Help me buy hangar insurance....please.

[Glen Davis]

I'm located in Maine.  I own a 45x60 metal metal hangar with a 60 foot wide electric door.  The hangar is insulated and heated, has an office, a bathroom and a storage room.  I do not use it for business, just housing my Mooney and my Taylorcraft.  My local insurance agent is having difficulty finding an underwriter.  Anyone have personal experience with insurance companies that specialize or at least have experience with personal hangars?  The replacement value is $185,000.   Thank you.

[Parker_Woodruff]

Yes.  Assuming this hangar is standalone and not directly affixed to a row of hangars, I can insure this for you.  And it'd be a great training opportunity for our newer agent, Jack Stanley.

Parker@airspeedinsurance.com

Jack@airspeedinsurance.com

214-295-5055 (main office line)

[exM20K]

Mine is written by Chubb and ACE American Insurance Company.  Falcon is agent in this.  It’s not super expensive. $725 annually for $185,000 in coverage. @Parker_Woodruff dm me if you can do meaningfully better as my renewal is not up until end of month.

-dan

Edited March 10, 2022 by exM20K

[Hank]

I was gonna suggest Parker, but he beat me to it!

[Parker_Woodruff]

17 minutes ago, exM20K said:

Mine is written by Chubb and ACE American Insurance Company.  Falcon is agent in this.  It’s not super expensive. $725 annually for $185,000 in coverage. @Parker_Woodruff dm me if you can do meaningfully better as my renewal is not up until end of month.

-dan

FL or IL hangar?  Assuming IL, about the only help I could give you is check if your policy includes the roof at replacement cost or if it's actual cash value.  If it's currently ACV, I could probably get you a policy that has RC for maybe $100 or so more.

FL isn't always consistent with what's available.

[outermarker]

I am in a city-owned row hangar. The city wants me to show proof of insurance. A fellow pilot said something about the city wanting their name added should there be a claim. Is this normal? Is this something standard within the policy already? 

thanks!

[Fly Boomer]

1 hour ago, outermarker said:

I am in a city-owned row hangar. The city wants me to show proof of insurance. A fellow pilot said something about the city wanting their name added should there be a claim. Is this normal? Is this something standard within the policy already? 

thanks!

I don't know of a hangar that doesn't require this.

[1980Mooney]

1 hour ago, outermarker said:

I am in a city-owned row hangar. The city wants me to show proof of insurance. A fellow pilot said something about the city wanting their name added should there be a claim. Is this normal? Is this something standard within the policy already? 

thanks!

Absolutely – any city that has a city manager or lawyer with half a brain requires proof of insurance. Some, but not all, cities want their name added to the insurance policy.   

[toto]

2 hours ago, outermarker said:

I am in a city-owned row hangar. The city wants me to show proof of insurance. A fellow pilot said something about the city wanting their name added should there be a claim. Is this normal? Is this something standard within the policy already? 

thanks!

You’ll normally have to do a policy addendum to add the city, but it should be free. The underwriter will give you a nice letter that says the city is a named insured. I send this to the county every year. 

[Fly Boomer]

1 minute ago, toto said:

You’ll normally have to do a policy addendum to add the city, but it should be free. The underwriter will give you a nice letter that says the city is a named insured. I send this to the county every year. 

Some underwriters do this automatically.

[PeteMc]

On 3/10/2022 at 7:34 AM, Parker_Woodruff said:

Assuming this hangar is standalone and not directly affixed to a row of hangars

What is the issue if it's part of a row of hangars?

 

[1980Mooney]

6 hours ago, outermarker said:

I am in a city-owned row hangar. The city wants me to show proof of insurance. A fellow pilot said something about the city wanting their name added should there be a claim. Is this normal? Is this something standard within the policy already? 

thanks!

And this is so that your policy is at the front of the line to pay for replacement of the hangar and any adjacent damaged planes in the event a fire starts in your leased hangar space for any reason.  The city has insurance of course, but they only want to start paying after your insurance is completely exhausted.

https://www.wric.com/news/northern-virginia/fire-at-leesburg-airport-causes-7-million-in-damage-cause-unknown/

https://www.pressenterprise.com/2023/11/06/corona-airport-fire-damages-5-airplanes-1-hangar/

 

[toto]

8 hours ago, 1980Mooney said:

And this is so that your policy is at the front of the line to pay for replacement of the hangar and any adjacent damaged planes in the event a fire starts in your leased hangar space for any reason.  The city has insurance of course, but they only want to start paying after your insurance is completely exhausted.

https://www.wric.com/news/northern-virginia/fire-at-leesburg-airport-causes-7-million-in-damage-cause-unknown/

https://www.pressenterprise.com/2023/11/06/corona-airport-fire-damages-5-airplanes-1-hangar/

 

My county didn’t require this until a tornado took out a bunch of hangars that were uninsured (along with a bunch of aircraft and personal items). They have been a lot more interested in being named as an insured on aircraft policies since then. 

[toto]

12 hours ago, Fly Boomer said:

Some underwriters do this automatically.

That would be nice. I’m honestly not sure why renewing my policy that names the county doesn’t just automatically include the county on the renewal, but it never seems to.  

[A64Pilot]

I had to even have the Marina named on my insurance where I kept my boat, insurance companies know and expect this and it didn’t seem to increase the rate. Every year the Marina would call me and I had to call the insurance Co and they would send the Marina a letter. Marina required 1 Mil insurance which is apparently normal for boats, it’s apparently the possible environmental clean up that drives that. I wonder when that going to happen to aviation or has it already?

My hangar is on my house lot it’s detached but covered under my house insurance, I have told my insurance company it’s a hangar but they don’t specifically list it as such. Anyone know if that matters? Afraid if I push the issue I’ll be shopping for new insurance.

[Parker_Woodruff]

Your municipality being added as Additional Insured is a liability coverage for them if you do something that causes them to get sued or a demand made against them due to your negligence.  It's doing nothing to buy new hangars for them.