LRingeisen
Well Known Member
Everyone has a different coverage need and sometimes this need can change over time. With aviation insurance there are several different options to choose from.
As the name implies, a builders risk policy is for the building process. This is the coverage you can maintain from the time you purchase your first sub-kit until the aircraft is ready to move under its own power. This is an affordable coverage starting around $250. If your project is being stored at an airport, there is a high likelihood that the airport would want to be listed as an additional insured. Liability coverage can be added to a builders risk policy to cover this requirement for as little as $250.
A Ground Not in Motion policy may be the thing you are looking for if you are not currently flying but no longer in the building process. This covers the aircraft as long as it is not moving under its own power. You can increase this coverage to Ground Not in Flight to cover the aircraft for taxing. The most common coverage provided is Ground and Flight, also known as All Risk Hull or Full Flight coverage. Of course, this adds flying coverage. It’s important to understand that each of these options include liability coverage while on the ground and in flight. Remember, depending on the pilots qualifications training may be required when you bind coverage. This is only determined by getting quotes through the insurance companies.
Liability Only covers you for instances you are liable for whether they take place in flight or on the ground, but there is no coverage for the aircraft itself.
If you have more questions about the differences between the available options, please reach out to your broker. Of course, all claims are covered on a case-by-case basis.
As the name implies, a builders risk policy is for the building process. This is the coverage you can maintain from the time you purchase your first sub-kit until the aircraft is ready to move under its own power. This is an affordable coverage starting around $250. If your project is being stored at an airport, there is a high likelihood that the airport would want to be listed as an additional insured. Liability coverage can be added to a builders risk policy to cover this requirement for as little as $250.
A Ground Not in Motion policy may be the thing you are looking for if you are not currently flying but no longer in the building process. This covers the aircraft as long as it is not moving under its own power. You can increase this coverage to Ground Not in Flight to cover the aircraft for taxing. The most common coverage provided is Ground and Flight, also known as All Risk Hull or Full Flight coverage. Of course, this adds flying coverage. It’s important to understand that each of these options include liability coverage while on the ground and in flight. Remember, depending on the pilots qualifications training may be required when you bind coverage. This is only determined by getting quotes through the insurance companies.
Liability Only covers you for instances you are liable for whether they take place in flight or on the ground, but there is no coverage for the aircraft itself.
If you have more questions about the differences between the available options, please reach out to your broker. Of course, all claims are covered on a case-by-case basis.