REFLECTOR: Builders Risk Policy

[Gary Stull]

I had Avemco for my builders insurance many year ago, 1995 to about 2000. They were willing, back then, to insure Velocity's for the first flight also. Unfortunately they had a large number of claims, some somewhat suspect, which caused them to consider Velo's too risky to insure. Duane Swing talked them into continuing insurance with restrictions for some time after that. Unfortunately there was a period of several claims that put the nail in the coffin as far as continuing to insure Velo's. I am currently insured with AIG through Aircraft and Marine Insurance.  
  ----- Original Message ----- 
  From: Andy Millin 
  To: 'Velocity Aircraft Owners and Builders list' 
  Sent: Friday, March 13, 2009 12:30 AM
  Subject: Re: REFLECTOR: Builders Risk Policy


  My experience with Avemco has been mixed.  I started when they had the "relationship" thing going with EAA.

   

  The short of it was the Agents just did not know what coverage the company was supposed to be offering.  Very unimpressive.  It sounds like they still haven't fixed that problem.

   

  That being said, I have heard of unhappy campers with just about every insurance company going.   Although, to their credit, I have seen many people recommend Pam at Falcon.

   

  When times were good, it was not unusual for the companies to bump rates every year on policy owners that had no claims.  It appeared as though they were trying to find the aircraft owners tolerance for pain and maximize profits far more than serving their clients.  The impression given was that loyalty was more of a one-way street.

   

  After hearing so much about insuring a Velocity over the years, I will just treat it as a commodity.  Who has the best coverage at the best price.  For construction insurance it has been Avemco.  I don't love or hate them.  It's business.

   

  Andy

   

   

   

   

   

  From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On Behalf Of Don Johnston
  Sent: Thursday, March 12, 2009 5:27 PM
  To: reflector at tvbf.org
  Subject: REFLECTOR: Builders Risk Policy

   

  Called Avemco and they REALLY did not want to talk insuring a Velocity!

   

  At first they flat out said "No". Then after I mentioned that I was directed to them by someone who was currently insured, they checked and said that they would write the builders risk policy but that once the plane was finished, so were they.

   

  Falcon is sounding better. Waiting for a quote.

   

  Thanks everyone!

   

  -Don

   

  Date: Tue, 10 Mar 2009 15:14:00 -0400

  From: "Andy Millin" <amillin at sbcglobal.net>

  Subject: Re: REFLECTOR: Builders risk policy

  To: "'Velocity Aircraft Owners and Builders list'"

        <reflector at tvbf.org>

  Message-ID: <007201c9a1b4$5f197960$1d4c6c20$@net>

  Content-Type: text/plain;     charset="us-ascii"

   

  I have mine through Avemco.

   

  Cost will depend on what you declare the value to be.  I put the value as

  what I have into it.  You could figure it as replacement cost.  Your call.

   

  I don't recall the exact figure.  I think my last renewal was around $500

  for the year.

   

  Andy

   



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