Overview
The Lake Buccaneer is four-seat, shoulder-wing amphibious monoplane with retractable tricycle landing gear. The Lake Buccaneer was during the 1950 and over 1,000 aircraft were produced. The Buccaneer cruised at 150 mph, had a range of 825 miles and was able to land both on the water and land. The Buccaneer was a very versatile aircraft, designed for adventurists and private use.
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 industry as a whole.
Lake Buccaneer insurance, like all airplane 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.
Lake Buccaneer aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage, bodily injury, and provides money for legal defense in the event that the aircraft owner is sued. Aircraft liability insurance is typically offered for LA-4 aircraft, at $1,000,000 per occurrence (per incident) and includes coverage for passengers but limits that amount to $100,000 per passenger, which is included within the total liability of $1,000,000.
A real-world example of how this aviation liability coverage would protect you: If while flying your Buccaneer and damaged property or caused bodily injury outside of the aircraft, you would have the full $1,000,000 in coverage to pay for damages that occurred. If an accident occurred and you had passengers inside the aircraft that were injured, your insurance policy would pay up to $100,000 for each passenger. The Lake Buccaneer typically holds 3 passengers, so up to $300,000 of your total $1,000,000 insurance policy could be used to pay for passenger liabilities, leaving you with $700,000 for other damage outside of the aircraft or legal defense.
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, its actually coverage built into your standards airplane insurance policy.
Other liability options: Some companies may offer lower liability at $500,000 but the cost savings typically doesn’t make this a viable choice. Higher liability coverage on the Lake Buccaneer aircraft is typically not available.
The second coverage of a Lake Buccaneer aircraft 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 Buccaneer and requests a quote including hull coverage in the amount of $35,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $35,000.
*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 $35,000, you would get a straight check from the insurance company for $35,000.
Lake Buccaneer aircraft insurance cost breakdown:
As of February, 2020, there are 7 carriers quoting Lake Buccaneer aircraft insurance in the U.S. We consider qualified pilots to have at least a private license, SES rating, with 1,000 total hours, 150 SES hours and at least 25 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $600-$750 per year.
Premium range for less than qualified pilots (less than 10 make/model): $800-$840 per year.
For an annual policy with $1,000,000 in liability coverage and $35,000 in hull coverage
Premium range for qualified pilots: $1,350-$1,580 per year
Premium range for less than qualified pilots (and less than 25 make/model) $1,970-$2,200 per year.
For more information or to get an actual Lake Buccaneer aircraft insurance quote, please fill out a quote request online or call us at 800.666.4359
-The BWI Team
