KIT AIRPLANES UPDATE
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Be sure to obtain quotes before dismissing project insurance as expensive or unnecessary.

You may be surprised at how affordable builderвЂ™s risk insurance is.

In addition, your insurance company may require that you do annual training on your home-built aircraft. If your aircraft is unique, it may take some time to find someone who can train you.

Be aware that training with a Certified Flight Instructor (CFI) will likely be required before you can insure your aircraft.

Coverage may be inadequate or nonexistent in your homeownerвЂ™s policy.

Do not rely on your homeownerвЂ™s insurance to cover the loss of experimental aircraft parts you are storing at home.

There may be advantages to working with an insurer who can cover your project from conception to completion and beyond.

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Of those that do, many write builderвЂ™s risk and full flight policies, but not first flight insurance.

Be aware that many companies do not offer home-built plane insurance.

Waiting until it is complete or nearly complete to seek insurance may cause delays in your clearance to fly the plane.

Do your research and have a plan for securing home built aircraft insurance before you start your project.

If you are planning to build a kit plane, keep the important considerations below in mind. Key Considerations with Experimental Aircraft Insurance For example, a pilot is not allowed to carry passengers in the aircraft during the fly off period. Consequently, the FAA imposes restrictions on the use of the plane during this period. The fly off period is a time of higher risk since there are many unknowns until a plane has been thoroughly tested. This is extremely important since experimental aircraft are unique by nature and because some pilots make modifications to the standard kit design.

Changes in how the plane is rated and insured, including what is known as вЂњfirst flightвЂќ insuranceДuring the fly off period, which can last from 25 to 40 flight hours, a pilot is essentially creating the operating handbook for their plane.

However, it is important to note that the experimental aircraft is still subject to restrictions that can take some time to resolve. The new policy allows for вЂњfull flightвЂќ of the aircraft and has a different premium due to the new exposure.

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When an amateur built aircraft reaches the point where it is operational, the builderвЂ™s risk policy is canceled pro rata (meaning any premiums paid for future periods are refunded) and a new policy is issued. Taxi and Flight Insurance as an Experimental Aircraft Becomes Operational It is also crucial for kit plane builders to keep detailed records, receipts, bills, and other documents related to the project, as compensation in the event of a loss may require this documentation.

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However, it is important that the pilot stay in contact with their aviation insurance broker to update the policy as the aircraft and component part value increases. This insurance provides protection throughout the building process. It is important to understand the limitations of a вЂњbuilderвЂ™s riskвЂќ policy.ДЄs the pilot begins assembling the plane, an вЂњAircraft Under ConstructionвЂќ endorsement is added to the policy. This type of policy does not afford insurance for taxi or flight operations. This is sometimes referred to as вЂњproject insuranceвЂќ or a вЂњbuilderвЂ™s riskвЂќ policy. When the pilot/builder is first gathering the materials for the kit plane project, the policy is written as вЂњGround Not in Motion.вЂќ While the plane may be weeks, months, or longer from getting airborne, it is important that the cost of the components is adequately insured. Hull damage (physical damage to the aircraft/component parts).Consequently, experimental aircraft insurance policies must evolve as the project progresses, the pilotвЂ™s asset grows in value, and the kit aircraft goes from rough framework to fully functioning experimental plane.Д®AB aircraft insurance is essentially the same as insurance for standard aircraft. This produces significant and evolving exposure for the aircraft owner. In many cases, the initial construction phases are completed at the pilotвЂ™s own location, to which parts and components are delivered as they are needed. Technically known as experimental amateur-built (EAB) aircraft, and sometimes called home-built aircraft, these aircraft are typically constructed by pilots, using parts designed and fabricated by kit plane manufacturers. Many pilots of standard aircraft find another outlet for their passion for flight by building aircraft themselves from kits.

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