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tmoushon(at)gmail.com
Guest

Posted: Thu May 16, 2013 10:26 am Post subject: Insurance

Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations.

tsts4

Joined: 06 Aug 2007
Posts: 167
Location: Tampa, FL

Posted: Thu May 16, 2013 10:43 am Post subject: Re: Insurance

I have a Builder's Policy (officially Ground Not in Motion - Builder's Risk) through Falcon (via USAA which has all my other policies).

_________________
Todd Stovall
aka "Auburntsts" on EAA and VAF
RV-10 N728TT -- Flying

jdearborn(at)mac.com
Guest

Posted: Thu May 16, 2013 10:48 am Post subject: Insurance

Hi Terry,



Contact your homeowners insurance agent, you may already be covered. Worst case is having a "Rider" added to your current policy for a few dollars.



Cheers,

Jim



On May 16, 2013, at 1:25 PM, Terry Moushon <tmoushon(at)gmail.com> wrote:



 	  Quote: 	
		   

 

 Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations.

flying-nut(at)cfl.rr.com
Guest

Posted: Thu May 16, 2013 10:52 am Post subject: Insurance

I hate insurance!!!!

Since it's in your garage, I'd talk to your homeowners insurance agent 

.... they may put a rider on your policy.

Barring that, just a 'not in motion' policy with any aviation insurance 

company might work.

Linn



On 5/16/2013 2:25 PM, Terry Moushon wrote:

 	  Quote: 	
		   



 Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations.

 -----

 No virus found in this message.

 Checked by AVG - www.avg.com

rleffler

Joined: 05 Nov 2006
Posts: 680

Posted: Thu May 16, 2013 11:00 am Post subject: Insurance

Your can get builder's insurance for about 1% of the insured value.    I purchased insurance about halfway through the project.  Then when you make the next major investment, just update the insured value. 



Sent from my iPad



On May 16, 2013, at 2:25 PM, Terry Moushon <tmoushon(at)gmail.com> wrote:



 	  Quote: 	
		   

 

 Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations.

_________________
Bob Leffler
N410BL - Phase I
http://mykitlog.com/rleffler

rleffler

Joined: 05 Nov 2006
Posts: 680

Posted: Thu May 16, 2013 11:02 am Post subject: Insurance

I would be surprised if any homeowners policy would cover the build.  I know there are exceptions, but I suspect they are in the minority.

Sent from my iPad

On May 16, 2013, at 2:48 PM, James Dearborn <jdearborn(at)mac.com> wrote:

 	  Quote: 	

 Hi Terry,

 Contact your homeowners insurance agent, you may already be covered. Worst case is having a "Rider" added to your current policy for a few dollars.

 Cheers,

 Jim

 On May 16, 2013, at 1:25 PM, Terry Moushon <tmoushon(at)gmail.com> wrote:

> 

> 

> Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations.

_________________
Bob Leffler
N410BL - Phase I
http://mykitlog.com/rleffler

wgreenley

Joined: 09 Jan 2010
Posts: 100
Location: Dowagiac, MI

Posted: Thu May 16, 2013 11:17 am Post subject: Insurance

There is a catch-22, at least for me when I researched, to get builder's

insurance you need an N-number. Have you are you ready to pay any state

sales/use tax? I have been told that if you end up selling the project to

someone problems can be caused if you already have it registered in your

name, don't know if this is true.

Bill Greenley

Waiting on RV-10 finishing kit



--

tsts4

Joined: 06 Aug 2007
Posts: 167
Location: Tampa, FL

Posted: Thu May 16, 2013 11:39 am Post subject: Re: Insurance

 	  wgreenley wrote: 	
		  There is a catch-22, at least for me when I researched, to get builder's

insurance you need an N-number. Have you are you ready to pay any state

sales/use tax? I have been told that if you end up selling the project to

someone problems can be caused if you already have it registered in your

name, don't know if this is true.

