Today's Message Index:
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1. 03:04 PM - Fw: Aircraft Mutual is ready to take deposits (Ed Anderson)
2. 06:45 PM - Re: Fw: Aircraft Mutual is ready to take deposits (Ron Schreck)
Message 1
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| Subject: | Fw: Aircraft Mutual is ready to take deposits |
Don't know if anybody on the Southeast list would be interested in this
approach to self insurance or not, but here it is for your perusal.
Ed
----- Original Message -----
From: lorene washburn
Sent: Wednesday, September 26, 2007 8:12 AM
Subject: FW: Aircraft Mutual is ready to take deposits
Tom Smith has asked that the following be forwarded to all RVers.
Lorene
_________________________________________________________________________
___________
Be a better Heartthrob. Get better relationship answers from someone who
--Forwarded Message Attachment--
CC:
Date: Sat, 22 Sep 2007 10:04:57 -0700
From: info@aircraftmutual.com
Subject: Aircraft Mutual is ready to take deposits
This letter is to update all interested prospected members regarding
progress we have made in making Aircraft Mutual group a reality.
Initially we were hoping to provide aircraft hull coverage and
builder=92s risk. We have discovered that we could provide a better
package to the RV builder that also includes liability coverage. Sort
of a one stop shop for your insurance needs.
In June we had a meeting with the broker to discuss the
possibilities to offer an alternative insurance product to RV builders
and flyers. We were advised that the concept was good and the next step
would be to have an actuarial study and an independent audit to verify
that the program would be a financial success to the members of the
group. This information from these studies would be used to assess the
feasibility of the program. This in turn would be presented to different
underwriter insurers to purchase the master insurance coverage above the
group deductible to make the program function. We will be seeking quotes
from several insurers to obtain the best cost for the group. Once an
agreeable quote is provided, the cost of premiums will be established to
fund the insurance. This will allow us to provide a fixed cost for
annual premiums for each member.
The group will be a captive program essentially insuring itself up
to a certain amount. This amount will be established by the financial
audit and the actuaries. If that amount is exceeded then the excess
insurance will trigger and provide coverage.
The estimated costs to complete the actuarial study, financial audit
and feasibility study are estimated at $30,000.00 to $45,000.00.
How the program will work.
1. Each member will have a membership fee to belong to the
program. This feel will be $2000.00 and will be a one time membership
fee to establish your personal membership account. All members will
start with a $2000.00 account. As profits are realized in this business
a portion of those profits will go into your member account proportional
to the balance in the account. (A similar process as what happens in
your USAA insurance account, if you are insured by USAA.)
2. As capital exceeds that required by the company for reserves
and normal customary business expenses a return on premium will be sent
to the member on the anniversary of their membership. This premium
rebate will be in addition to the 25% reduction that they receive by
being in the group.
3. If the member no longer is flying a RV and wants to withdraw
from Aircraft Mutual Benefit they will receive the balance on their
membership account as a final settlement and the membership shall be
terminated at that time. If conditions change and they want to return
membership they shall again have to open their membership account with
the preliminary deposit. This balance is subject to annual losses from
operations.
At this time we would like to start collecting a portion of the
membership fee in the amount of $150.00 per member to fund the various
studies that are needed to go forth. This money would be credited
towards the initial membership fee but will not committed until we have
contracted for the audit and feasibility studies.
By asking for a percentage of the membership fee we are able to get
an indication of the willingness of the RV population at large to
participate in such a program. We will return all the money in the
event we do not reach the $30,000.00 to $45,000.00 required to complete
the studies. If we do receive the necessary interest and funds then we
will consider that as a down payment on the membership account.
We look forward to your response and participation to become a
member of this group. Considering the safety record of RV aircraft we
can start insuring ourselves and paying for ourselves not the entire
general aviation market.
Bob Kaufmann
Rick Sked
Aircraft Mutual Benefit Co.
Aircraft Mutual Benefit Co.
bob@AIRCRAFTMUTUAL.COM
rick@AIRCRAFTMUTUAL.COM
PS We are asking that the checks be sent to Aircraft Mutual at 1930
Village Center Circle, Suite 3-833, Las Vegas, NV 89134. If you are
going to LOE then I will be around Russ Daves RV-10 but will be wearing
an Aircraft Mutual Polo and Hat. I would welcome questions and potential
deposits there also. We are expecting that all will be in place and
finished by the first of the year and the RV community can begin to self
cover itself at that time.
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Message 2
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| Subject: | Re: Fw: Aircraft Mutual is ready to take deposits |
This should be a good deal if they can get enough members to make a go
of it. I have sent in my $$$ and hope they can get enough to get
started.
