builder insurance

hydroguy2 · Post by **hydroguy2** » Tue Oct 13, 2009 10:28 pm

What's the latest skinny on build insurance.

I'm getting a large amount of equipment ($$$) stashed in the shop with more on the way. I don't worry about thief as we are remote and someone is almost always home....I have several agents named Browning and Ruger to handle this area. But I do heat my shop with wood and do worry about that a tiny bit.

So just wondering who or what is the way to go, or do I wait until I'm ready to move it.

lancef53 · Post by **lancef53** » Wed Oct 14, 2009 5:19 am

I have a builders policy, it is good for peace of mind. I also have a certain amount of cash tied up, and my homeowners/farm policy will not cover aircraft parts.

My policy is from the local broker, and cost about $800 for coverage starting at $60k and expanding to $80k during the year, based on completion. It will also pay for my logged building time.

I am building in our farm shop, and it seems like there is a farm shop fire on the news way too often!!

Post by **Spike** » Wed Oct 14, 2009 7:19 am

The people I have talked to that have it seem to be paying right around 1% of covered value.

Spike

RVNewsletter · Post by **RVNewsletter** » Wed Oct 14, 2009 7:52 am

800 for 60-80k. Better than what I'm getting from NationAir (AIG). I think it about $400 for 20-30, then $700 for 40-60.

cjensen · Post by **cjensen** » Wed Oct 14, 2009 8:05 am

I have $50k in coverage, pay $495/year for it thru Avemco. They will also pay $15/hour for all documented build hours, hence a large reason for the website, and detailed log entries.

Avemco will roll this right over to flight coverage with a phone call since all my pilot info is updated each year with policy renewal.

Bob Barrett · Post by **Bob Barrett** » Thu Oct 15, 2009 7:31 pm

I had a homeowners policy from St. Paul Fire and Marine that covered my airplane parts and tools. I changed to Traveler's and they insure my tools but no airplane parts. I had EAA Policy through Falcon while building and now that it is flying. While building I paid 1% of insured value. Now that it is flying it is considerably more! Tools used to build an airplane should be insured in a homeowners policy because they can also be used to build other things even clecos!