Insurance whilst building.

[Brett]

I was curious as to what people are doing insurance wise during the construction phase?

 

 

[facthunter]

It's available with motor cycles so it should be so with aircraft under construction too. Nev

 

 

[Thruster87]

I ended not having any insurance as it worked out way too expensive and I just kept the garage door locked.That was 4yrs ago so maybe they have come to their senses and you can now get it at a fair price considering it was just sitting all the time in a locked garage during the build . cheers

 

 

[rankamateur]

I don't have any but it makes you think when you load it on the trailer and head of up the road to the paintshop.

 

I insured myself, spread my risks so far by storing the kit and the motor and prop sepaarately, like travelling with the royal family, but now it is time for them to begin travelling together. Apparently I have to suck it up from now until 10 hours into the testing time then I will be able to insure it as a going concern. I am guessing the high price of building insurance may be to cover the intitial flight testing period.

 

 

[rgmwa]

I have insurance with QBE while building ($75K insured for about $450pa). Contact their aviation department.

 

rgmwa

 

 

[rankamateur]

I have insurance with QBE while building ($75K insured for about $450pa). Contact their aviation department.rgmwa

Does it cover you for test flying phase? Your normal insurance for the plane won't cover the first ten to twenty five hours depending on the company.

 

 

[Brett]

I have insurance with QBE while building ($75K insured for about $450pa). Contact their aviation department.rgmwa

I rang Geoff Tonkin as I already had a policy for the Aeropup with them but he quoted around $750 for $60 000. Thought was a bit rich. Don't think anyone I have rang so far was very interested.

 

 

[rgmwa]

Does it cover you for test flying phase? Your normal insurance for the plane won't cover the first ten to twenty five hours depending on the company.

No, it only covers you while building and for transporting your aircraft to an airfield for its initial test flight. I took out separate transit insurance when I took the plane to have it painted. That was about $350 for basically only a couple of hours of uneventful travel. Insurance for flying is a lot more, although I haven't quite got to that stage yet. With no or limited time in type, getting insurance for the initial period is going to be problematic.

 

rgmwa

 

 

[rgmwa]

I rang Geoff Tonkin as I already had a policy for the Aeropup with them but he quoted around $750 for $60 000. Thought was a bit rich. Don't think anyone I have rang so far was very interested.

I joined SAAA's builder's program at the start, and that paves the way for cheaper insurance through QBE. Part of the deal is that SAAA will appoint a tech counsellor to keep an eye on you and prepare written reports after each inspection. That provides the insurer with a degree of comfort that you're building a safe aircraft.

 

rgmwa

 

 

[rankamateur]

Does any policy cover the first ten hours?

 

 

[SDQDI]

Does any policy cover the first ten hours?

That is a question well worth asking a broker. We went through aviation insurance Australia and have found them very friendly and explanatory. You can insure anything for a price

 

 

[kgwilson]

The cost of insuring the project plus the hangar was astronomical so I carry my own insurance. i.e. If anything happens I pay. I do have public liability insurance though as I haven't got a spare 10 million if someone trips over the doormat.

 

 

[Yenn]

I have QBE insurance. While building it was $275 for $55000 insured figure. I thought this was good value as it would only take a cyclone to demolish the workshop and no plane. I now have flying cover for Hull at $65000 plus $5000000 for $2090.

 

This covered first flight, but the deductibles are on a sliding scale. base $1000, plus 10% of value for first 10 hours. base $1000 plus 5% of value for 10 to 50 hours and thereafter $1000 plus 1% of value. This was the SAAA coverage and I thought it was fair value, especially when my total RV time prior to the first flight was less than 1 hour..

 

 

[rankamateur]

but the deductibles are on a sliding scale.

By "deductibles", do you mean like an excess?

 

 

[Nobody]

Does any policy cover the first ten hours?

The SAAA program through QBE will but the excess may be high.

 

 

[Yenn]

Yes excess is what it is. QBE call it deductibles. As you can see 10% plus $1000 for a $65000 means the excess is $7500. I ould not want to be insuring someone I didn't know for that kind of risk, so I was happy that they consider it a suitable risk. There are a lot of accidents in the first few flights, but the SAAA have the people who can assess the risk, prior to allowing a test pilot to fly.

 

 

[facthunter]

Your Corby time counts for a lot Yenn. If you reduce the risk for the insurer, you should get a discount. They are betting on you not costing them a payout. Overall they still must make a profit. They like people with a good record and a fair few hours up. They have runs on the board so to speak. The safe pilots among us carry the others in the insurance context. If you can't afford the loss involved you should insure though. Large organisations could carry their own with losses balanced with a high cashflow.Nev