Matronics Email Lists :: View topic

Matronics Email Lists
Web Forum Interface to the Matronics Email Lists

Get Email Distribution Too! FAQ Search Memberlist Usergroups Register

Profile Log in to check your private messages Log in

Builders Insurance

Matronics Email Lists Forum Index -> RV10-List

View previous topic :: View next topic

Author Message

Kellym

Joined: 10 Jan 2006
Posts: 1705
Location: Sun Lakes AZ

Posted: Fri Nov 15, 2013 6:29 pm Post subject: Builders Insurance

I was shocked today to get renewal quote covering my project, same 

broker, at same limits, same deductible, same underwriter, for not in 

motion coverage, in a locked hangar at airport, equipped with 

sprinklers, to be 50% higher than last year. What has happened in 

insurance world for such an increase? On the other hand, coverage for 

flight insurance when I need that, is in line with what has been 

mentioned here previously.

Kelly

Finishing and finishing and finishing

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
Kelly McMullen
A&P/IA, EAA Tech Counselor # 5286
KCHD

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Sat Nov 16, 2013 1:24 pm Post subject: Re: Builders Insurance

"Builders' Insurance" remains a mystery to me. When I was building the cost of the Builders' Insurance was 2/3 what I pay now for a flying airplane, including liability as well as hull. Do insurance companies think that 2/3 of the risk happens in the hangar?

It could be that (1) theft is easier when avionics, and maybe engines, are in nice boxes instead of mounted; or (2) last year saw some low cost carriers drop out of the -10 market. Maybe there now is no competition?



Bob

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
Bob Turner
RV-10 QB

schmoboy

Joined: 26 Feb 2006
Posts: 130

Posted: Sat Nov 16, 2013 1:59 pm Post subject: Builders Insurance

Where are you guys getting builder's insurance?  I got mine through 

EAA.  I don't have "real" insurance yet, but I know the $$ I am paying 

for builder's insurance is not going to even be 1/3 of what it will be.  

I think I am paying around $800/yr for builder's insurance.



-Sean #40303 (putting everything back on)



On 11/16/13, 3:24 PM, Bob Turner wrote:

 	  Quote: 	
		   



 "Builders' Insurance" remains a mystery to me. When I was building the cost of the Builders' Insurance was 2/3 what I pay now for a flying airplane, including liability as well as hull. Do insurance companies think that 2/3 of the risk happens in the hangar?

 It could be that (1) theft is easier when avionics, and maybe engines, are in nice boxes instead of mounted; or (2) last year saw some low cost carriers drop out of the -10 market. Maybe there now is no competition?



 Bob



 --------

 Bob Turner

 RV-10 QB





 Read this topic online here:



 http://forums.matronics.com/viewtopic.php?p=413215#413215

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Sat Nov 16, 2013 2:29 pm Post subject: Re: Builders Insurance

I also got mine thru EAA which really means the Falcon agency, and I forget the actual carrier. It cost 1% of the declared value, which pushed it well into 4 figures by the time I had virtually all the pieces in the hangar. I think it was $1400, for $140,000 coverage. I paid for it mostly because it covered the 15 mile trip to the airport from my garage. Maybe that was where all the risk was, I do not know.

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
Bob Turner
RV-10 QB

davidsoutpost(at)comcast.
Guest

Posted: Sat Nov 16, 2013 3:19 pm Post subject: Builders Insurance

I self insured until the big move to the airport.  That being said my work shop is 50' from my house and is well lite, secured, and alarmed.  It was still a relief when I purchased full coverage insurance a few days before I moved it to the hanger.

From: "Bob Turner" <bobturner(at)alum.rpi.edu>

To: rv10-list(at)matronics.com

Sent: Saturday, November 16, 2013 5:29:21 PM

Subject: Re: Builders Insurance

--> RV10-List message posted by: "Bob Turner" <bobturner(at)alum.rpi.edu>

I also got mine thru EAA which really means the Falcon agency, and I forget the actual carrier. It cost 1% of the declared value, which pushed it well into 4 figures by the time I had virtually all the pieces in the hangar. I think it was $1400, for $140,000 coverage. I paid for it mostly because it covered the 15 mile trip to the airport from my garage. Maybe that was where all the risk was, I do not know.

