TMac Posted August 3 Report Posted August 3 Looking for contact info for Mooney-specific aircraft appraiser, previously known as AERONUVO/Skyboss—any referrals? If not, any FAA approved appraiser recommendations? Note: I already contacted Jimmy Garrison, who was helpful
Fritz1 Posted August 3 Report Posted August 3 More of a art than a science, Jimmy Garrison probably knows more about it than anybody else that I am aware of, don't think there is an FAA approved appraiser, your best bet is to take Jimmy's table and get recent comps, thus actual numbers that Bravos sold for recently, then test the market, if you are selling put it up for sale or if you are buying make offers
PT20J Posted August 3 Report Posted August 3 I’m not aware that FAA approves appraisers. If you require professional credentials, perhaps you should seek out a PAAO-certified appraiser.
Fritz1 Posted August 3 Report Posted August 3 If this is for an off market transaction contact insurance brokers, they deal with appraisers, get three appraisals and take the average which will preclude most arguments
LANCECASPER Posted August 3 Report Posted August 3 This is probably why the appraisal is needed: https://asn.flightsafety.org/wikibase/516388 There is no FAA certification for appraisers. Just speculation, but if it was underinsured and the insurance company is totaling it is the only reason i can think of for an appraisal wanted in this situation.
kortopates Posted August 4 Report Posted August 4 This is probably why the appraisal is needed: https://asn.flightsafety.org/wikibase/516388 There is no FAA certification for appraisers. Just speculation, but if it was underinsured and the insurance company is totaling it is the only reason i can think of for an appraisal wanted in this situation.True, but even an appraisal isn’t going to help. Typically they’ll limit repair cost to 70% of hull value expecting about 30% of hull to roughly equal salvage value. So more than 70% of hull it’s cheaper for them to total it and write the check. Now maybe if the owner has already asked the underwriter to increase hull value and was still awaiting a response when the gear up happened?Sent from my iPhone using Tapatalk 3
philiplane Posted August 4 Report Posted August 4 (edited) Avemco totals a plane when the repair costs exceed 70 percent of the agreed hull value in the policy. All others total at the 80 percent mark as far as I know. That's why it's important to calculate a gear-up repair cost for your specific airplane, and make sure your hull value is 40 percent above, that if you want to keep the plane. Edited Monday at 05:28 PM by philiplane 1
PT20J Posted August 4 Report Posted August 4 @Parker_Woodruff can you weigh in on the repair cost as a percentage of hull value that will trigger scrapping the airplane?
Parker_Woodruff Posted August 4 Report Posted August 4 10 hours ago, PT20J said: @Parker_Woodruff can you weigh in on the repair cost as a percentage of hull value that will trigger scrapping the airplane? Varies by company, but a couple commonly seen ones: If cost to repair plus salvage value is greater than the insured value, it's totaled. If cost to repair is 70% or more of the insured value, it's totaled. When determining salvage value, normally the adjuster asks for bids from salvage companies. 2
philiplane Posted Monday at 05:33 PM Report Posted Monday at 05:33 PM 4 hours ago, Parker_Woodruff said: Varies by company, but a couple commonly seen ones: If cost to repair plus salvage value is greater than the insured value, it's totaled. If cost to repair is 70% or more of the insured value, it's totaled. When determining salvage value, normally the adjuster asks for bids from salvage companies. How does "cost to repair, plus salvage value", get written into the insurance contract? Cost to repair is within the control of the owner, the agreed-upon value is within the control of the owner, but salvage value is like lobster. The price of the day. It seems like an invitation to a lawsuit over that value by the aircraft owner in the event of a large claim.
Parker_Woodruff Posted Monday at 07:27 PM Report Posted Monday at 07:27 PM 1 hour ago, philiplane said: How does "cost to repair, plus salvage value", get written into the insurance contract? Cost to repair is within the control of the owner, the agreed-upon value is within the control of the owner, but salvage value is like lobster. The price of the day. It seems like an invitation to a lawsuit over that value by the aircraft owner in the event of a large claim. They get bids from salvage companies. If it's borderline, I think many adjusters are flexible.
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