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Project insurance during the build

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daveleikam(at)wi.rr.com
Guest

Posted: Tue Oct 31, 2006 9:31 am Post subject: Project insurance during the build

How is everyone insuring their project while building?  I  was told by my agent that my home owners does not cover the project without a  rider.  When do I need to get normal hull insurance?  After  certification and airworthiness?  Now?

  

 Dave Leikam

 #40496

 N89DA Reserved

 Tailcone in clecos 

   [quote][b]

dlm46007(at)cox.net
Guest

Posted: Tue Oct 31, 2006 9:45 am Post subject: Project insurance during the build

contact Falcon Insurance (EAA) for builders  insurance. 1% per year of value.

 [quote]   ---

Rick S.

Joined: 12 Feb 2006
Posts: 347
Location: Las Vegas

Posted: Tue Oct 31, 2006 9:58 am Post subject: Project insurance during the build

Dave,



Your agent is correct, and lots-o-luck getting a rider for aircraft.



Coverage is called builders risk, coverage is only for no movment type of damage, i.e. fire, theft etc.

AIG, EAA should have options for you.



You may be required to provide a reserved "N" number to bind coverage. Expect to pay $400 to $500 a year.

New program I am associated with on the near horizon (days) to consider more to follow.



Hull coverage is not mandatory, liability coverage is mandatory at most airports to operate or park. Your finance company, if applicable, most likely will require you to have hull coverage to protect their financial interest by becoming the named insured/lien holder on your hull coverage.



Rick S.

40185

Producer of Insurance 

Nevada



do not archive

_________________
Rick S.
RV-10
40185

indigoonlatigo(at)msn.com
Guest

Posted: Tue Oct 31, 2006 10:01 am Post subject: Project insurance during the build

Is this the case if you are building in your home??

 	  Quote: 	
		  From: "Dave Leikam" <daveleikam(at)wi.rr.com>

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

To: <rv10-list(at)matronics.com>

Subject: Project insurance during the build

Date: Tue, 31 Oct 2006 11:31:09 -0600

How is everyone insuring their project while building?  I was told by my 

agent that my home owners does not cover the project without a rider.  When 

do I need to get normal hull insurance?  After certification and 

airworthiness?  Now?

Dave Leikam

#40496

N89DA Reserved

Tailcone in clecos

rvbuilder(at)sausen.net
Guest

Posted: Tue Oct 31, 2006 7:13 pm Post subject: Project insurance during the build

It's pretty much your choice.  The only time  you are really forced to get any insurance is if you have a lien against  the aircraft.  Otherwise you can self insure if you really wanted.   Avemco has building insurance for about $1 per $100 of your stated value (need  receipts).  I added builders insurance a couple months back when I made the  decision to move from TX to WI.  For one the project is still down there so  I have no control over anything going on where it is stored and for two, it will  be covered while in transit as I move it up here in about 3 weeks.  Prior  to that I didn't feel the risk was outweighed by the expense.  You are  correct thought that it is unlikely your homeowners insurance would cover  it.  Just like it wouldn't cover your car if a tree fell on your garage  while it's parked inside.

  

 Michael Sausen

 -10 #352 Fuselage



   From: owner-rv10-list-server(at)matronics.com  [mailto:owner-rv10-list-server(at)matronics.com] On Behalf Of Dave  Leikam

Sent: Tuesday, October 31, 2006 11:31 AM

To:  rv10-list(at)matronics.com

Subject: Project insurance during  the build

 

 How is everyone insuring their project while building?  I  was told by my agent that my home owners does not cover the project without a  rider.  When do I need to get normal hull insurance?  After  certification and airworthiness?  Now?

  

 Dave Leikam

 #40496

 N89DA Reserved

 Tailcone in clecos 

[quote]



href="http://www.matronics.com/Navigator?RV10-List">http://www.matronics.com/Navigator?RV10-List



[b]

KiloPapa

Joined: 24 May 2006
Posts: 142
Location: Pearblossom, CA

Posted: Tue Oct 31, 2006 7:25 pm Post subject: Project insurance during the build

AAA (California) advised me that the contents of the shop (on same property 

as house) are covered up to the same limits as the dwelling.



Kevin

40494

tail/empennage



do not archive



 	  Quote: 	
		   



 Is this the case if you are building in your home??

>From: "Dave Leikam" <daveleikam(at)wi.rr.com>


	


 	  Quote: 	
		  >How is everyone insuring their project while building?  I was told by my 

>agent that my home owners does not cover the project without a rider. 

>When do I need to get normal hull insurance?  After certification and 

>airworthiness?  Now?

>

>Dave Leikam

>#40496

>N89DA Reserved

>Tailcone in clecos

_________________
Kevin
40494

do not archive

Deems Davis

Joined: 09 Jan 2006
Posts: 925

Posted: Tue Oct 31, 2006 8:11 pm Post subject: Project insurance during the build

Get it in writing



Deems Davis # 406

Finishing - ( A Misnomer ! )

http://deemsrv10.com/



do not archive



KiloPapa wrote:



 	  Quote: 	
		   



 AAA (California) advised me that the contents of the shop (on same 

 property as house) are covered up to the same limits as the dwelling.



 Kevin

 40494

 tail/empennage



 do not archive



> 

> <indigoonlatigo(at)msn.com>

>

> Is this the case if you are building in your home??

>> From: "Dave Leikam" <daveleikam(at)wi.rr.com>

>



>> How is everyone insuring their project while building?  I was told 

>> by my agent that my home owners does not cover the project without a 

>> rider. When do I need to get normal hull insurance?  After 

>> certification and airworthiness?  Now?

