The insurance companies do not like (translation - will not) do seperate limits for different pilots on aircraft like Cirrus. It has been known to happen on jet aircraft on commercial policies (much higher premiums, not thru the light aircraft underwriters.) When they do that even, they usually write it such that “whenever Mr. smith is onboard the aircraft” the liability limit is reduced to XXX." Too many people were claiming that Mr. Smith wasn’t actually flying, merely sitting in the right seat.
So the answer to your first question is… no.
To your second question, yes, but I wouldn’t recommend it. First, it would likely be prohibitively expensive. It would have to be done thru 2 seperate insurance companies (one company will not insure it concurrently on two seperate policies), and each policy would pay out jointly. All light aircraft policies have wording that states that they are excess over any other coverage. When both policies have that wording, this generally means that they will each pay 50% of a claim.
It is not a good idea, though, to insure it on two seperate policies. The insurance companies, after paying a claim, and discovering that their was more than one policy involved (very messy legally for their claims adjusters) would likely not want to insure the individuals involved again. Especially in a market that is so specialized like aviation, you do not need to have companies eliminated from your options.
The insurance companies don’t like difficult claims. They know they are going to have claims, but when they know they can avoid potentially difficulties, they will.
My recommendation to you would be to partner with someone closer to you in experience level. This way you can get the type of coverage you wish with none of the potential pitfalls.
Hope that helps.
John “JT” Helms
Pleasure and Business Branch
NationAir Insurance Agencies, Inc.