AME Insurance

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Bug_Stomper_01
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AME Insurance

Post by Bug_Stomper_01 »

What’s everyone doing as contractors and or third party AMO’s in Canada for insurance these days?
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SeptRepair
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Re: AME Insurance

Post by SeptRepair »

Nothing. The cost is unreasonable last time I checked for a solo operator. I perform all work through a personal service corp. Company holds all liability as I am just an employee of said company. Never work for cash or trade. I keep myself arms length away from my own company. The company holds no assets. It leases all tooling and buildings from another holding corp. When working for third party AMOs, my stipulation is that me and my company are added as "additionally insured" with an "errors and omissions" clause attached to it. It has never come up of having my own insurance when contracting to an AMO. If it did, then my rate would reflect the premium I am forced to pay. Last time I checked, insurance was about 8k a year. Fortunately in 35 yrs, I have never had an instance where I needed to be protected.
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Bug_Stomper_01
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Re: AME Insurance

Post by Bug_Stomper_01 »

SeptRepair wrote: Thu Nov 03, 2022 7:55 am Nothing. The cost is unreasonable last time I checked for a solo operator. I perform all work through a personal service corp. Company holds all liability as I am just an employee of said company. Never work for cash or trade. I keep myself arms length away from my own company. The company holds no assets. It leases all tooling and buildings from another holding corp. When working for third party AMOs, my stipulation is that me and my company are added as "additionally insured" with an "errors and omissions" clause attached to it. It has never come up of having my own insurance when contracting to an AMO. If it did, then my rate would reflect the premium I am forced to pay. Last time I checked, insurance was about 8k a year. Fortunately in 35 yrs, I have never had an instance where I needed to be protected.
About the response I expected. Once aca’d through a separate amo you are covered under their insurance and the AE is ultimately responsible for staff.
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PitchLink
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Re: AME Insurance

Post by PitchLink »

SeptRepair wrote: Thu Nov 03, 2022 7:55 am Nothing. The cost is unreasonable last time I checked for a solo operator. I perform all work through a personal service corp. Company holds all liability as I am just an employee of said company. Never work for cash or trade. I keep myself arms length away from my own company. The company holds no assets. It leases all tooling and buildings from another holding corp. When working for third party AMOs, my stipulation is that me and my company are added as "additionally insured" with an "errors and omissions" clause attached to it. It has never come up of having my own insurance when contracting to an AMO. If it did, then my rate would reflect the premium I am forced to pay. Last time I checked, insurance was about 8k a year. Fortunately in 35 yrs, I have never had an instance where I needed to be protected.
How do you sign outside of an amo for annuals etc on private stuff? I’ve never done it just curious how to go about doing that
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Bug_Stomper_01
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Re: AME Insurance

Post by Bug_Stomper_01 »

PitchLink wrote: Thu Feb 09, 2023 2:07 am
SeptRepair wrote: Thu Nov 03, 2022 7:55 am Nothing. The cost is unreasonable last time I checked for a solo operator. I perform all work through a personal service corp. Company holds all liability as I am just an employee of said company. Never work for cash or trade. I keep myself arms length away from my own company. The company holds no assets. It leases all tooling and buildings from another holding corp. When working for third party AMOs, my stipulation is that me and my company are added as "additionally insured" with an "errors and omissions" clause attached to it. It has never come up of having my own insurance when contracting to an AMO. If it did, then my rate would reflect the premium I am forced to pay. Last time I checked, insurance was about 8k a year. Fortunately in 35 yrs, I have never had an instance where I needed to be protected.
How do you sign outside of an amo for annuals etc on private stuff? I’ve never done it just curious how to go about doing that
The logbook is the work order. Pretty rudimentary
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PitchLink
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Re: AME Insurance

Post by PitchLink »

Bug_Stomper_01 wrote: Thu Feb 09, 2023 9:40 am
PitchLink wrote: Thu Feb 09, 2023 2:07 am
SeptRepair wrote: Thu Nov 03, 2022 7:55 am Nothing. The cost is unreasonable last time I checked for a solo operator. I perform all work through a personal service corp. Company holds all liability as I am just an employee of said company. Never work for cash or trade. I keep myself arms length away from my own company. The company holds no assets. It leases all tooling and buildings from another holding corp. When working for third party AMOs, my stipulation is that me and my company are added as "additionally insured" with an "errors and omissions" clause attached to it. It has never come up of having my own insurance when contracting to an AMO. If it did, then my rate would reflect the premium I am forced to pay. Last time I checked, insurance was about 8k a year. Fortunately in 35 yrs, I have never had an instance where I needed to be protected.
How do you sign outside of an amo for annuals etc on private stuff? I’ve never done it just curious how to go about doing that
The logbook is the work order. Pretty rudimentary
Yep just looked into it. I’ll pass, not worth the liability, what are 604 ames charging to sign for this stuff? I think I saw someone said $125/hour on here somewhere
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Bug_Stomper_01
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Re: AME Insurance

Post by Bug_Stomper_01 »

PitchLink wrote: Sat Apr 08, 2023 4:09 am
Bug_Stomper_01 wrote: Thu Feb 09, 2023 9:40 am
PitchLink wrote: Thu Feb 09, 2023 2:07 am

How do you sign outside of an amo for annuals etc on private stuff? I’ve never done it just curious how to go about doing that
The logbook is the work order. Pretty rudimentary
Yep just looked into it. I’ll pass, not worth the liability, what are 604 ames charging to sign for this stuff? I think I saw someone said $125/hour on here somewhere
Bout ballpark. Signing 604 stuff on your license is pretty risky incorporation or not, your license holds the liability and YOU are the AE for yourself.
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