Choose a Fighter
Even with the best personal liability insurance, a policyholder’s rates will increase should their insurer pay out claims against them. Insurance is a calculated gamble for the insurer, so the rate they charge each client is based upon how risky (and thus prone to costing the insurer money) the client appears to be.
That said, the financial settlements claimants file against the insured are not always fair or justified. Such is the experience of John Wood, a Prime Insurance customer. His family has operated Holiday River Expeditions in Utah for the past five decades, and he has been a Prime Insurance customer for 30 of those years. “Even with the very best of company safety procedures, accidents can happen,” says Wood. “That’s why I count on Prime Insurance to investigate any claims against us—what few there have been over 50 years—to see if those claims are reasonable and justified in their financial demands. After all, even the fairest clients can get financially aggressive under the direction of lawyers wanting to boost their share of any claims, as can insurers who don’t want to pay if they can force someone else to pay.”
According to Lindsey, many claims people make against
his company’s
personal liability clients are either not justified, or are overblown if they have some basis in fact. “That’s why we will fight such cases for our clients,” he says. “In fact, we have fought cases right to the Supreme Court—and won!” In fighting such cases, Prime Insurance has been able to keep its clients’ rates lower than they would be if the firm rolled over and paid every claim filed.
What’s the final point that pilots should remember?
“The bottom line is that you, as a pilot, not only need personal liability insurance, but you also need to get that coverage from an insurance company that you can trust,” Lindsey says. “Whoever you choose, be sure to do your research carefully.”
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