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Builders insurance

T

togaflyer

Well Known Member
Im looking for a builders insurance policy for my soon to be delivered RV 10 kit. One company said I needed to obtain an N number before they can write the policy. Is this the normal. Also, any recommendations on a company to insure the project. Thanks
 
To be honest, I can't remember if I had my insurance before or after obtaining an N number. It's not a big deal and doesn't cost much. If that's a repreq and they are offering a decent premium, I wouldn't rule out a company that has that prereq.
 
At the time I had builder's insurance I had a reserved N number, not a real registration. Again, at that time, it was expensive (75% of what I now pay on a flying aircraft - surely the risks are not comparable?). I only got it because it did cover the move from garage to airport. However, I have heard rates have come down. Let us know what you find.

Edit: be careful about getting a real registration too soon. In some states that may trigger an annual property tax.
 
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togaflyer said:
Im looking for a builders insurance policy for my soon to be delivered RV 10 kit. One company said I needed to obtain an N number before they can write the policy. Is this the normal. Also, any recommendations on a company to insure the project. Thanks
Click to expand...

You no longer need a reserved N# to get builders insurance. Global Aerospace used to require this but they no longer do. The 3 companies that write builders insurance will accept either a reserved N# or the builder/kit #.

Jenny Estes
NationAir Aviation Insurance
http://lightaircraft.nationair.com/Vans
 
I built at home without insurance. I purchased insurance before moving to airport for 2 months of final assembly. Now with NationAir. I have never had full coverage on my vehicles once paid for either, so it is up to each of us to determine the risk we are willing to accept.
 
Check with your agent before you depend on homeowner's insurance. This has been discussed here before but they may not be willing to cover airplane parts stored at home or value 'aluminum sheet and angle' very highly. The time to find out you are not covered is not after the loss.
 
Data point

I got builders risk insurance after I had accumulated over $100K in value. As I recall, the premium was about $100/yr per $10,000 in insured value. For $120,000 in insured kit pieces/parts, I paid $1200/yr and it converted over to the flying/hull coverage with a credit for unused months when I got ready to fly. Those numbers may have changed in almost two years. I am pretty sure I didn't need an N number to qualify for the policy.
 
EAA > Falcon Insurance > Global Aerospace. 50K coverage for kit under construction in attached garage is $300/yr. It's a -7 but since it's declared value, I wouldn't think it would change for a -10.
 
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Jenny Estes

Jenny has the knowledge and the experience that enabled insuring our 10 painlessly over the phone with few emailed docs to follow. We self insured till we hit 100K. Numbers Bryan posted are accurate or slightly high as we just did this 3 months ago. Also included transportation insurance which we needed as ours is at painter now.

Back to Bryans numbers....reason his might be slightly high is because his 650 required special issuance:)
 
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