Ron Schreck
RV-8, "Miss Izzy"
Gold Hill Airpark, NC
----- Original Message -----
From: Ed Anderson
To: rvsoutheast-list@matronics.com
Sent: Wednesday, September 26, 2007 7:00 PM
Subject: RVSouthEast-List: Fw: Aircraft Mutual is ready to take
deposits
Don't know if anybody on the Southeast list would be interested in
this approach to self insurance or not, but here it is for your perusal.
Ed
----- Original Message -----
From: lorene washburn
Sent: Wednesday, September 26, 2007 8:12 AM
Subject: FW: Aircraft Mutual is ready to take deposits
Tom Smith has asked that the following be forwarded to all RVers.
Lorene
_________________________________________________________________________
___________
Be a better Heartthrob. Get better relationship answers from someone
who knows. 5433
--Forwarded Message Attachment--
CC:
Date: Sat, 22 Sep 2007 10:04:57 -0700
From: info@aircraftmutual.com
Subject: Aircraft Mutual is ready to take deposits
This letter is to update all interested prospected members
regarding progress we have made in making Aircraft Mutual group a
reality. Initially we were hoping to provide aircraft hull coverage and
builder=92s risk. We have discovered that we could provide a better
package to the RV builder that also includes liability coverage. Sort
of a one stop shop for your insurance needs.
In June we had a meeting with the broker to discuss the
possibilities to offer an alternative insurance product to RV builders
and flyers. We were advised that the concept was good and the next step
would be to have an actuarial study and an independent audit to verify
that the program would be a financial success to the members of the
group. This information from these studies would be used to assess the
feasibility of the program. This in turn would be presented to different
underwriter insurers to purchase the master insurance coverage above the
group deductible to make the program function. We will be seeking quotes
from several insurers to obtain the best cost for the group. Once an
agreeable quote is provided, the cost of premiums will be established to
fund the insurance. This will allow us to provide a fixed cost for
annual premiums for each member.
The group will be a captive program essentially insuring itself up
to a certain amount. This amount will be established by the financial
audit and the actuaries. If that amount is exceeded then the excess
insurance will trigger and provide coverage.
The estimated costs to complete the actuarial study, financial
audit and feasibility study are estimated at $30,000.00 to $45,000.00.
How the program will work.
1. Each member will have a membership fee to belong to the
program. This feel will be $2000.00 and will be a one time membership
fee to establish your personal membership account. All members will
start with a $2000.00 account. As profits are realized in this business
a portion of those profits will go into your member account proportional
to the balance in the account. (A similar process as what happens in
your USAA insurance account, if you are insured by USAA.)
2. As capital exceeds that required by the company for
reserves and normal customary business expenses a return on premium will
be sent to the member on the anniversary of their membership. This
premium rebate will be in addition to the 25% reduction that they
receive by being in the group.
3. If the member no longer is flying a RV and wants to
withdraw from Aircraft Mutual Benefit they will receive the balance on
their membership account as a final settlement and the membership shall
be terminated at that time. If conditions change and they want to
return membership they shall again have to open their membership account
with the preliminary deposit. This balance is subject to annual losses
from operations.
At this time we would like to start collecting a portion of the
membership fee in the amount of $150.00 per member to fund the various
studies that are needed to go forth. This money would be credited
towards the initial membership fee but will not committed until we have
contracted for the audit and feasibility studies.
By asking for a percentage of the membership fee we are able to
get an indication of the willingness of the RV population at large to
participate in such a program. We will return all the money in the
event we do not reach the $30,000.00 to $45,000.00 required to complete
the studies. If we do receive the necessary interest and funds then we
will consider that as a down payment on the membership account.
We look forward to your response and participation to become a
member of this group. Considering the safety record of RV aircraft we
can start insuring ourselves and paying for ourselves not the entire
general aviation market.
Bob Kaufmann
Rick Sked
Aircraft Mutual Benefit Co.
Aircraft Mutual Benefit Co.
bob@AIRCRAFTMUTUAL.COM
rick@AIRCRAFTMUTUAL.COM
PS We are asking that the checks be sent to Aircraft Mutual at
1930 Village Center Circle, Suite 3-833, Las Vegas, NV 89134. If you
are going to LOE then I will be around Russ Daves RV-10 but will be
wearing an Aircraft Mutual Polo and Hat. I would welcome questions and
potential deposits there also. We are expecting that all will be in
place and finished by the first of the year and the RV community can
begin to self cover itself at that time.
-------------------------------------------------------------------------
-----
Get news, entertainment and everything you care about at Live.com.
Check it out!
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