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Insurance, Business and Financial

Rental Contract to CFI
Author Last Post
Rick,

I understand there was something given to cover the hours of use. This would not begin to cover the out of pocket loss my friend is taking. I think the frienship status is "friend no mo"
at this point. If you knew the background leading up to this situation, you would question the friend status from the beginning. I mention all this in the vain of risk verses reward.
Easing the financial burden of aircraft ownership is something on the mind of most if not all pilots.

DonMc
61516
 
Don - I guess you friend was lucky he didn't take any money. He must have put his friend on his insurance as add on pilot.

Lucky they paid. That wld have been a hard one to take.

I would have insisted the friend pay something or no friend no mo.

Rick
 
A friend of mine entered into an agreement for another pilot to use his airplane. The S**T hit the fan when the pilot wrecked the airplane. My friend had the hull value higher than it should have been. What would have been a "Total" turned into a repair. My friend is now facing $50,000 dollars in betterment charges based on engine/prop times, upgraded paint etc. etc. etc. The insurance company fixed the airplane. The pilot spent nothing. I write this as food for thought.
In my friends case there was no official rent or the insurance company would have walked away. The Feds get interested when aircraft are rented as opposed to being loaned or guys splitting the gas cost for the hundred dollar hamburger.


DonMc
61516
 
I may let a local CFI use my plane for training. We've mentioned that;

1. He will get CFI Non-owners insurance for the hull and liability.

2. I will be responsible for the reg maintenance.

3. Renters will be responsible for the gas etc.

I'm searching for a sample agreement to edit for our use.

If anyone has one or knows where I can find one please let me know.

Thanks,

Rick
 
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