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daveleikam(at)wi.rr.com
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 Posted: Fri Feb 27, 2009 9:17 pm Post subject: Financing/Insurance |
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I have decided to pursue some financing to move my project forward a bit faster. NAFCO will finance the project, but wants me to have FULL coverage flying insurance to loan on firewall forward parts (engine etc.) They think I may go fly the thing without insurance once I get the engine hung and be out their money if I fold it up without coverage. Plausible I guess. Here is an insurance quote I got from an agent they recommended. I told the agent I have about 200 hours total with a high perf/complex endorsement and 15 hours in a V35 and no IFR. (I plan to be IFR rated by the end of summer.) The hull value is only 110k for now because I plan to borrow about 100k. I will raise this before I fly. I guess they want me to get a checked out in a -10 before they loan. Does this all sound reasonable? Any suggestions on other lenders? EAA's Air Fleet Capital says they are not lending on experimentals now. Thanks for input.
Dave Leikam
RV-10 #40496
N89DA (Reserved)
Muskego, WI
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ricksked(at)embarqmail.co
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| Posted: Fri Feb 27, 2009 10:48 pm Post subject: Financing/Insurance |
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I went through Air fleet and the loan was sold to PNC out of PA I'm on the road but you may want to see if they can deal with you. The insurance requirements were builders risk and movement coverage not to include flight $1200 for the year I'm not surprised to hear of issues with loans...banks seem to be holding onto our tax...I mean their money even though THEY have been bailed out Rick S 40185
Sent via BlackBerry by AT&T
From: "Dave Leikam"
Date: Fri, 27 Feb 2009 23:14:56 -0600
To: RV-10 matronics<rv10-list(at)matronics.com>
Subject: RV10-List: Financing/Insurance
I have decided to pursue some financing to move my project forward = a bit=20 faster. NAFCO will finance the project, but wants me to have FULL = coverage=20 flying insurance to loan on firewall forward parts (engine etc.) = They=20 think I may go fly the thing without insurance once I get the engine = hung and be=20 out their money if I fold it up without coverage. Plausible I = guess. =20 Here is an insurance quote I got from an agent they recommended. I = told=20 the agent I have about 200 hours total with a high perf/complex = endorsement and=20 15 hours in a V35 and no IFR. (I plan to be IFR rated by the = end of=20 summer.) The hull value is only 110k for now because I plan to = borrow=20 about 100k. I will raise this before I fly. I guess = they want=20 me to get a checked out in a -10 before they loan. Does = this all=20 sound reasonable? Any suggestions on other lenders? EAA's = Air Fleet=20 Capital says they are not lending on experimentals now. = Thanks for=20 input.
Dave Leikam
RV-10 #40496
N89DA (Reserved)
Muskego, = WI
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msausen
Joined: 25 Oct 2007
Posts: 559
Location: Appleton, WI USA
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| Posted: Sat Feb 28, 2009 6:32 am Post subject: Financing/Insurance |
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I just went through this 3 months ago. Probably a good thing that Airfleet is now saying they are not loaning because they tried to royally screw me. Long story short, they were using NAFCO to underwrite their loan because they were not doing it at the time and tacked on their interest and fees on top of NAFCO’s. Can you say 50% of the principal amount in Interest in 5 years! It wasn’t pretty and I wouldn’t touch Airfleet with a 20 foot pole. They didn’t even tell NAFCO all the relevant information and ended up quoting the wrong loan type. Well I went with NAFCO directly and was very pleased for the most part.
All of what you said sounds normal for their completed aircraft loan which they will give if you have the major components already even if you are not done. With that, it’s a full 20 year loan at the lower interest rate rather than a short term up near 10%. As you discovered the down side is they need flying type coverage. Jenny Estes at NationAir was very helpful in sorting out the in motion but not flying insurance they really needed. The checking out in a -10 requirement is a new one and I certainly didn’t do that. I do have a Commercial with Multi and an IFR rating and around 600 hours though so that might have had something to do with it. I would ask for clarification on that. Unless you can find a local bank, your only option at the moment really is NAFCO.
Give me a holler if you need any more info.
Michael
From: owner-rv10-list-server(at)matronics.com [mailto:owner-rv10-list-server(at)matronics.com] On Behalf Of Dave Leikam
Sent: Friday, February 27, 2009 11:15 PM
To: RV-10 matronics
Subject: Financing/Insurance
I have decided to pursue some financing to move my project forward a bit faster. NAFCO will finance the project, but wants me to have FULL coverage flying insurance to loan on firewall forward parts (engine etc.) They think I may go fly the thing without insurance once I get the engine hung and be out their money if I fold it up without coverage. Plausible I guess. Here is an insurance quote I got from an agent they recommended. I told the agent I have about 200 hours total with a high perf/complex endorsement and 15 hours in a V35 and no IFR. (I plan to be IFR rated by the end of summer.) The hull value is only 110k for now because I plan to borrow about 100k. I will raise this before I fly. I guess they want me to get a checked out in a -10 before they loan. Does this all sound reasonable? Any suggestions on other lenders? EAA's Air Fleet Capital says they are not lending on experimentals now. Thanks for input.
Dave Leikam
RV-10 #40496
N89DA (Reserved)
Muskego, WI
----- Original Message -----
From: Ajruk84(at)aol.com (Ajruk84(at)aol.com)
To: daveleikam(at)wi.rr.com (daveleikam(at)wi.rr.com)
Sent: Friday, February 27, 2009 2:22 PM
Subject: Fwd: Rukavina Aircraft Insurance (N89DA)
Hi Dave:
I received an alternative quote today from Aerospace Managers. It is slightly better than the AIG quote.
2008 RV 10 N89DA
Hull value: $110,000
Deductibles: $250 not in motion / $2500 in motion
Med pay: $3000 per seat
Liability: $1,000,000 / $100,000 per passenger
Pilot: Dave Leikam to receive 10 hours dual instruction and 15 full stop landings all in make and model prior to solo.
Annual premium: $2,474
Thank you!
Tony Rukavina
Rukavina Aircraft Insurance
2100 Sedalia Lane
Lexington, KY 40513
866-296-9665 toll free phone
866-563-3299 fax
www.rukair.com
| Quote: | | http://www.matronics.com/Navigator?RV10-List |
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Kelly McMullen
Joined: 16 Apr 2008
Posts: 1188
Location: Sun Lakes AZ
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| Posted: Sat Feb 28, 2009 6:44 am Post subject: Financing/Insurance |
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Any recommendations for companies to buy insurance of components
during build? I wasn't worried during the emp/cone construction, but
think I will want some coverage once the QB kit arrives. All will be
stored in my locked hangar, none at home.
On Sat, Feb 28, 2009 at 7:28 AM, RV Builder (Michael Sausen)
<rvbuilder(at)sausen.net> wrote:
| Quote: | I just went through this 3 months ago. Well I went with NAFCO directly and was very
pleased for the most part.
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Kelly McMullen
A&P/IA, EAA Tech Counselor
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Albert Gardner
Joined: 10 Jan 2006
Posts: 455
Location: Yuma, AZ
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| Posted: Sat Feb 28, 2009 8:32 am Post subject: Financing/Insurance |
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I've used Nationair (nationair.com) for years, works ok for me.
They have builders policies as well as when it's flying.
Albert Gardner
N991RV
Yuma, AZ
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RV-9A N872RV
RV-10 N991RV |
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dlm46007(at)cox.net
Guest
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| Posted: Sat Feb 28, 2009 9:42 am Post subject: Financing/Insurance |
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Builders insurance can be had for 1% of hull value per year. This includes
liability as well as hull; just don't start the engine until you have flight
insurance.
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