Avemco Aircraft Salvage - One of the most common "minor" but expensive accidents is a blowout, which requires at least partial destruction of the engine in addition to repair or replacement.
There you go on short final, everything is lined up for a good landing, and when the dust settles, you know the landing is not good. For the rest of the story, let's assume that: a) no one was hurt; (b) your aircraft is damaged; c) you have purchased insurance covering damage to the aircraft and d) all the terms of the insurance policy have been met.
Avemco Aircraft Salvage
What happens now? What are the unique factors to consider as a home builder? Before proceeding, please note that it is important to discuss the terms and conditions with your insurance company before taking out a policy on your aircraft.
Va Vol 15 No 9 Sept 1987 By Eaa Vintage Aircraft Association
Your policy will usually contain a statement outlining your obligations after an accident or loss, such as taking reasonable steps to protect your aircraft from damage. This includes theft and vandalism. You should report the damage to your insurance company immediately. The notification should include the date, time, place and circumstances of the accident/incident/occurrence. If there are witnesses, you should also include their names and contact information. I hope you carry your insurance policy ID in your purse or on the plane with the contact information for the insurance company's claims department. The map will likely also include a list of what to do after the accident. If you don't have ID, contact your insurance company and get one ASAP.
Damage to the aircraft during a forced landing is one thing, but the potential damage of recovery must be considered. Many aircraft that can be repaired cannot be repaired due to damage caused during recovery operations.
While performing your duties after a loss, the best protection for a damaged aircraft may be to leave the aircraft where it is. In this case it is a good idea to remove all portable equipment as well as the removable avionics and instruments from the panel. You really don't want a landing accident to turn into a theft claim, which then involves filing a police report. Even if your aircraft is moved to a safe location, you must take all removable items and removable avionics. Let the aircraft handling facility and insurance company know what items you are taking with you. Keep them because your insurance adjuster will want to review them. Depending on the definition in your policy, these items may be returned as part of the flat in the event of a total loss. Most policies will cover or pay for the costs of maintaining your aircraft after an accident.
If your aircraft needs to be moved to clear a runway or taxiway, or if your aircraft is ordered to be moved by the local authority (airport manager), you can move the aircraft to a safe location. It is best to have someone with the proper equipment and experience to move the aircraft without causing additional damage. An aircraft damaged in the first crash can be repaired when the aircraft is repaired, due to the additional damage caused by moving it.
Opinion: Savvy Maintenance
Both vans were considered "total losses" in the 2011 tornado at Sun's Recreational Aviation.
For insurance purposes, when an aircraft is a total loss, it is not economically feasible to repair and restore it to its pre-loss condition. The insurance policy usually defines what the total loss is. Two common methods for determining total loss are: If the cost of repairing the aircraft and the salvage value of the remaining value of the aircraft is equal to or greater than the insured value of the aircraft, it is a total loss. For example, if an airplane is insured for $80,000, the cost of repairs is $50,000 and the cost of salvage is $30,000, which the insurance company considers a total loss. The second possibility is that the policy specifies a percentage of the insured value as a total loss of the aircraft. Usually the percentage is about 70% of the insured value.
A damaged nose gear may be a relatively simple fix, but if the plane crashes or, worse, the plane crashes, the insurance company will "total" the plane.
Homebuilders often look to a third alternative if the numbers are close: negotiating a deal that allows them to keep the bailout. It is very important to know the terms and conditions of the policy before buying the insurance. Sometimes the policy will give you a first right to buy the salvage, but often it doesn't include a first right to salvage. Even if they do, the insurance company will determine the salvage value based on your type of aircraft or similar aircraft experience. Your choice is to accept their offer, negotiate another offer if possible, or reject their offer and exercise your option to buy against other potential salvage buyers. If you want to save your life, it's a good idea to notify your insurance company as soon as possible.
Piper Flyer Association
Let's go back to the landing and the plane looks repaired. Most aircraft policies are written on a fixed value basis, which means that in the event of a total loss, the insurance company will pay the amount you agreed to cover (physical damage) when the policy was accepted. You will need to read the policy because the handling of deductibles and unpaid premiums is written in the policy. If the aircraft can be repaired, they are also available to pay for it. For example, if you haven't painted your apartment yet, the insurance company won't cover painting it as part of the repairs.
Dozens of aircraft, mostly experimental, were severely damaged in 2011 when a tornado tore through the parking lot of the Sun's Funhouse. Fortunately, no one was hurt.
Even if you provide information about yourself and your apartment when applying for insurance, the adjuster must verify this information. To aid in the claim settlement process, have documentation on the aircraft and yourself as a pilot for the regulator to review. In earlier days, the adjuster would ask for your original certificates and notepads, so they would make copies. Today the adjuster will photograph the certificates and the relevant pilot logbook pages (date of last flight, last two times taken, current flight review, medical documents). If the FAA or NTSB requests your airplane certificates and pilot notebooks, make a copy for the regulator or, if possible, delay sending your documents to the FAA or NTSB until the regulator has recorded the information needed to file a claim.
The adjuster will also receive an accident notification from you. This can be a written statement or a recorded conversation or phone call. The adjuster may also obtain statements from any witnesses.
Va Vol 16 No 2 Feb 1988 By Eaa Vintage Aircraft Association
So now all the documents are provided by you, reviewed by the insurance company (their claims department) and the coverage is approved. The next step is to get a quote for the repair. Better yet, a few suggestions from different stores. Here comes the problem for the home builder. Depending on the damage, there may not be many shops willing to repair the aircraft you built yourself. If you want to do the work, you may have to apply for repairs to your apartment. Your policy may contain language that sets certain parameters for the hourly rate for your work. If that doesn't work, you should talk to your insurance company about the cost of the work. Remember, if you include service on your claim, it's part of the equation of whether your aircraft is repaired or considered a total loss. You and the insurance company will agree on the monetary value of the damage (parts and labor). At this point you can work (or not work) on the plane as interest or time permits. You should also know that if the insurance company continues to insure your apartment, the insured value will decrease with the amount of the settlement. Usually, you can add value back to the apartment once the renovation is complete.
The landing did not go well, but luckily the pilot and passenger were only injured. What happens now? Begin by removing the avionics and other valuable accessories, a
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