Lake LA-4 Buccaneer Overview:
The Lake Buccaneer is a light amphibious aircraft whose design hails from the 1950s and is still taking to the skies over America today. It is a shoulder-wing monoplane amphibian with a single-step all-metal hull. The aircraft is powered by an Avco Lycoming piston engine that is mounted above the hull for its unmistakable appearance.
In 1959, the manufacturing rights for this build were acquired by the Lake Aircraft Corporation. It was then that the aircraft evolved into what is known as the Lake Buccaneer today. Typically, the aircraft hosts four seats, but a lengthened version known as the Renegade can hold up to six seats. In addition, there is a military version known as the Seawolf that has hardened points and provisions for radar.
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 LA-4 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 LA-4 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 Lake LA-4 Buccaneer 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 Lake LA-4 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 the airplane crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to $100,000 for each passenger. The Lake LA-4 Buccaneer typically holds 3 passengers, so you up to $100,000 of your total $1,000,000 insurance policy could be used to pay for passenger liabilities, leaving you with $900,000 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, it is 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 LA-4 Buccaneer is typically not available due to the type and build of the aircraft.
The second coverage in an Lake LA-4 Buccaneer 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 Lake LA-4 Buccaneer and requests a quote including hull coverage in the amount of say $70,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $70,000.
*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.
For the Lake LA-4 Buccaneer, it’s typical for insurance companies to include at least a 10% deductible. Which means in the event of a total loss, if your aircraft was insured for $70,000, you would get a check for $70,000 less a $7,000 deductible.
Lake LA-4 Buccaneer Insurance Cost Breakdown:
As of January 2020, there are 2 carriers quoting Lake LA-4 Buccaneer insurance in the U.S. We consider qualified pilots to have at least a private/SES license and an IFR rating, with 1,000 total hours, 100 AMP hours and 25 hours in the make/model and must also successfully complete the factory school.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $770-$900 per year.
Premium range for less than qualified pilots (low-time/etc): $1,100-$1,270 per year.
For an annual policy with $1,000,000 in liability coverage and $70,000 in hull coverage
Premium range for qualified pilots: $3,500-$4,670 per year.
Premium range for less than qualified pilots (low-time/etc): $5,000-$8,750 per year.
For more information or to get an actual Lake LA-4 Buccaneer insurance quote, please fill out a quote request online here or call us at 800.666.4359
-The BWI Team