Hi, I am wondering what people are paying for builder's risk insurance, which I'm considering buying now that the engine is on its way.
As my project is divided between my hangar and home, I got a quote for $60K, which seems enough for now. I was surprised at the $700 annual premium (about 1.16%) - my only point of comparison is my Cessna 140A, for which I've been paying about 2.5% annually for the hull (remember it's a taildragger).
I asked the broker about the amount of the premium for a policy that, at least in my mind, only guards against fire or theft, and was told it included $1 million in liability coverage. When I asked how an engine in a crate could hurt someone, I was told people sometimes get injured helping owners build their airplanes. But it's hard to believe there are many insurance claims along these lines.
All that aside, can anyone point me in a better direction for builder's insurance?
Thanks!
As my project is divided between my hangar and home, I got a quote for $60K, which seems enough for now. I was surprised at the $700 annual premium (about 1.16%) - my only point of comparison is my Cessna 140A, for which I've been paying about 2.5% annually for the hull (remember it's a taildragger).
I asked the broker about the amount of the premium for a policy that, at least in my mind, only guards against fire or theft, and was told it included $1 million in liability coverage. When I asked how an engine in a crate could hurt someone, I was told people sometimes get injured helping owners build their airplanes. But it's hard to believe there are many insurance claims along these lines.
All that aside, can anyone point me in a better direction for builder's insurance?
Thanks!