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Have you insured your RV project ?

MartinACFactory

Well Known Member
Hello RVers !

Just a general questions relative to your RV insurance: While building your RV airplane, have you insured your RV Project Airplane ? If you are building your RV from home, have you declared to your insurance company you are building an airplane, and insured the value of your project ? Did you wait until the airplane was completed and ready to fly to insure it ?

This question pop up in my mind recently when I experienced leaking roof at the shop I rent to build my RV-8. At that time, I told myself "What is something even worst happen ?...." Given that I have already invested many thousands of $$$ in my RV project, without insurance, that would be a huge financial blow.

Do you know if insurance company will insure a partially completed airplane ?

Your comments & feedback are welcome.
 
Builder's risk insurance is available through several brokers. I purchased it for both of my projects once they reached a value such that the loss of the project would be a substantial financial hit to me or my family.
 
Check with your home insurer; typically they do not cover aircraft under construction in a house. And what Kyle said.
 
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I insured my project at the beginning of May last year, Marsh Silver Wings plan. I had reached a critical mass, about 60% of my total costs sitting in my garage. My homeowner's policy has a specific exclusion for aircraft and aircraft parts - I would have been covered for my tools and that's all. I had the added bonus of being covered for the move of my project to the airport last month as well as for my $$$ EFIS when I had to ship to Dynon for warranty work. I'll be converting to a plan with in motion coverage in the very near future as I am very nearly flying. The only thing I hate paying more than insurance is taxes and shipping, but I don't regret the peace of mind that $800 got me for the past year.

In short, the answer to your question is yes you can get project insurance, in Canada. And, you likely don't have any or much coverage through your homeowner's policy.
 
Build insurance

Yes: in the US definitely available from Gallagher and others. I put it in place when my engine build was underway. Chose the $300/yr for $50K coverage plan. When Avionics start to arrive might have to up it. Among other things it covers fire, theft, flood ect and road transport and is easily upgraded to flight coverage.

Don Broussard
RV9 Rebuild in Progress
57 Pacer
 
Similar experience to Claude. Insured our project from the moment it came into our possession. EAA C-Plan as the vendor, Global Aerospace as the underwriter.

As Claude pointed out, that builders insurance also covers the project when being moved. Like Claude, I was moving a lot of bucks worth of hardware from point to point and buying insurance with shipping companies would have bankrupted me. The builder's insurance was very worthwhile and being able to sleep at night was proof of that value.
 
Similar experience to Claude. Insured our project from the moment it came into our possession. EAA C-Plan as the vendor, Global Aerospace as the underwriter.

As Claude pointed out, that builders insurance also covers the project when being moved. Like Claude, I was moving a lot of bucks worth of hardware from point to point and buying insurance with shipping companies would have bankrupted me. The builder's insurance was very worthwhile and being able to sleep at night was proof of that value.

Working on builders risk as we speak for my next project. I called C-Plan about their builders risk policy and the guy I spoke to ask some one next to him if it covered while transporting and they said no. I did not believe him so I will call back. I'm insured with Marsh on my other aircraft so I contacted them. They do cover transport if you are transporting the parts yourself but certainly not if you are having a shipping company ship them. You might want clarification using a freight company?
 
Insurance

Yes, I'm building in the garage and Yes I bought extra insurance to cover loss of the RV in my garage in case it is stolen or damaged. My normal Home Owners did not cover it. I bought it after I was 95% structure complete and when I bought the engine. Now with avionics, engine, and airframe in the garage its worth about $75k so indeed insurance is good idea, especially since it is cheap.

PS, I also discovered my current airplane insurance on another airplane did not cover my stuff in my hangar. But my Home Owners was willing to cover it as long as I tell them. So if you own a hangar, tell your Home Owners.
 
Yep - and worth it

I have project/build insurance (actually not-in-motion coverage technically) via Gallagher (great company and people) and underwritten by AIG. When getting the quotes I asked about the different insurance companies and experiences with claims, etc,. which helped inform my choice as well.

Most importantly, I had to actually file a claim last year after someone (unknown) went into my hangar (which I rent from the local EAA chapter, and on which I have since changed the lock to keep tool borrowers, etc. away) and apparently rammed something into the end of my Whirl Wind 74RV prop, breaking off the tip. As a result a new blade had to be manufactured, and AIG and Gallagher were both very easy and quick to work with and no hassle at all, whatsoever. I am a very happy customer. Also, no increases to my annual costs and zero out of pocket for a new blade.
 
Insurance non-coverage doughnut hole

I just want to mention what happened with my RV-12 build so fellow builders don't get caught in a catch 22 as I did.

I had purchased builders insurance and "assumed" it would cover the build until such time as the airworthiness certificate was issued ... not so! About 6 weeks before the planned AW inspection I called my insurance broker to inform him I was ready to have him begin shopping for insurance. At that time I was informed if the aircraft is able to move under its own power the builders insurance was VOID!

Unfortunately for me, the regular insurance policy would not cover me in the aircraft until I had time in a RV-12 ... so that meant no coverage during ground runs, brake conditioning or taxi testing. I was forced to find a flight school (out of state) with a RV-12 and receive some dual to satisfy the insurance company's requirements.

Suggest builders look into what the limitations are of their builders policy and also discover what the requirements will be for coverage when the build is completed so they don't fall into the insurance non-coverage doughnut hole as I did.
 
Yup too much money at risk to loose it all.

At one point I added up the costs and found that about 55K Canadian sat in the garage and when i called the home insurance they told me no they do not cover the plane while building it. Just tools and equipment in garage.

I found COPA had an insurance plan and got it from them and it was very reasonable.

The insurance can be easily transferred when the RV 7 is complete, and i have about 30 hours time on a Citabria so my insurance cost will be reasonable as well it appears.

Wish they would pay for the time put in..... guess that is expecting too much eh? I would be a milionaire at 20 bucks an hour lol

Dave
 
Builder's risk

I did as a few others. When the value started making me nervous, I got a Builders Risk policy.
It happened right about when the engine was purchased and the fuse substantially complete.
The policy protects my build at home and the remaining parts in the hagar.
 
as others, obtained builder?s risk when value got to be more than I wanted to carry myself.
Also so transport to airport would be covered.
 
OK, good advice. I will insure my RV-8 build

Hello All!

Thank you for taking the time to respond to my initial question on this thread. Lots of useful advice, especially from my fellow Canadian builder friends ! Based on the comments, I will for sure insured my RV-8 project soon. I think it is worth doing it.
 
Gallagher Insurance...

I hadn't covered my project until this past month when I needed to truck my entire project 1000 miles. Gallagher got me a simple builder's risk policy with liability protection, which also covered the move! Not into the engine yet, but their bottom end coverage covers up to 40K in value. Very happy with them and the service I got to get this into play very quickly!
 
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