Citation II S550 Overview:
Cessna changed the face of business aviation with the introduction of the 8-seat Fanjet 500 (later named the Citation) in 1968. It offered businesses and individuals a reasonably sized, economical to operate jet that could take them into thousands of airports the airlines couldn’t reach. But by the mid-1970s, Cessna realized the market would like a slightly larger and more capable version of the famed 500 series without sacrificing the short runway performance the Citation was known for. In 1976, Cessna responded by announcing the Citation II. The Citation II (officially the Model 550) only weighed about 1500 lbs more empty than the Citation I, but offered a 3300 lb increase in takeoff weight, allowing its operators much more flexibility in passenger loads and on longer flights.
Uprated versions of the Citation I’s proven Pratt & Whitney JT15D engines allowed the Citation II to reach 43,000 feet in cruise and gave a maximum cruise speed over 400 knots, almost 50 knots faster than its predecessor, while an enclosed aft lavatory gave passengers the endurance to make longer trips and would become the standard for business aircraft going forward.
Similar to the original Citation I, the Citation II required a crew of two pilots. While this was normal with larger business aircraft, Cessna pushed hard to offer the Citation family to operators of turboprop aircraft as an upgrade. With many of these turboprop aircraft being flown by only a single pilot, Cessna made the decision to certify single pilot capable versions of its venerable workhorses. With changes in cockpit equipment and training, the model 551 debuted as the single pilot version of the Citation II/550 in the late 1970s and cemented Cessna as the leader in the market of single-pilot flown jet aircraft.
In 1984, Cessna brought technology from its new Citation III to the 550 series and introduced the S/II, offering newer versions of the JT15 family of engines, a new supercritical wing for improved climb and cruise performance, and TKS fluid-based anti-icing of the wings to replace the pneumatic boots of the earlier models. Though the S/II was intended to replace the II, Cessna would bring the II back only a year later and would build them side by side for the remainder of production. Ultimately in 1996, Cessna would introduce a heavily modernized version of the 550 known as the Citation Bravo featuring new engines, avionics, and major structural changes.
Over the course of production, Cessna built a total of 948 Citation II and S/IIs. Though the widest users by far consisted of corporations and private individuals, the 550 series also found itself serving in the militaries of countries around the world, including Argentina, Spain, and the United States (where the Navy operated them as radar trainers designated as T-47s).
Citation II S550 Insurance Cost:
Aviation insurance in general, is a very specialized industry and premiums vary depending on make and model of the aircraft, hull value, use of the aircraft, pilot history and qualifications and aircraft insurance rates even take into account the loss history of each specific make and model and the loss history of the aviation industry as a whole.
Citation II S550 insurance, like all aviation insurance, is broken down into 2 specific coverages. The first is Liability Coverage, which is standard on every aircraft insurance policy and the second is optional hull coverage, which covers damage to the aircraft itself.
Citation II S550 aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage, bodily injury, and provides for legal defense in the event that the aircraft owner or policyholder is sued.
Aircraft liability insurance is typically offered for Citation II S550’s in amounts between $1,000,000 and $50,000,000 per occurrence (per incident) and includes coverage for passengers, but typically limits that amount to between $100,000 and $1,000,000 per passenger. Passenger liability coverage is included within the total liability coverage amount.
A real-world example of how this aviation liability coverage would protect you: If, as a result of operating your Citation II S550 you damaged property or caused bodily injury outside of the aircraft, you would have the full amount of total liability coverage to pay for damages that occurred, less the liability amount paid for passengers inside the aircraft. If the aircraft crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to the policy passenger limit for each passenger.
This liability coverage also applies as a bubble that follows the aircraft around. If the aircraft is hangered, liability coverage extends throughout your hangar and it is this coverage that airports will typically require you to have. It’s not a separate insurance policy, it is actually coverage built into your standards airplane insurance policy.
Other liability options: Higher liability coverage on the Citation II S550 is available to qualified pilots with experience in the make and model and a minimum Commercial/MEL/IFR license/ratings.
The second coverage on a Citation II S550 insurance policy is hull coverage and is an optional coverage. Aircraft hull insurance covers damage to the aircraft itself and is an agreed value, not subject to depreciation. Agreed value is decided during the initial insurance quoting process, the aircraft owner requests an insurance quote for his or her Citation II S550 and requests a quote including hull coverage in the amount of say $750,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $750,000.
*Insurance companies may place additional stipulations on quotes to prove the value of your aircraft prior to binding, if your agreed value is higher than bluebook.
Most aviation insurance companies do not offer deductibles higher than $0 deductibles, which means in the event of a total loss, if your aircraft was insured for $750,000, you would get a straight check for $750,000.
Citation II S550 Insurance Cost Breakdown:
As of January 2021, there are 8 carriers quoting Citation II S550 insurance in the U.S. We consider qualified pilots to have at least a Commercial License and IFR/MEL ratings, with 3,000 total hours, 1,000 MEL hours and 50 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $1,250-$1,400 per year.
Premium range for less than qualified pilots (low-time/etc): $1,500-$2,000 per year.
For an annual policy with $1,000,000 in liability coverage and $750,000 in hull coverage
Premium range for qualified pilots: $9,800-$12,600 per year.
Premium range for less than qualified pilots (low-time/etc): $26,000-$42,000 per year.
BWI is a family-owned, nationwide insurance brokerage specializing in aviation insurance since 1977. Our dedicated Aviation Insurance Professionals are highly trained, hand-picked and experienced in helping Citation II S550 owners and operators obtain the very best insurance coverage.
BWI offers comprehensive Citation II S550 insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.
For more information or to get an actual Citation II S550 insurance quote, please fill out a quote request online here or call us at 800.666.4359
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*Always consult your insurance policy for exact coverage specifications, exclusions and details.