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Old 09-27-2022, 12:48 PM
LRingeisen's Avatar
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 115
Default Insurance Tips: Building a new project & Hurricane Information

Building an aircraft can be a fun, educational and exciting time, but it can turn disastrous if you are not properly insured. With a builders risk policy, you can be covered from the first piece of the puzzle to the time the aircraft is moving under its own power. You can even put fuel in the tank and start the engine with a builders policy, but don’t let that aircraft get away from you! Once it’s moving under its own power, there is no coverage. However note that transportation of the aircraft to the airport is covered. You also have the option to add liability coverage in order to help protect you if someone is injured while helping you work on your project. This liability will also protect you if while trailering the aircraft in an open bed trailer and a part falls off and damages someone else’s property.

Once you are ready to fly, you may be able to make a quick change to the policy to update it to flying coverage. If that doesn’t work, you can always get the policy shopped out with the other companies that offer coverage during the fly-off phase. Please note that you may not be eligible for full flight coverage in the future if you do not meet the insurance companies pilot requirements. As a reminder for those pilots building a tailwheel aircraft, most companies are requiring 25 hours tailwheel before offering quotes.

Of course, all claims are based on a case-by-case basis.

Hurricane Information:
If you are in the path of the incoming hurricane, we hope you are staying safe. We also wanted to remind you that many aviation insurance policies will reimburse you to move your aircraft out of the path of a named hurricane or wind storm if possible. Each company is different, but several offer a reimbursement program. These companies would rather pay the reimbursement expenses (usually up to a set limit) rather than pay for a totaled aircraft. If you’re wondering if your insurance company partakes in a program like this, it will be listed in your policy. You can also contact your insurance broker for more information.

If you are unable to move your aircraft and need to turn in a claim, here are numbers for the companies we insure Vans Aircraft through:

o AIG - 866-463-0408
o Global Aerospace - 913-451-9660 or 888-228-2281
o IAT - 941-782-1076
o Old Republic – 770-590-4950
o U.S. Specialty Insurance Company - 801-467-8731 / claims@ussic.com
o Aerospace – aimclaims@hallmarkgrp.com
o USAIG - 866-789-1986
o Starr – 404-946-1400 / aviationclaimreports@starrcompanies.com/if an emergency Jeffrey Greenawalt 214-223-0202
__________________
*This is an informative post to help educate and explain different aspects of the insurance field.

Leah Ringeisen, Katie Escalante, Kim Schuler & Kendra Bingham
Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
www.ajg.com/lightaircraft
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
*paid advertiser
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