Bill Greenley

Waiting on RV-10 finishing kit



-- 	




Not sure about the N-number needed for builder's insurance.  But what I do know is it won't trigger a tax bill until you actually register it with the FAA.  The reason is you can have an N-number reserved (not the same as registration) and tell the insurance company that's the N-number that you plan to use for the kit (it's what I did but I don't recall it being mandatory--I simply already had an N-number so used it when I filled out the forms).  Anyway, until you actually send in the registration forms to assign that number to the kit, it really doesn't exist as far as the government is concerned hence no worries about tax.



And as a data point my homeowners policy (USAA) wouldn't cover my kit so I had to get a separate policy.

_________________
Todd Stovall
aka "Auburntsts" on EAA and VAF
RV-10 N728TT -- Flying

n520tx(at)gmail.com
Guest

Posted: Thu May 16, 2013 11:41 am Post subject: Insurance

I've dealt with Jenny at NationAir for 2 build projects, this is the

first I've ever heard of the "N-number" requirement.



www.nationair.com



http://www.nationair.com/private/specialty/vans.php



They have a special program just for Vans aircraft.



Coverage was inexpensive and even covered your hourly logged build time

in addition to materials cost. Once it's under its own power, you are no

longer covered.



--Ron



On Thu, 2013-05-16 at 15:16 -0400, William Greenley wrote:

 	  Quote: 	
		   

 

 There is a catch-22, at least for me when I researched, to get builder's

 insurance you need an N-number.

davidsoutpost(at)comcast.
Guest

Posted: Thu May 16, 2013 11:42 am Post subject: Insurance

I checked my homeowners policy with AAA a read through it.  There is a specific clause in it that excludes Aircraft and Aircraft parts and  it is not available from them .  I did not purchase builders insurance but will do so in the next few weeks for the big move to a hanger.  My work shop where the plane is now is alarmed and behind the house so I feel pretty secure there.  Your really playing the odds though by not getting builders insurance.

David Clifford

RV-10 Builder

Howell,  MI

From: "Bob Leffler" <rv(at)thelefflers.com>

To: rv10-list(at)matronics.com

Sent: Thursday, May 16, 2013 3:02:23 PM

Subject: Re: Insurance

--> RV10-List message posted by: Bob Leffler <rv(at)thelefflers.com>

I would be surprised if any homeowners policy would cover the build.  I know there are exceptions, but I suspect they are in the minority.

Sent from my iPad

On May 16, 2013, at 2:48 PM, James Dearborn <jdearborn(at)mac.com> wrote:

 	  Quote: 	
		   --> RV10-List message posted by: James Dearborn <jdearborn(at)mac.com>

 Hi Terry,

 Contact your homeowners insurance agent, you may already be covered. Worst case is having a "Rider" added to your current policy for a few dollars.

 Cheers,

 Jim

 On May 16, 2013, at 1:25 PM, Terry Moushon <tmoushon(at)gmail.com> wrote:

> --> RV10-List message posted by: Terry Moushon <tmoushon(at)gmail.com>

> 

> Gentlemen/ladies...  I will be starting my -10 fuse in June and quickly approaching $40k invested.  I am curious as to your thoughts on insurance (preflight). My concern is simple.  I don't want to get 99% done only to have the components destroyed by mother nature.  I am building it in my garage and storing the components in a dry, 40% humidity controlled basement.  Did any of you have some type of builders insurance? Appreciate your thoughts/suggestions/recommendations;              -Matt Dralle, List Admin.========

 [quote][b]

wgreenley

Joined: 09 Jan 2010
Posts: 100
Location: Dowagiac, MI

Posted: Thu May 16, 2013 11:48 am Post subject: Insurance

When I called Falcon they said they needed an N-Number.

Bill Greenley



--

rleffler

Joined: 05 Nov 2006
Posts: 680

Posted: Thu May 16, 2013 11:49 am Post subject: Insurance

That's not correct.  I had builders insurance through chartis before I registered my n number.



