tx_jayhawk said:
Does anyone know if Pappas Insurance is still in business? I've left a couple of messages but have not heard back.
What other options exist and what have builders been paying for builders insurance recently?
Thanks,
Scott
7A Finishing
I called Pappas Ins and no one called me back. So I called Nation Air. This is what she told me.
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Please see the attached quotes for your RV-8 project. The 2 companies that quoted have very different Builders Risk policies. Global Aerospace quotes only one value, with the minimum value being $40,000. This value is broken down by percentages to cover each item of the aircraft. This is called a components endorsement and I have attached an example for you to look at. I have chosen the minimum value of $40,000 you will have to look at it and see what value you would need to cover all of the parts. The annual premium will be 1% of the value you choose, so for $40,000 the premium will be $400.00. This policy does not cover the transportation of the aircraft and you must have a reserved N# to bind coverage.
AIG Aviation uses 2 values a beginning value and an ending value for the policy term of one year. So basically you use the value of the parts now and then estimate where you think you will be at the end of the policy term. This way you do not have to keep calling and increasing the value every couple of months as you add more parts. You can always raise the ending value if needed. This policy also covers the transportation of the aircraft and you can bind coverage with the builders or kit number and of course the N# if you have it.
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Global Aerospace - With the EAA Program Annual Premium : $400.00
Aircraft Value: Minimum Value $40,000
Items % coverage Value
Wings 10% $4,000.00
Fuselage 15% $6,000.00
Tail Kit 5% $2,000.00
Prop/Engine 30% $12,000.00
Avionics/Instruments 25% $10,000.00
Miscellaneous 5% $2,000.00
Finish Kit 10% $4,000.00
Liability: None
Medical Payments: None
PLEASE SEE THE EAA COMPONENTS ENDORSEMENT THAT IS ATTACHED TO THEIR BUILDERS RISK POLICIES. The annual premium is 1% of the value that you choose to insure the a/c for. This policy does NOT cover the aircraft while it is being transported.
American International Group (AIG)
Annual Premium: (with AOPA discount applied) $473.00
Aircraft value is beginning at $15,000 not to exceed $21,000 during the policy period.
Deductibles: $100 not in motion losses
Liability (min. required) $250,000 Excluding passengers
Medical Payments $1,000
This policy DOES cover transportation of the aircraft.
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Hope that helps you out. So far they have been very nice to me. I went with the 1% policy. PM me if you need the lady's info.