Builder's insurance

tx_jayhawk · #1 01-08-2007, 07:59 PM

Does anyone know if Pappas Insurance is still in business? I've left a couple of messages but have not heard back.

What other options exist and what have builders been paying for builders insurance recently?

Thanks,
Scott
7A Finishing

cjensen · #2 01-08-2007, 08:05 PM

I just bought a builders policy from Jim back in November...but my check still hasn't cleared...not sure what's up.

I paid $383 for this years premium, wings & tail.

bullojm1 · #3 01-08-2007, 08:11 PM

I have heard that USAA has builders insurance -- but you have to be active or ex military to be a member.

MatthewD · #4 01-08-2007, 08:30 PM

Avemco.........$309 per year........emp, wings, fuse and finishing kit.

jcoloccia · #5 01-08-2007, 08:35 PM

I left numerous messages and e-mails with him last year. He never called me back.

Check this out:

http://www.eaa.org/benefits/aircraft_insurance.html

Call the number...don't go to Falcon's main number 'cause you'll get shafted. The best rates I was able to get on my own were about $1000 a year for $50,000 coverage. Yes...this was just builders insurance.

Through the EAA program, if you're a member, you pay 1% of the insured value with a $40,000 minimum.

There were some folks that wouldn't even talk to me because I'm building a Bearhawk and not an RV or a Lancair. These folks were absolutely no hassles. They do require a N number registered first before they can bind it, though. That takes about a week to get FAA confirmation in the mail. Just an FYI.

If you strike out elsewhere, this is a good bet.

Rick_A · #6 01-08-2007, 08:49 PM

A couple of weeks ago I got a quote going thru the Falcon EAA program for $1k just for builder insurance. Even though my current value is about 45K, they based the quote on the projected end of year value of 90k. Made no sense to me, so I'm still self insured.

mburch · #7 01-08-2007, 09:10 PM

Quote:

Originally Posted by jcoloccia

Through the EAA program, if you're a member, you pay 1% of the insured value with a $40,000 minimum.

This is how I went with my builder's insurance. Be advised that the EAA and Falcon will want an N-number to bind the policy, so like me you might find yourself needing to reserve an N-number a little sooner than you'd planned.

The guy I worked with on the EAA insurance line was Ladd Gardner.

mcb

gbrasch · #8 01-08-2007, 09:10 PM

I have mine thru SkySmith Insurance, 800-743-1439. Cost me $347 a year for a $25,000 policy (since my parts are at home and in my hangar, when I combine them I will have to up the figure). Very nice folks to deal with, policy thru AIG.

LettersFromFlyoverCountry · #9 01-08-2007, 09:23 PM

I chatted via e-mail with Jim a few weeks ago. We're going to put an article together for the Hotline sometime on selecting insurance. He mentioned at the time he was really swamped with work and life and then I never got a chance to get back to him cuz...then.... I.... was.

lucky333 · #10 01-08-2007, 09:24 PM

Nationair: 636-532-0023 does a good job.

Last premium was 1% of value *that you want to insure* and includes liability insurance as well. (Don't recall amount, but reasonable).

Liability is important because while you can drown a whole troop of kids in your pool and have it covered by a homeowner's umbrella, have one of em bump their head on the plane and you are likely on your own.

If you are building at home, at least with State Farm, consider the *airplane* a black hole, both in material loss, liability and casuality exposure. Check with your agent to be sure.

And no fair calling it a canoe, either. I asked.

John