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Builders / Project Insurance

rvbuilder2002

rvbuilder2002

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This used to be a fairly common thing many years ago. Considering the dollars invested in contemporary RVs these days with expensive avionics, brand new engines, etc., I would think it still would be, but I am beginning to wonder.
I just submitted a request for a quote on a project I am currently working on, at an insured value $20k less than what I have my RV – 6A valued at and the quote came back for 3/4 of the amount I pay for hull coverage and liability for passengers and other property, on the airplane that I fly. The project coverage would be non-movement for the stated value of the project only. Nothing for personal liability.
Only one underwriter offered coverage. It makes me think there is not much competition in this market.

Does anyone have this type of coverage on their project? If so, are you willing to share the insured value and the premium that you pay for that? Feel free to private message me if you prefer.
Thanks
 
rvbuilder2002 said:
This used to be a fairly common thing many years ago. Considering the dollars invested in contemporary RVs these days with expensive avionics, brand new engines, etc., I would think it still would be, but I am beginning to wonder.
I just submitted a request for a quote on a project I am currently working on, at an insured value $20k less than what I have my RV – 6A valued at and the quote came back for 3/4 of the amount I pay for hull coverage and liability for passengers and other property, on the airplane that I fly. The project coverage would be non-movement for the stated value of the project only. Nothing for personal liability.
Only one underwriter offered coverage. It makes me think there is not much competition in this market.

Does anyone have this type of coverage on their project? If so, are you willing to share the insured value and the premium that you pay for that? Feel free to private message me if you prefer.
Thanks
Click to expand...
Gallagher insured mine. I'll look up the specifics and PM you later
 
Hey Scott.

My builders risk is with Leah at Galleger with a coverage amount of $140k. It's up for renewal next month and they've quoted an annual premium of $1090.

The project is almost done and will hopefully be flying soon so I asked her to bump it up to $175k hull coverage with an eye toward transitioning that from builders risk to all risk in the next few months. She was going to shop it around for quotes but thats been about a week and I haven't heard back yet.

FYI- are you sure your quote didn't also include liability? Mine was written all risk not in motion and included $1m liability.
 
Scott, have you looked into content insurance on your hangar or a rider on your home owners, if building in your garage? These may also have become obsolete as I used them 15-20 years ago when I built. I think we may still have content insurance on our hangar (the guy who is co-owner of our hangar handles our insurance) as we store and do some work on other people’s airplanes in our hangar.
 
Just got my renewal notice from Gallagher a few days ago. Coverage is 200k premium is $1450. As I recall, I can convert this to or toward coverage while in motion which will happen soon....I hope. Interesting note: It appears that it did NOT go up this year. Wondering if that's a mistake.

Fred
 
Homeowner's insurance covered my build too. And it doesn't have to be at your house, either. Anyplace you have personal property stored is covered, including a rented hangar. Plus I was able to add the necessary rider to my homeowner's policy to satisfy the city-owned hangar administration, covering the city, the city council members, etc. It's the same rider required for my now-flying airplane to cover the hangar.

The key operative here is that an unfinished airplane is simply "personal property".
 
hgerhardt said:
Homeowner's insurance covered my build too. The key operative here is that an unfinished airplane is simply "personal property".
Click to expand...
I see you also live in So. Cal. Just curious...who is your homeowner's insurance with? These days in California, it seems like every insurance company will look for any excuse not to write a homeowner's policy.

Thanks,
 
rv12iS-builder said:
I see you also live in So. Cal. Just curious...who is your homeowner's insurance with? These days in California, it seems like every insurance company will look for any excuse not to write a homeowner's policy.

Thanks,
Click to expand...
I've got AAA for home and auto, and that rider for the city is still on the policy today. However, it's been several years since I inquired about that coverage, so need to talk to an agent to verify that they still cover personal property wherever it is situated.

I made the post to get people to think about other options besides "builder's insurance"...especially if something you're already paying for could cover it, plus the fact that an unfinished airplane isn't an "airplane" until it has an AW cert. Before that, it's just items of your personal property.
 
rvbuilder2002 said:
This used to be a fairly common thing many years ago. Considering the dollars invested in contemporary RVs these days with expensive avionics, brand new engines, etc., I would think it still would be, but I am beginning to wonder.
I just submitted a request for a quote on a project I am currently working on, at an insured value $20k less than what I have my RV – 6A valued at and the quote came back for 3/4 of the amount I pay for hull coverage and liability for passengers and other property, on the airplane that I fly. The project coverage would be non-movement for the stated value of the project only. Nothing for personal liability.
Only one underwriter offered coverage. It makes me think there is not much competition in this market.

Does anyone have this type of coverage on their project? If so, are you willing to share the insured value and the premium that you pay for that? Feel free to private message me if you prefer.
Thanks
Click to expand...
Scott, I had Avemco ‘builders coverage’ for an RV-6A full kit in my home garage (2006-2017) and IIRC it was $800 annually. When I asked how they so readily accepted my ‘value’ they said it was the determining factor in the ‘cost’ of my fee, but to recover a loss claim I would have to prove with receipts, records, etc. A rather self-regulating method. Good luck!
 
rvbuilder2002 said:
This used to be a fairly common thing many years ago. Considering the dollars invested in contemporary RVs these days with expensive avionics, brand new engines, etc., I would think it still would be, but I am beginning to wonder.
I just submitted a request for a quote on a project I am currently working on, at an insured value $20k less than what I have my RV – 6A valued at and the quote came back for 3/4 of the amount I pay for hull coverage and liability for passengers and other property, on the airplane that I fly. The project coverage would be non-movement for the stated value of the project only. Nothing for personal liability.
Only one underwriter offered coverage. It makes me think there is not much competition in this market.

Does anyone have this type of coverage on their project? If so, are you willing to share the insured value and the premium that you pay for that? Feel free to private message me if you prefer.
Thanks
Click to expand...
I had it for a few years and to be honest , nothing happened , so I decided to cancel my policy, I can forward you my old contact that insured me if you like . Billytime @ hot mail dot com .
 
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