Diamond G Club
Please click the link here for a brief survey regarding flight training.
Flight School Survey
It is prudent for a pilot operating an aircraft to ask what his/her financial risk might be in the event of an incident or accident. There are three risk-management options available to a pilot renting an aircraft.
A pilot may elect to self-insure, accepting the entire liability in the event of an accident. This liability would include damage to an aircraft, bodily injury to others, and damage to property of others. The value of a new Skyhawk, for example, ranges from about $140,000 to $190,000, so the self-insured risk is substantial. As a Galvin Flying Services Retail Customer, you may be covered for the bodily injury and property damage risks(including damage to the airplane); however, the insurance company has the right to try to recover its loss payment from you(subrogate) if you are the pilot in command and found to be negligent. This is typical of FBO insurance coverage.
Second, a pilot might choose to buy renter’s insurance. For pilots who rent aircraft at various places, this a reasonable option. As an example, the Aircraft Owners and Pilots Association(AOPA) offers renter’s insurance to members with a choice of liability limits, and hull coverage up to $150,000. The annual cost of a policy that offers $1 million of liability with a $200,000 per seat sub-limit and $150,000 of hull coverage is over $1,500. Hull limits above $150,000 are not available.
The third option is to join an insurance pool offered by the aircraft rental company. Because the pilots operating at a company like Galvin Flying Services are company-qualified in the aircraft, the insurance company extends some of the benefits of the Galvin policy to the renter pilots. In Galvin’s case, a pilot who joins the "Diamond G" membership pool receives automatic coverage for liability related to the operation of Galvin airplanes. The insurance carries $1 million of liability coverage with passenger bodily injury limited to $100,00 per seat, and a zero-deductible hull coverage for the airplane. Further, the insurance company agrees to waive its rights of subrogation. For a renter pilot, this may be the best coverage value available.
Some high-net-worth individuals may feel that additional coverage would be advised. Diamond G coverage is limited at $1 million. That may seem to be a low coverage limit for persons whose personal assets may make them a target in a lawsuit.
We recommend that in such a case, they employ the services of a professional risk manager who understands how such individuals manage risk and who have tools at their disposal (supplemental insurance products) to assist people and give them the peace of mind regarding risk exposure that they desire.
We are pleased to refer people to
Richard Harder, Manager of the Aviation Division
The Loomis Company.
850 N. Park Road, P.O. Box 7011
Wyomissing, PA 19610-6011
(610) 374-4040 x2280
rharder@loomisco.com
Diamond G membership insurance is offered at a discounted price. Additional benefits to the member are reduced rates on aircraft rental, instruction, and pilot supplies. The discounted rates by themselves will pay for the insurance.
A comparison example of training costs for a license or rating over a four-month period, with and without Diamond G membership, looks like this:
| |
Diamond G |
Without Diamond G |
|
Initial Fee
|
500 |
None |
|
Monthly Fee (4 months)
|
200 |
None |
|
50 hours dual instruction
|
3400 |
3750 |
|
50 hours new Diamond DA20 rental
|
5900 |
6550 |
|
Jeppesen ground school kit
|
371 |
412 |
|
4-month total
|
10,371 |
10,712 |
|
Insurance Coverage
|
Full
|
Pilot Responsibility
|
At Galvin Flying Service, we believe that the financial and peace-of-mind benefits of our Diamond G membership represent an extraordinary value. Our Customer Service Representatives can answer any questions you may have about Diamond G membership.
This page includes a brief description of insurance coverage limits and does not include all the terms, conditions and exclusions of the policy that may be issued. The policy will contain the full and complete agreement with regard to coverage.
Download Our Diamond G Explanation Here
Download Our Diamond G Application Here
Download Our Flight Training Brochure Here
Toll Free in the US: 800-341-4102
Flight School Switchboard 206-763-9706
Flight School Fax 206-767-7662
flight@galvinflying.com