DID YOU KNOW builders risk coverage can cover more than just your project?

Builders policies protect your project from the unthinkable, however have you thought about protecting yourself? By adding liability coverage to your builders risk policy, you will not only have coverage for the aircraft itself, but you will also have peace of mind. Many people think their aircraft is covered by the homeowners policy because it isn’t completely built. In most cases, this is not true because aircraft (whole or in parts) are excluded. Adding liability coverage to a builders risk policy gives you coverage for damages caused by your aircraft in which you could be considered legally liable. For example, if you are trailering your aircraft and it comes loose from the trailer, the project could become the least of your worries. What if part (or all) of the aircraft falls off the trailer and hits a car head on? How much damage could an aircraft in the middle of the interstate do? Liability coverage would help you in this situation because it’s possible this scenario would not be covered by your auto insurance. Every state has different rules when it comes to insurance and so does each insurance company, one automobile insurance company may cover an aircraft being trailered whereas another may exclude it. Contacting your auto insurance agent would be the best way to confirm if there is coverage or not. Liability insurance for builders risk policies is important for other reasons too, such as your aircraft causing a fire or someone being injured while helping to build or move the project. If you have your project covered, think about getting yourself covered as well.
Also, please note that just because you have a builders risk quote policy in place with a carrier it does not guarantee that they will also offer full flight coverage when you are ready to make the switch. Its best to discuss this with your broker when putting the builders policy in place and then once again when you are getting closer to finishing your aircraft. There are times when you may need to move to a different carrier for the full flight coverage.

All claims on handled on a case-by-case basis.