>>

>> Dave Leikam

>> #40496

>> N89DA Reserved

>> Tailcone in clecos 

>

DAVELEIKAM(at)wi.rr.com
Guest

Posted: Tue Oct 31, 2006 8:26 pm Post subject: Project insurance during the build

Where are you in WI?  I am in a suburb SE of  Milwaukee.

  

 Dave Leikam

 Muskego, WI

 40496

 tailcone

 [quote]   ---

Rick S.

Joined: 12 Feb 2006
Posts: 347
Location: Las Vegas

Posted: Wed Nov 01, 2006 8:18 am Post subject: Project insurance during the build

Kevin,



As Deems said get that in writing because Coverage for contents or Coverage C almost always excludes vehicles and many time it specfically states aircraft and aircraft parts in the exclusions. Tools also have coverage limits which are in the good ole fine print just as jewelry does. Standard coverage amounts are anywhere from $2000 to $5000 but you can purchase more. Your policy may have provided for $150,000 under contents or Coverage C but only provides limited amounts of that coverage for certain things (tools, jewelry, collectibles)



FWIW, understanding what's covered is much easier to understand than what is excluded (not covered) from coverage. These items, depending on the creativeness of the policy writer may be listed in a seperate section, called exclusions, WAAAAAAAAYYYYYY back in the policy. 



Well written policy's usually list exclusions right after they list what IS covered and WHAT they will pay. 



Which leads me to my next favorite word....PERILS!!!!! But that's another topic.



PS-Your builders risk coverage may not protect you in the event of flood waters, only water accidently discharged from a fresh water source under pressure and even then the ensuing mold may be an issue depending on your policy  



Rick S.

40185

_________________
Rick S.
RV-10
40185

KiloPapa

Joined: 24 May 2006
Posts: 142
Location: Pearblossom, CA

Posted: Wed Nov 01, 2006 8:52 am Post subject: Project insurance during the build

Thanks for your input.  I'll check into it further.



Kevin

40494

tail/empennage



do not archive



---

_________________
Kevin
40494

do not archive

jennyrvlist(at)hotmail.co
Guest

Posted: Wed Nov 01, 2006 1:21 pm Post subject: Project insurance during the build

Yes that is true the EAA does offer a builder risk policy from Global 

Aerospace to EAA members for a premium of 1% of the value you choose, but 

they also attach a components endorsement that breaks down the value you 

choose. So each part of the aircraft is only covered for the percentage they 

say.  I am attaching a copy of the endorsement.  For those of you that have 

the higher priced items already, AIG offers a builders policy that will 

cover the aircraft from a starting value not to an ending value, the policy 

may be a little higer in premium but all the parts are covered in full not 

to exceed the ending value you choose.  AIG also covers the transportation 

of the aircraft.



Regards,



Jenny Estes

NationAir Insurance

(877) 475-5860.

[quote]From: "David McNeill" <dlm46007(at)cox.net>

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

To: <rv10-list(at)matronics.com>

Subject: Re: Project insurance during the build

Date: Tue, 31 Oct 2006 10:44:58 -0700



contact Falcon Insurance (EAA) for builders insurance. 1% per year of 

value.

   ---

EAA_Components_endorsemen_xls.xls

Description:

Download

Filename:

EAA_Components_endorsemen_xls.xls

Filesize:

15.5 KB

Downloaded:

183 Time(s)

rvbuilder(at)sausen.net
Guest

Posted: Wed Nov 01, 2006 2:55 pm Post subject: Project insurance during the build

Shiocton, WI.  It's about 15 miles north of  Appleton and has a airport with a great grass strip.  http://www.airnav.com/airport/W34

  

 Michael

 do not archive



   From: owner-rv10-list-server(at)matronics.com  [mailto:owner-rv10-list-server(at)matronics.com] On Behalf Of Dave  Leikam

Sent: Tuesday, October 31, 2006 10:26 PM

To:  rv10-list(at)matronics.com

Subject: Re: Project insurance  during the build

 

 Where are you in WI?  I am in a suburb SE of  Milwaukee.

  

 Dave Leikam

 Muskego, WI

 40496

 tailcone

 [quote]   ---

KiloPapa

Joined: 24 May 2006
Posts: 142
Location: Pearblossom, CA

Posted: Wed Nov 01, 2006 6:25 pm Post subject: Project insurance during the build

You are right.  After digging in the policy I found "aircraft" listed in the 

items not covered despite what the AAA (California) agent told me.



Kevin

40494

tail/empennage



do not archive



 	  Quote: 	
		   



 Kevin,



 As Deems said get that in writing because Coverage for contents or 

 Coverage C almost always excludes vehicles and many time it specfically 

 states aircraft and aircraft parts in the exclusions. Tools also have 

 coverage limits which are in the good ole fine print just as jewelry does. 

 Standard coverage amounts are anywhere from $2000 to $5000 but you can 

 purchase more. Your policy may have provided for $150,000 under contents 

 or Coverage C but only provides limited amounts of that coverage for 

 certain things (tools, jewelry, collectibles)



 FWIW, understanding what's covered is much easier to understand than what 

 is excluded (not covered) from coverage. These items, depending on the 

 creativeness of the policy writer may be listed in a seperate section, 

 called exclusions, WAAAAAAAAYYYYYY back in the policy.



 Well written policy's usually list exclusions right after they list what 

 IS covered and WHAT they will pay.



 Which leads me to my next favorite word....PERILS!!!!! But that's another 

 topic.



 PS-Your builders risk coverage may not protect you in the event of flood 

 waters, only water accidently discharged from a fresh water source under 

 pressure and even then the ensuing mold may be an issue depending on your 

 policy  



 Rick S.

 40185

_________________
Kevin
40494

do not archive

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