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  #1  
Old 04-10-2018, 09:44 AM
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 53
Default DID YOU KNOW YOUR VANS PROJECT MAY/MAYNOT BE COVERED BY YOUR HOMEOWNERS POLICY?

Itís common to hear from our insureds that think their build project is covered under their homeowners policy because itís kept in their garage or shed. Fact is, this may not always true. All policies have different wording, so be sure to check with your homeowners insurance broker to make sure your aircraft is covered. If it is, request it in writing. They should be able to provide some type of documentation showing that it will be covered. Sometimes there is no stopping disastrous events such as a house fire or tornado, but we want to make sure you know what IS or IS NOT covered. Please note different outcomes can occur based on specific policy wording and claim details.

If you find out your homeowners policy excludes your aircraft build project then give us a call. Builders insurance is very reasonably priced and it covers transportation to the airport and/or paint shop. You can even add liability coverage to protect against things like damage the aircraft may cause to other property during the transportation, damage to the hangar, and to protect others against injury for those that may be assisting you with the build process.
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Leah Ringeisen, Shanna Linton, & Katie Escalante

Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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  #2  
Old 04-10-2018, 10:14 AM
gsxphil gsxphil is offline
 
Join Date: Dec 2015
Location: Martinsburg, WV
Posts: 38
Default

I checked on this very thing with our homeowners insurance with State Farm. They told me it would not be covered and they offered no insurance that I could purchase to cover my project.

I wound up buying a builder's insurance policy to cover mine. I just keep raising the coverage as the build progresses.
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  #3  
Old 04-10-2018, 10:22 AM
mturnerb mturnerb is offline
 
Join Date: Apr 2015
Location: Ponte Vedra, FL
Posts: 771
Default

This is a very timely post for me. I'm getting to the point where I have "real money" invested in my project.

I'll be looking into the builders insurance.
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Turner Billingsley
RV-14A In Progress
N14VB Reserved
https://turnerb14a.blogspot.com/
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  #4  
Old 04-10-2018, 02:34 PM
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DonFromTX DonFromTX is offline
 
Join Date: Oct 2010
Location: La Feria Texas
Posts: 3,771
Default

USAA specifically precludes coverage for the project.
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  #5  
Old 04-11-2018, 08:12 AM
rvsxer rvsxer is offline
 
Join Date: May 2007
Location: Inver Grove Hgts, MN
Posts: 296
Default

Builder's Risk policies have been around since the mid 90's. I had one on my RV-6 back then. It's cheap and worth it. Unless it has changed, it even covered labor supported by a builder log. Check with the nice ladies at Gallagher, they can take care of it.
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RV-6 N207AM w/G3X, 1,600 hours +
South St. Paul, MN (KSGS)
Manager - Panel Design, SteinAir, Inc.
A&P, EAA Tech Counselor

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  #6  
Old 04-11-2018, 08:20 AM
AviatorJ AviatorJ is offline
 
Join Date: Feb 2015
Location: Oklahoma City
Posts: 688
Default

Quote:
Originally Posted by gsxphil View Post
I checked on this very thing with our homeowners insurance with State Farm. They told me it would not be covered and they offered no insurance that I could purchase to cover my project.

I wound up buying a builder's insurance policy to cover mine. I just keep raising the coverage as the build progresses.
Same.. Makes me sleep better at night.
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Justin
RV-10 Quickbuild 'Final Assembly'
http://operationrv10.blogspot.com/
Donated for 2018
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  #7  
Old 04-11-2018, 08:45 AM
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flion flion is offline
 
Join Date: Dec 2007
Location: Flagstaff, AZ
Posts: 2,501
Default

For those of you building in a hangar, you can also get insurance that includes liability (our airport requires a $1 million for hangar tenants). Falcon has been providing me with "not in motion" insurance through Global-AAG for several years for the RV-10.
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Patrick Kelley - Flagstaff, AZ
RV-6A N156PK - Flying too much to paint
RV-10 14MX(reserved) - Fuselage on gear
http://www.mykitlog.com/flion/
EAA Technical Counselor #5357
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  #8  
Old 04-11-2018, 12:09 PM
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dave4754 dave4754 is offline
 
Join Date: Oct 2009
Location: Edson, Alberta, Canada
Posts: 444
Default Canadians can purchase through COPA

I reached the same problem as i am now probably 55K into my RV7 with another 10 to go before flying.

i reached out to COPA and they have a builders insurance program which I did online and if I remember correctly only cost 500 dollars CNDN.

Allows a guy to sleep night for sure.

Dave C.
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=VAF=2018 Donation - and a bit extra for great work!
Empennage RV 7 - Tipper
Wings complete

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  #9  
Old 04-11-2018, 12:18 PM
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DaleB DaleB is offline
 
Join Date: Sep 2012
Location: Omaha, NE (KMLE)
Posts: 1,922
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Quote:
Originally Posted by mturnerb View Post
This is a very timely post for me. I'm getting to the point where I have "real money" invested in my project.

I'll be looking into the builders insurance.
I did the same. When I realized that I had about $20K worth of airplane parts and tools in the garage and storage unit, I asked and found that my homeowner's policy wouldn't cover it. Nor would it cover the storage unit. I thought the premium for a builder's policy from Gallagher was very reasonably priced. It covered all of it, AND covered me while transporting pieces back and forth.
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[i][size="1"]Omaha, NE
RV-12 # 222 N980KM "Screamin' Canary" (bought flying)
Fisher Celebrity (under construction)
Previous RV-7 project (sold)
-=VAF
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  #10  
Old 04-11-2018, 01:39 PM
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 53
Default

Keep in mind that all policies are different. Some builders risk policies may cover tools (specifically built for the aircraft) where others may not. The same goes for liability coverage. Some may have liability coverage automatically added on to the policy where you have to add it on other policies. If you have any questions on whether or not something is covered, contact your broker. If we don't have the answer for you, we can always find out.
__________________
Leah Ringeisen, Shanna Linton, & Katie Escalante

Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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