REFLECTOR: Insurance while building

Mon Nov 20 09:32:32 CST 2006

My homeowner's policy excludes airplanes even in parts.  Don't count on
yours covering your kit if there is a fire, tornado etc.  

Dr. David G. Ullman
Robust Decisions Inc
1655 NW Hillcrest Drive
Corvallis, Oregon, 97330 USA
Phone 541-758-5088
Direct Phone: 541-754-3609
FAX 866-898-1007
ullman at robustdecisions.com

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Subject: Reflector Digest, Vol 30, Issue 49

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Today's Topics:

   1. Re:  Insurance while building (Tom Martino)
   2. Re:  Prop (Scott Derrick)
   3. Re:  Prop (Rene Dugas)
   4. Re:  Insurance while building (Andy Millin)

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Message: 1
Date: Mon, 20 Nov 2006 07:27:40 -0700
From: "Tom Martino" <tmartino at troubleshooter.com>
Subject: Re: REFLECTOR: Insurance while building
To: "Velocity Aircraft Owners and Builders list" <reflector at tvbf.org>
Message-ID:

<056D9017A3CF854AAF93DBD2CA17C2EE0D66D4 at EVEREST.TroubleShooter.local>
Content-Type: text/plain; charset="us-ascii"

It isn't an airplane yet ... so while transporting ... you need to buy
insurance through the transporter for normal cargo coverage.

Once home, a homeowners' "rider" would due ... if not considered a
commercial venture.  It is really just a bunch of parts in the
beginning.  Toward the end, your insurance company may balk at covering
what may be considered a "motor vehicle" in their eyes.  

________________________________

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
Behalf Of len.baxter at gm.com
Sent: Monday, November 20, 2006 7:03 AM
To: Velocity Aircraft Owners and Builders list
Subject: REFLECTOR: Insurance while building

Hi All 

I pick up my kit next week ( XLRG fastbuild ) ......  I was wondering
what is the best way to insure it during transportation and during the
building process?? 

Thanks 

Len Baxter

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Message: 2
Date: Mon, 20 Nov 2006 07:43:46 -0700
From: Scott Derrick <scott at tnstaafl.net>
Subject: Re: REFLECTOR: Prop
To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org>
Message-ID: <4561BF22.3090807 at tnstaafl.net>
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Message: 3
Date: Mon, 20 Nov 2006 08:58:21 -0600
From: "Rene Dugas" <dugasd at bellsouth.net>
Subject: Re: REFLECTOR: Prop
To: "'Velocity Aircraft Owners and Builders list'"
	<reflector at tvbf.org>
Message-ID: <000401c70cb4$52655e10$6801a8c0 at ent3.local>
Content-Type: text/plain; charset="us-ascii"

Lycoming IO-540 TT 390 hrs 260 hp D4A5.

Sorry.  That would make a difference.

Rene'

-----Original Message-----
From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
Behalf Of Scott Derrick
Sent: Monday, November 20, 2006 8:44 AM
To: Velocity Aircraft Owners and Builders list
Subject: Re: REFLECTOR: Prop

What engine Rene?

Scott

Rene Dugas wrote: 

Mounted and flew AeroComposite prop 2.5 hrs of 5 hr fly off this
weekend.  Gained 300 fmp climb at 25 squared and 8 knts in 23/23 cruise
from 172 knts indicated to 180 knots IAS without the spinner on.
Workmanship is beautiful but mounting hardware for spinner is now over a
week late in delivery.  It was left out of the shipping container with
the spinner.   Prop was two months later than promised but it does look
and work very well.  

Question:  The AeroComposite has a rpm limit of 3000 and an overspeed
limit of about 4000.  I was thinking of increasing my engine rpms up
from the 2700 of the MT to 2800 or even 3000.  That is still very low
rpms and should get better climb out on take off.  Thoughts?

Rene'

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Message: 4
Date: Mon, 20 Nov 2006 10:23:12 -0500
From: "Andy Millin" <amillin at sbcglobal.net>
Subject: Re: REFLECTOR: Insurance while building
To: "'Velocity Aircraft Owners and Builders list'"
	<reflector at tvbf.org>
Message-ID: <009d01c70cb7$cb10c1d0$6387a8c0 at KAZOOSOFT.COM>
Content-Type: text/plain; charset="us-ascii"

Hey Len,

Congrats on picking up the kit.  I know you have to be excited.

I have my "Aircraft Under Construction" through Avemco.  I do not love
Avemco.  I really can't say that I like Avemco.  But, that could probably be
said of just about the whole insurance industry.

I had looked into getting a rider for my homeowner's insurance.  My agent
was pretty good.  He said he would write it, but, he wanted to explain there
may be potential problems.

Most underwriters have specific exclusions for aircraft, AND AIRCRAFT PARTS.
My agent knew this was a kit, and was only parts.  He was just warning me.

He said he could write the policy, and odds are he would have no problem
getting it approved.  The warning came in regards to the possibility of the
claim.  The policies are not scrutinized nearly as much when they are
written as when you need to collect.

His example:  Say there was a fire.  The remains look like aircraft parts.
Might even have looked like an aircraft.  The adjustor may summarily exclude
the plane; even with the specific rider.  He said I would have a 50/50
chance of this.  Odds go even more against my favor as the claimed value
increases.  The insurance company writes it, the underwriter pays it.

Then, I could have a fight on my hands.  I appreciated his honesty.

Your insurance agent might have different information for you.  When you
ask, be very pointed.  Tell them exactly what it is you are doing.  Under
the radar may get you a policy that will never pay if there is a problem.

With Avemco, I know I'm paying more, but I also know that I could collect if
there were a claim.  My Avemco policy costs a little over $1 per $1000 per
year.  I insure for the replacement cost of the kit and engine.  I'll need
to get a different policy when it becomes an airplane.

Best,

Andy

  _____  

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
Behalf Of len.baxter at gm.com
Sent: Monday, November 20, 2006 9:03 AM
To: Velocity Aircraft Owners and Builders list
Subject: REFLECTOR: Insurance while building

Hi All 

I pick up my kit next week ( XLRG fastbuild ) ......  I was wondering what
is the best way to insure it during transportation and during the building
process?? 

Thanks 

Len Baxter

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