LRingeisen
Well Known Member
Builders risk coverage might not be something you think about until you are further into the building process but it might be a good idea to reconsider no matter what stage you are in. You never know when you could have a weather related disaster in your area, especially this time of year for you Midwesterners. With storms and tornado season on the rise, why take a chance of not having coverage for a project you’ve put so much time into? Besides weather related claims you would have coverage for theft of materials, and parts. This coverage isn’t that expensive as a basic builders risk policy can run you around $250 a year for $40,000 worth of coverage. You also have the option to add liability coverage to the policy. This can protect you if someone gets hurt while helping you build the aircraft or during the transportation process. Let’s say you are transporting the aircraft to the paint shop and part of the aircraft falls off the trailer and damages a car or someone else’s property. The liability coverage would apply. Also note that this policy will cover the aircraft at multiple locations. For example, the engine is at your house and the wings and fuselage are in another location like a shop or airport. Of course, it’s up to you when you want to start a builders policy, but you don’t have to wait.
All claims on handled on a case-by-case basis.
All claims on handled on a case-by-case basis.
