Builders/restoration insurance

Insurance and various paperwork needed for our planes
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MikeB
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Builders/restoration insurance

Post by MikeB » Sun May 22, 2011 13:36

Do any of you have builders or restoration insurance (for lack of a better term)? I just want coverage in case my hangar falls down :cry: , fire or vandelism as I'm getting a lot of $$$$ in my project L16 and while it's close to getting done. I have the completed wings at the airport and the fuselage at home for awhile. I have quote for about $450 from my present broker which is almost what I pay for liability, etc. on my Champ. Part of the difference might be that I have the Champ insured for $22,000 while the L16 is at $30,000 but I'd think the L16 should be a lot less since it's not flying. I was thinking more in the $200-250 range.

Open to suggestions........

Mike

Carl Prather
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Re: Builders/restoration insurance

Post by Carl Prather » Mon May 23, 2011 04:38

I believe that Avemco may have that kind of insurance. I would be surprised that the EAA's official insurance company doesn't have a rebuilders insurance
product.

Carl

MikeB
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Re: Builders/restoration insurance

Post by MikeB » Mon May 23, 2011 08:50

Carl,
Thanks, I actually thought of Avemco and also the EAA plan which used to be Falcon as the broker if I remember correctly. Just got my renewal package from EAA recently and see there was a insurance form in there. I will probably give them a shout and see what transpires. You'd think the insurance for a sitting project should be fairly reasonable since there's no liability involved and the hangar and shop are locked.

MikeB

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Nathan K. Hammond
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Re: Builders/restoration insurance

Post by Nathan K. Hammond » Mon May 23, 2011 10:26

If you're building it at your house, wouldn't home owners insurance cover any loss/theft?

nkh
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Champ Dreamer
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Re: Builders/restoration insurance

Post by Champ Dreamer » Mon May 23, 2011 11:28

I believe what you're looking for is called "not in motion" coverage (or something like that). My Bonanza was going to be down for a year several years back, and I had my agent convert the coverage to that. It was about 1/4 the flying cost. Glad you reminded me, I need to insure my Champ now that it is really worth something! Please let me know what you find, and I'll do the same.

Brian Walker
'46 7 AC/DC N1197E (soon to be flying!)

Dennis
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Re: Builders/restoration insurance

Post by Dennis » Mon May 23, 2011 12:00

Mike,

When I was out of the country and kept my champ in various hangers, I carried "storage insurance" with Avemco. Back then, it was only $100 or there abouts.

Dennis

MikeB
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Re: Builders/restoration insurance

Post by MikeB » Mon May 23, 2011 13:02

Good points :D .
Nathan: unsure if my homeowners would cover it. Seems like there's some kind of a limit on the 'objects covered' although I know my tools and shop equipment are covered up to a certain amount of replacement. I suspect the price of the completed airframe might be too high but I'm going to check. Also, the wings are stored in the hangar at the airport. I have around $34-3500 in each wing so I'd like some coverage on them also. We had a tornado :shock: north of here last night. That could have been nasty if it hit my hangar or shop :cry: .

I'm thinking more like Dennis mentioned or 'not in motion' per Brian. I don't think my usual broker understands what I'm looking for so I'll give Avemco a try and see what they come up with. Hopefully, this thing should be in the air by the end of the summer or early fall then I'll just switch my insurance.

MikeB

kyleb
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Re: Builders/restoration insurance

Post by kyleb » Mon May 23, 2011 23:08

Nathan K. Hammond wrote:If you're building it at your house, wouldn't home owners insurance cover any loss/theft?

nkh
Maybe under some policies, but not mine through State Farm. They specifically exclude car and aircraft parts. Presumably so you don't have a house fire and claim that you lost a pallet of brand new of A-7 mag switches and Champ fuel valves, or the dataplate and faulty compass from Amelia Earhart's Electra...

My homeowners's policy also excludes firearms, jewelry, and tools above and some very modest limits.

I've decided that with the Champ project, the airframe and parts are like "found money" in that I can afford the loss if something bad happens to them. So I'm not insuring the project. Even when I get it back together, I may only insure it for liability. The insurance folks already get too much of my money...
Kyle Boatright
Marietta, GA

RV-6 Built and Flying
Champ Restoration Underway

Carl Prather
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Re: Builders/restoration insurance

Post by Carl Prather » Mon May 23, 2011 23:59

Since Nathan brought the idea up. I think Liberty Mutual might provide insurance for a project in addition to the house. I'll ask my guy.

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