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HNWI (high net worth individuals) accidents

Interesting thanks Mooney. What does the max crisis and ga insurance have in common?

The risk is quite high that death or injury of someone like that could exceed the insured sums by far and consequently ruin a family of the pilot

How can that be? If I have the insurance legally required (EC Regulation EC 785/2004) how can a court mandate I should have had higher insurance retroactively? What if you fly with a friend and he is secretly a HNWI? Please point me to some jurisdiction.

Have airlines (EASA AOC) been ruled to pay damage claims for hnwi pax?

always learning
LO__, Austria

Colin Mcrae,
Edward Haughey,

Mooney_Driver wrote:

The risk is quite high that death or injury of someone like that could exceed the insured sums by far and consequently ruin a family of the pilot, even if he is deceased

I would rather assume the oposite:
For the CSL insurance of the plane it doesn’t make a difference as the coverages are defined by law and are Independent of the wealth or income of the passengers.

For potential damages beyond insurance coverage the risk could actually be lower: As HNWI is defined by wealth not by work income, a major part of their income stream does not end with death – therefore the financial damage is actually lower. In addition such individuals typically have quite good life coverages again reducing the financial damage of their death. HNWI musicians typically generate significant revenue from royalties from past recordings that also not end with death …
There might be some VVIPs from Sports, etc. that still have substantial income streams from advertising, etc. where the Story is different, but the “average HNWI” should not be a higher risk to carry from a liability POV.

Germany

Snoopy wrote:

accidents in general aviation involving high networth/famous/renowned individuals

WHY ?

Safe landings !
EDLN, Germany

Presumably because of the factors specific to those pilots/passengers. Extra pressure, etc.

Administrator
Shoreham EGKA, United Kingdom

WHY ?

Is that a scream? :)

I repeat: I find it intriguing, interesting and want to research it.

Presumably because of the factors specific to those pilots/passengers. Extra pressure, etc.

Also a part of it. I want to dig a little deeper (on other levels).

always learning
LO__, Austria

Snoopy wrote:

Head of states: absolutely!

The Smoleńsk Air Disaster (CFIT) that took out a plane-full (TU-154M, so 96 souls) of presidents,

tmo
EPKP - Kraków, Poland

Actually this is an interesting, and little considered aspect of Human Performance – I think there are several threads to it:

HNW individuals as owner pilots are successful and have access to aircraft and the lifestyle opportunity to fly missions that would often require a lot of training and experience. Often they don’t have that training or experience, and because of their life experience either as self made professionals / sportsmen / entertainers or being born to wealth, they are forceful in their faith in their own ability and they are used to being surrounded by people who don’t criticise them in their everyday lives. Essentially a lack of “humility and self doubt” are often the things that have made HNW individuals successful and confident in their fields, but those are the very survival skills that they need in self piloted aviation.

HNW individuals being flown in GA by professional pilots whose job depends on getting them to their destinations are under the kind of pressure that is missing from any other kind of flying (either commercial or private) and it’s often a thread in those accidents.

There is also a hybrid of the two, where instructors may be pressured to fly with HNW owner pilots, on missions that are marginal, or there may be an artificial “cockpit gradient” between the HNW owner and the instructor, who defers to the HNW owner and allows him/her to get the aircraft into trouble, as they are loath to take over in a deteriorating situation.

Good summary of predjudice against HNWI!

No doubt, that there are HNWI that have personalities like you describe (as there are non-HNWI with these personalities). But perhaps even more often, such HNWI are exactly the opposite of what you describe:
- They have stronger „humility and self doubt“ that made them to practice more and work harder for their entire life and trherefore made them HNWI
- They are much more relaxed about „getting there“ because they did not pay significant money for that citation rental in the first place (compared to their wealth) and even care less for staying a night in a Hotel if situation requires. In addition to that they have learned the lesson that one should not get to angry about things one could not influence
- They are that successfull because they have learned that 99% of tasks should be left to specialists and do not feel offended at all by a 25k hr. Pilot next to them who is much better in flying – they have already proven that they are great and do not need to prove it on every single flight.

If you talk to people who frequently deal with HNWI they will typically tell you that (obviously with some exception) people who are really wealthy are typically nice, friendly, relaxed and charming. It‘s the wannabe-rich that make the trouble…

Germany
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