Sent from my iPad



On May 16, 2013, at 3:16 PM, "William Greenley" <wgreenley(at)gmail.com> wrote:



[quote] 

 

 There is a catch-22, at least for me when I researched, to get builder's

 insurance you need an N-number. Have you are you ready to pay any state

 sales/use tax? I have been told that if you end up selling the project to

 someone problems can be caused if you already have it registered in your

 name, don't know if this is true.

 Bill Greenley

 Waiting on RV-10 finishing kit

 

 --

_________________
Bob Leffler
N410BL - Phase I
http://mykitlog.com/rleffler

wgreenley

Joined: 09 Jan 2010
Posts: 100
Location: Dowagiac, MI

Posted: Thu May 16, 2013 12:11 pm Post subject: Insurance

Apparently from what people are writing it is only Falcon that requires

this. I have my 172 with them as they were they cheapest so had assumed

since they worked with the EAA they would be the best for this also.

Bill Greenley



--

rv10rob(at)gmail.com
Guest

Posted: Thu May 16, 2013 12:14 pm Post subject: Insurance

They need an N number for tracking purposes.  Just use the one you have reserved with the FAA (assuming you do).



-Rob



 On Thu, May 16, 2013 at 12:49 PM, Bob Leffler <rv(at)thelefflers.com (rv(at)thelefflers.com)> wrote:

[quote] --> RV10-List message posted by: Bob Leffler <rv(at)thelefflers.com (rv(at)thelefflers.com)>

 

 

That's not correct.  I had builders insurance through chartis before I registered my n number.

 

 Sent from my iPad

 

 On May 16, 2013, at 3:16 PM, "William Greenley" <wgreenley(at)gmail.com (wgreenley(at)gmail.com)> wrote:

 

 > --> RV10-List message posted by: "William Greenley" <wgreenley(at)gmail.com (wgreenley(at)gmail.com)>

 >

 > There is a catch-22, at least for me when I researched, to get builder's

 

 	  Quote: 	
		   insurance you need an N-number. Have you are you ready to pay any state

 > sales/use tax? I have been told that if you end up selling the project to
	


 > someone problems can be caused if you already have it registered in your

 > name, don't know if this is true.

 > Bill Greenley

 > Waiting on RV-10 finishing kit

 >

 > --

rleffler

Joined: 05 Nov 2006
Posts: 680

Posted: Thu May 16, 2013 12:47 pm Post subject: Insurance

Falcon is only an agent, not an underwriter.



I would be more than happy to forward the name of my agent.  She specializes in aviation insurance.  She is local to me in Ohio.  I prefer to have an agent I can talk to in person.



Jenny (at) nationair would be another good choice. 



Sent from my iPad



On May 16, 2013, at 4:10 PM, "William Greenley" <wgreenley(at)gmail.com> wrote:



[quote] 

 

 Apparently from what people are writing it is only Falcon that requires

 this. I have my 172 with them as they were they cheapest so had assumed

 since they worked with the EAA they would be the best for this also.

 Bill Greenley

 

 --

_________________
Bob Leffler
N410BL - Phase I
http://mykitlog.com/rleffler

seipel(at)seznam.cz
Guest

Posted: Thu May 16, 2013 4:26 pm Post subject: Insurance

For insurance requirements, my N number is my Van's kit number.  I've 

had builders insurance since I started the fuse kit in 2005.  My policy 

shows the N number as N40032.  40032 is my kit serial number.  When I 

finish and register, the N number on my insurance will be updated to 

whatever I register with the FAA.



PJ Seipel



On 5/16/2013 12:16, William Greenley wrote:

[quote] 



 There is a catch-22, at least for me when I researched, to get builder's

 insurance you need an N-number. Have you are you ready to pay any state

 sales/use tax? I have been told that if you end up selling the project to

 someone problems can be caused if you already have it registered in your

 name, don't know if this is true.

 Bill Greenley

 Waiting on RV-10 finishing kit



 --

Dick Sipp

Joined: 11 Jan 2006
Posts: 215
Location: Hope, MI

Posted: Thu May 16, 2013 6:46 pm Post subject: Insurance

Dito Ron for me on all three RV projects.

Dick Sipp



--

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