--------

Bob Turner

RV-10 QB

Read this topic online here:

http://forums.matronics.com/viewtopic.php?p=413217#413217

 [quote][b]

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

Kellym

Joined: 10 Jan 2006
Posts: 1705
Location: Sun Lakes AZ

Posted: Sat Nov 16, 2013 4:49 pm Post subject: Builders Insurance

I guess I have a bit different situation. I have done all of my building 

at my hangar, at a public airport, which has security gates, police 

patrol, well lit, with well maintained sprinkler system. I only bought 

insurance once I had over $120K into the project. My coverage through 

NationAir and Global last year was $600, and for same exact coverage and 

stated value, this year, they want $900. I only pay around $1400 for my 

retractable gear Mooney for full coverage in flight etc. Granted the 

hull value is much less, but the exposure to damage is much higher.

On 11/16/2013 4:19 PM, davidsoutpost(at)comcast.net wrote:

 	  Quote: 	
		   I self insured until the big move to the airport.  That being said my 

 work shop is 50' from my house and is well lite, secured, and 

 alarmed.  It was still a relief when I purchased full coverage 

 insurance a few days before I moved it to the hanger.



 ------------------------------------------------------------------------

 *From: *"Bob Turner" <bobturner(at)alum.rpi.edu>

 *To: *rv10-list(at)matronics.com

 *Sent: *Saturday, November 16, 2013 5:29:21 PM

 *Subject: *Re: Builders Insurance



 



 I also got mine thru EAA which really means the Falcon agency, and I 

 forget the actual carrier. It cost 1% of the declared value, which 

 pushed it well into 4 figures by the time I had virtually all the 

 pieces in the hangar. I think it was $1400, for $140,000 coverage. I 

 paid for it mostly because it covered the 15 mile trip to the airport 

 from my garage. Maybe that was where all the risk was, I do not know.



 --------

 Bob Turner

 RV-10 QB





 Read this topic online here:



 http://forums.matronics.com/viewtopic.php?p=413217#413217



 *



 *

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
Kelly McMullen
A&P/IA, EAA Tech Counselor # 5286
KCHD

n801bh(at)netzero.com
Guest

Posted: Sat Nov 16, 2013 5:01 pm Post subject: Builders Insurance

To continue on with that thought...... 

Just how much exposure does an insurance company really have with a builders loss... I have been in this experimental sector for years I personally cannot count even one person who had a claim during the building process. It would be nice to actually see documentation that reflects the level of premiums charged.......  Is there any out there who has known of a legit claim against an insurance carrier..???

 

do not archive



Ben Haas

N801BH

www.haaspowerair.com



--------

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Sat Nov 16, 2013 5:26 pm Post subject: Re: Builders Insurance

So, 3 years ago I would have been paying $1200, so you're still ahead. I think two years ago the premiums went from 1% to 0.5%; maybe they decided the reduction was too much.

One issue is that the market is so small, overhead costs get amortized over relatively few policies. I'll bet they can't generate a piece of paper for less than $100.

Similar issue: What do you think the insurance companies want to cover me while giving transition training (I have a LODA)? How about a 50% premium increase, for an estimated 20 hours of dual given per year? The risk/cost ratio seems all out of wack to me.

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
Bob Turner
RV-10 QB

johngoodman

Joined: 18 Sep 2006
Posts: 530
Location: GA

Posted: Sun Nov 17, 2013 4:39 am Post subject: Re: Builders Insurance

Perhaps the low initial rate was to get you as a new customer?

- The Matronics RV10-List Email Forum -

Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:

http://www.matronics.com/Navigator?RV10-List

_________________
#40572 Phase One complete in 2011

Display posts from previous:

	Matronics Email Lists Forum Index -> RV10-List	All times are GMT - 8 Hours
Page 1 of 1

Jump to:

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You can download files in this forum