2013 19:05:10 GMT -5
"..to bind the aircrafts to our policy..."?
"Aircraft" can be either singular or plural - as in a collective noun. There is no such word as "aircrafts". You would think someone presenting themselves as an aviation attorney would have that down by now.
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Post by allanwiller on Jul 31, 2013 4:52:10 GMT -5
There are lots of very important uses that term life insurance can be put to. Amongst these is securing coverage against your mortgage loans. No responsible person would want to leave their family with the burden of having to pay off the mortgage after they are gone. Term life insurance coverage can be used to cover against this happening. More Info at Insurance4Motortrade.co.uk
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Post by piaggiolegalrep on Jul 31, 2013 8:47:51 GMT -5
tmcgowan: great point. We would expect owners to do their homework fully before making any moves. Thanks for the thoughtful response.
wildcat: excellent copy editing!
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Post by evergreen on Aug 2, 2013 10:53:21 GMT -5
If you need help arranging insurance or have other questions regarding your aircraft we can help. Please call Capt Chris Turnbull at Chappell Smith & Assoc., Franklin, TN (Nashville area) at 800 999 1109 or(615) 435 8300 or visit www.chappellsmith.com/ without obligation.
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Post by wildcat on Aug 2, 2013 15:52:21 GMT -5
There is only one first class insurance company in the country and there are only a handful of qualified, large, ethical FBOs that can inspect and evaluate the airplanes and even see if they are economically repairable. A minimum of research will show who these people are.
If someone advertises here avoid them like the plague.
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