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-   -   Hull value (https://vansairforce.net/community/showthread.php?t=194421)

dreed 04-17-2021 08:33 AM

Hull value
 
hey folks-

Funny, the build is "complete" (hahaha) and still questions to ask. Searched but wanted to pick the brain trust.

What do you all have for hull coverage? With the increase in kit cost, parts and what labor is if something should need to be fixed.

I have a 7A, with a 390 + Hartzell composite prop, decent panel etc. I asked for a $180K hull coverage quote thinking it'd be close should you ever need to replace the airplane.

Just wanted a sanity check from fellow builders. Quote is Mid $2K range (Gallagher) which I don't think is unreasonable at all given I am not instrument rated yet and not a ton of time, but before I write the check I want to make sure I asked around that I am not under or over on my ask.

Thanks!
dan

wirejock 04-17-2021 08:54 AM

Hull insurance
 
Quote:

Originally Posted by dreed (Post 1518643)
hey folks-

Funny, the build is "complete" (hahaha) and still questions to ask. Searched but wanted to pick the brain trust.

What do you all have for hull coverage? With the increase in kit cost, parts and what labor is if something should need to be fixed.

I have a 7A, with a 390 + Hartzell composite prop, decent panel etc. I asked for a $180K hull coverage quote thinking it'd be close should you ever need to replace the airplane.

Just wanted a sanity check from fellow builders. Quote is Mid $2K range (Gallagher) which I don't think is unreasonable at all given I am not instrument rated yet and not a ton of time, but before I write the check I want to make sure I asked around that I am not under or over on my ask.

Thanks!
dan

That's just hull? Not moving?
I have a $125K hull for about $500

dreed 04-17-2021 09:08 AM

Hey Larry-

Sorry, that's everything with $180K hull

$1mm total per occurrence
$180K All risks (ground/Flight)

Desert Rat 04-17-2021 09:12 AM

Quote:

Originally Posted by wirejock (Post 1518651)
That's just hull? Not moving?
I have a $125K hull for about $500

Sounds like you're talking about builders risk or hangar insurance. Thats' not an apples to apples comparison to replacement cost.

Airplane policies originally were modified boat/ship policies. Hull insurance by definition is the value of the airframe and stuff thats attached to it. Whether you cover it for all risk, risk not in flight, risk not in motion, or builders risk has a huge impact on the premium, but the coverage on the tangible property that is the airplane is all "Hull" insurance

OP

It seems to me that $180k is a pretty easy number to get to with an IO390 and any kind of Avionics, but FYI- If you insure your airplane for less than it costs to replace it, you can be left holding the bag if it gets totaled. If you insure it for $180K then basically you could expect the insurance company to insist that it be repaired rather than scrapped all the way up to $179,999.

Jpm757 04-17-2021 09:33 AM

A total loss does not necessarily mean (in your case $180k) that your damage must total $180K. I have seen several claims that as they approach 75% of the hull value they become totalled. Check the fine print. Most insurance companies at their discretion "total" your bird, then recapture some of their loss by auctioning the damaged aircraft. Some owners have bought back their totalled aircraft.

BobTurner 04-17-2021 12:19 PM

Quote:

Originally Posted by Jpm757 (Post 1518664)
A total loss does not necessarily mean (in your case $180k) that your damage must total $180K. I have seen several claims that as they approach 75% of the hull value they become totalled. Check the fine print. Most insurance companies at their discretion "total" your bird, then recapture some of their loss by auctioning the damaged aircraft. Some owners have bought back their totalled aircraft.

+1 Yes, there is a danger in underinsuring your hull. The insurance company will just total it and sell salvageable parts. OTOH, if you over-insure, the insurance companies get nervous. They’re afraid you may try to make a profit at their expense. You want to get the hull value right. Check comparable sales if you can.

dreed 04-17-2021 05:06 PM

Thanks All- I just wanted to make sure I wasn't under/over. Jenny said it was on the higher end of what they've seen requested, but I think it's a fair value for the way it's outfitted.


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