Insurance for an airpark in development

We received the following from Ron Lock: I am building an airpark in Mississippi, about 12 miles N/W on McComb (KMCB) in Auburn MS. It is 3,000 ft and includes a 300 ft. overrun (grass). Runway 6/24 will be called Lockhaven Airpark LLC. This is the runway area, and there is a 3 1/2 acre […]

We received the following from Ron Lock:

I am building an airpark in Mississippi, about 12 miles N/W on McComb (KMCB) in Auburn MS. It is 3,000 ft and includes a 300 ft. overrun (grass). Runway 6/24 will be called Lockhaven Airpark LLC. This is the runway area, and there is a 3 1/2 acre section for hangers that will be called Lockhaven Properties LLC. For future development I am putting in a 10-acre lake and will still have about 40 acres for future home sites.

For now it will be a small airpark with just a few people using it (less than 6 people).

My questions are about Liability Insurance and what kind of cost would be average. I would also like to put it on your web site and any other thing I may need to know on thing to do.

Dave responds:

Wow!

Great location, nice runway length, separate residential airpark and hangar areas, plans for a 10-acre lake and still plenty of property for future development.

Sounds like a project that should be very inviting to lots of folks. My only question is whether or not you can make this pencil out with only half a dozen people on the airport, but I’m sure you’ve already given that plenty of consideration and figured out how to make it work.

We’re happy to get your project onto our website where we can list it as “under construction.” We only ask that you keep us posted on the progress of the project so interested people will have the latest information. Please complete the form on the LWYP webpage (http://livingwithyourplane.com/directory/submit-airpark/) and we’ll be able to get you posted.

As for liability insurance and what kind of cost would be an average I have to tell you there is no such thing as an average. Most insurance firms will rate your project  on an individual basis.

I can tell you that most of the airpark groups with which I am familiar acquire a policy in the $1 million range. Check with some of the companies listed under Resources (http://livingwithyourplane.com/professionals/insurance/)  Until you open for business and aircraft are actually landing on the runway, you probably won’t need liability coverage.

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