David - Your hypothesis is both correct and incorrect. Mutual insurance companies are owned by the members, who are the policy holders. Such companies have the word"mutual" in their names.
The rest of the insurance industry is composed of "for profit" companies. Most insurers are not mutual companies, especially those that write liability insurance. Since modern insurance as we know it began at Lloyd's Tea House in London, and is now known as Lloyd's of London, it was originally conceived as a profit making venture. Jerry E. -----Original Message----- From: [email protected] [mailto:[EMAIL PROTECTED] Behalf Of David Winters Sent: Monday, February 04, 2008 11:02 AM To: 'earl johnson'; 'Ercoupe-tech Group' Subject: RE: [ercoupe-tech] Re: INSURANCE Liabilty...a wid card view A wild card view, I admit, but, as I recall the purpose of insurance, it exists to allow a group to, as a whole, share the risks of an activity in which the members are individually engaged. A risk that no individual member of the group can absorb. It was NOT conceived as a profit making proposition. Just a bunch of like-minded folks taking care of each other as economically as possible. Now, it is often just big business, so, profit trumps protection and risk sharing.But not always. For example, my auto insurance company is owned by the members. Our rates are low, and any profit over a given amount is returned to us as dividends. Seems to be that is the way it SHOULD be. Is there a similar aviation group insurance outfit that folks like? Have any of you ex-military officer types checked out USAA for plane insurance? Has anybody simply opted to forego commercial insurance and fly so as to avoid needing it? Opinions? Dave W -----Original Message----- From: [email protected] [mailto:[EMAIL PROTECTED] On Behalf Of earl johnson Sent: Saturday, February 02, 2008 10:00 PM To: Ercoupe-tech Group Subject: Re: [ercoupe-tech] Re: INSURANCE Liabilty I would be very careful with the Liability ins, a lawyer will knock on your door asking you to disclose your personal asserts if your under insured. i personally have 1 million dollar liability with aircraft that's what they seem to want to sell you, then i have a 2 million dollar umbrella so ins co has a reason to act in my defense keeping attorneys off my front steps. Earl J --- [EMAIL PROTECTED] wrote: > > In a message dated 2/2/2008 8:37:37 PM Eastern > Standard Time, > [EMAIL PROTECTED] writes: > > That was enough to motivate me to raise my auto > liability to > $1,000,000 +. Mostly thru an umbrella policy. 100K > doesn't buy much > in the way of health care or airplane repair. > > Mike, > > Yup. I did the same thing when my teenage son > started driving. A $1,000,000 > umbrella policy isn't very expensive either. $200 - > $300 per year, if I > recall. Too bad it doesn't cover anything to do > with the airplane. > > > Best Regards, > > Wayne DelRossi > Alon N5618F > Hours logged since restoration: 362.0 > > "Nobody has ever scientifically proven that life is > supposed to be serious." > > > > > **************Biggest Grammy Award surprises of all > time on AOL Music. > (http://music.aol.com/grammys/pictures/never-won-a-grammy?NCID=aolcmp0030000 00025 > 48) >
