avemco aircraft salvage

Avemco Aircraft Salvage - One of the most common "minor" but expensive accidents is propeller knock, which requires at least partial engine disassembly in addition to propeller repair or replacement.

Here you are in the short finale and everything is set up for a perfect landing, then after things settle down you realize that it probably wasn't such a good landing after all. Let's assume for the remainder of this story: a) no one was hurt; b) your aircraft is damaged; c) you have purchased insurance that covers damage to your aircraft; and d) you have met all the terms of your insurance policy.

Avemco Aircraft Salvage

What's going on now? And what unique circumstances should you consider as a home builder? Before you go any further, remember that it's important to discuss these terms and conditions with your insurance company before taking out a policy on your plane.

Va Vol 27 No 12 Dec 1999 By Eaa Vintage Aircraft Association

Your policy will usually have a provision describing your duties after an accident or loss, such as telling you to take reasonable steps to protect your aircraft from further damage. This could be theft and vandalism. You are also obliged to immediately notify your insurance company of the damage. This notification should include the date, time, location, conditions of the accident/incident/incident. If there are witnesses, you should include their names and contact information. We hope you carry your insurance policy ID card in your purse or on the plane, along with the contact information for your insurance company's claims department. This card will likely include a list of what to do after an accident. If you don't have an ID card, contact your insurance company and get one as soon as possible.

Damage to aircraft during a forced landing is one thing, but potential damage during recovery must be considered. Many aircraft that could be repaired were not built this way due to damage done during the repair process.

While performing your post-loss duties, the best protection for your damaged aircraft may be to leave it where it is. In this case, it's a good idea to remove all portable equipment and also remove removable avionics and instruments from the panel. You really don't want a landing accident claim to turn into theft, in which case a police report is filed. Even if your aircraft has been moved to a safe area, you should take all portable items and removable avionics with you. Be sure to let your aircraft storage facility and insurance company know what items you're taking with you. Keep them safe because your insurance adjuster will want to examine them. Depending on the definitions on your policy, these items may need to be returned as part of the flight if they are completely lost. Most policies will reimburse or reimburse you for reasonable expenses incurred in maintaining your aircraft after the accident.

If your aircraft needs to be moved to clear a runway or taxiway, or if you have been ordered to move your aircraft by a local authority (airport manager), you can move the aircraft to a safe area. It's best to have someone with the appropriate equipment and experience to move the aircraft before it causes further damage. There were times when the first accident resulted in a damaged aircraft only being repaired, but the aircraft rendered beyond repair due to additional damage while in motion.

Va Vol 17 No 7 July 1989 By Eaa Vintage Aircraft Association

Both of these Van's trailers were considered "total loss" after the infamous hurricane Sun 'n Fun in 2011 smashed the flight line.

In terms of insurance, an aircraft is a complete loss if it is not economically feasible to repair and return it to the condition it was in before the loss. The insurance policy typically has a definition of what counts as a total loss. Two common methods of determining total damage are: If the cost of repairing the aircraft plus the estimated salvage value of what is left of the aircraft is equal to or greater than the aircraft's insured value, it is a complete loss. For example, if the plane is insured for $80,000, the repair cost is $50,000 and the salvage value is $30,000, the insurance company will consider it a full loss. The second possibility is that the policy states that a percentage of the insured value is the airplane's tipping point, a total loss. Usually the percentage is about 70% of the insured value.

A collapsed nose gear can be a relatively simple fix, but if a propeller strikes or worse, the plane rolls over, the insurance company will likely "collect" the plane.

Homebuilders often look for a third alternative when the numbers are close: bargaining for an arrangement that will allow them to keep the scrap. It becomes very important to know the terms of your policy before purchasing insurance. Sometimes a policy will give you initial rights to purchase salvage, but often it will not include initial rights to scrap. Even if they do, it is the insurance company that will determine the salvage value based on their experience with your aircraft type or similar aircraft. Your choice is to accept their offer, negotiate another offer if possible, or decline their offer and take your chances against other potential buyers for a rescue. If you're interested in storing the scrap, you'd better notify the insurance company as soon as possible.

Va Vol 17 No 11 Nov 1989 By Eaa Vintage Aircraft Association

Let's go back to the landing and look at the bet as if we were going to fix the plane. Most airplane policies are written on a value basis; that is, in the event of a complete loss, the insurance company will pay you the value you and they agree for body (physical damage) coverage if you have the policy. You should read your policy because the handling of taxes and unpaid premiums is outlined in the policy. The same goes for the things they would pay and the things they wouldn't do if the plane could be fixed. For example, if you haven't painted your plane yet, the insurance company will not paint it as part of the repair.

Dozens of planes, most of them experimental, were severely damaged when a hurricane cut through Sun 'n Fun's homemade parking lot in 2011. Fortunately, no one was seriously injured.

Even if you have provided information about yourself and your aircraft when applying for insurance, the appraiser will need to verify the information. To aid the claim resolution process, have documentation about yourself as the aircraft and pilot available for the surveyor's review. In the old days, the assessor would require you to have your original certificates and registries in order to get a copy. Today, the adjuster will photograph certificates and relevant pilot log pages (last flight time, last pair received, current flight authorization, valid medical document). If the FAA or NTSB requests your aircraft certificates and pilot logbooks, make a copy for the surveyor or, if possible, delay submitting your documents to the FAA or NTSB until you have recorded the information required for the surveyor's request file.

The assessor will also receive an explanation of the accident from you. It can be a written statement or a recorded conversation or phone call. The judge may also take statements from all witnesses.

Va Vol 24 No 8 Aug 1996 By Eaa Vintage Aircraft Association

So, all the documents you provided have been reviewed by the insurance company (the claims department) and the coverage has been approved. The next step is to get a quote for the repairs. Different offers, preferably from different stores. This is where the challenge for a home builder comes in. Depending on the damage, there may not be many or no shops interested in repairing a do-it-yourself plane. If you want to do the job, you may still need to bid to repair your own aircraft. There may be language in your policy that sets some parameters for hourly wages for your labor. If not addressed, any labor costs you quote should be negotiated with the insurance company. Remember, if you include labor in your bid, this is part of the equation in determining whether your plane is repairable or considered a complete loss. You and the insurance company come to an agreement on the monetary value of the damage (parts and labor). At this point, you may (or may not) work on an airplane if your interest or time permits. You should also be aware that if the insurance company continues to insure your aircraft, the insured value will decrease by the settlement amount. Typically, you can add return value to the aircraft after repairs are complete.

The landing did not go well for this plane, but fortunately the pilot and passenger injuries were minor. What's going on now? Start by removing the avionics and other valuable accessories and

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