Loss of Licence Insurance

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CYXD
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Loss of Licence Insurance

Post by CYXD »

I have been shopping around for this with no luck. Years ago we had a deal with Harvey Watt, I contacted them and they are continuing existing policies but not any new ones.

Anyone know of a company underwriting this for Canadian Pilots?


Thanks
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PeterParker
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Re: Loss of Licence Insurance

Post by PeterParker »

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TrilliumFlt
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Re: Loss of Licence Insurance

Post by TrilliumFlt »

So given that insurance agencies are somewhat notorious in finding ways to avoid a payout I find myself wondering if "loss of license" is an apt term. Unless someone behavior leads to "licensing action" by the regulator the license they hold is never lost. However they may fail to requalify for their medical; that doesn't lead to the loss of a license, only the ability to exercise the privileges of the license.

See where I'm going with this line of thinking, could this be an "out clause" for the insurance provider since you haven't "lost your license" only your medical that validates your license.
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Cessna 180
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Re: Loss of Licence Insurance

Post by Cessna 180 »

TrilliumFlt wrote: Thu Oct 08, 2020 2:58 pm So given that insurance agencies are somewhat notorious in finding ways to avoid a payout I find myself wondering if "loss of license" is an apt term. Unless someone behavior leads to "licensing action" by the regulator the license they hold is never lost. However they may fail to requalify for their medical; that doesn't lead to the loss of a license, only the ability to exercise the privileges of the license.

See where I'm going with this line of thinking, could this be an "out clause" for the insurance provider since you haven't "lost your license" only your medical that validates your license.
The insurance covers only loss of medical, not loss of license through regulatory action, etc.
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TrilliumFlt
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Re: Loss of Licence Insurance

Post by TrilliumFlt »

However its identified as; Pilot Loss of License Insurance not Pilot Loss of Medical Insurance
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sarg
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Re: Loss of Licence Insurance

Post by sarg »

CYXD wrote: Fri Oct 02, 2020 8:03 am I have been shopping around for this with no luck. Years ago we had a deal with Harvey Watt, I contacted them and they are continuing existing policies but not any new ones.

Anyone know of a company underwriting this for Canadian Pilots?


Thanks
Try
http://www.ppip.ca/documents/Profession ... ochure.pdf
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Cessna 180
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Re: Loss of Licence Insurance

Post by Cessna 180 »

I'm with CSU Brantford. The policy is underwritten by Lloyd's. I haven't of course made a claim, but I found the premium to be reasonable and the service to be excellent. It covers 5 times your annual income up to I believe $700,000 if you permanently lose your medical, after a 1 year waiting period (usually after your LTD expires, I think you have to pay more if you do not have LTD).

I think Lloyd's underwrites all of these types of policies in Canada, so premiums should be similar. Being Lloyd's they probably will pay out if you're unfortunate enough to lose your medical.
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Vico56
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Re: Loss of Licence Insurance

Post by Vico56 »

What's the premium Cessna 180 ?
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Cessna 180
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Re: Loss of Licence Insurance

Post by Cessna 180 »

Vico56 wrote: Mon Nov 02, 2020 6:49 am What's the premium Cessna 180 ?
About $550 a year for $350,000 coverage. It varies by age (though if I remember correctly you're locked into a premium for a certain term).
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