I am interested to know how other participants in this forum are dealing with obtaining liability insurance, whether for their Cirrus or any other plane. It’s renewal time and I am trying to get at least $2M smooth–would prefer even $3M–which up until this year was not a problem. I have 1000 hr and am IFR rated, no accidents, violations, or incidents. Now I am encountering significant difficulties getting anything more than $1M smooth and most places will quote only $1M with sublimits.
For anyone who can afford to buy a new aircraft, $1M coverage is laughably inadequate. So I presume many of you have found other ways to deal with the problem, or have just accepted the risk that if you have an accident involving injury to other parties, your insurance will amount to little more than a fig leaf and your family’s assets will be exposed to plunder. I have set up an irrevocable life insurance trust payable to my wife, but of course for this to help I have to ensure that if I have an accident, it kills me (dang, maybe CAPS isn’t such a good idea after all).
I would be happy to learn from anyone else’s advice or productive experience in this area.