Filed an insurance claim and could use some advice.

Lowe Approach

Lowe Approach

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Lowe Approach
I had a prop strike a couple of months ago and have supplied my adjuster with the quotes for repair at my local repair station. It seems that they agree with the quoted amount and are good with proceeding.

The adjuster has supplied me with a partial proof of loss statement. The total for repair is around $25K. The partial proof of loss lists $9k. I believe this is the initial payment with the remainder to come as the shop proceeds, but don't want to screw up and accidentally settle for $9k of a $25K job. Is this this common and correct?

Here is the wording...
"The partial amount claimed of Insurance Group _REDACTED_ under the terms of the
above Policy of insurance by reason of said loss is: $9,000.00"

I don't see a guarantee to provide additional payments anywhere, or is that implied with the word Partial? Or should that document say, hey bud its just the amount to get started?

Also I inherited the aircraft. How should I fill out the valuation section?
2. The said aircraft was purchased New /Used for $ ______--__ on the ___ day of ____
As you can see Line 2 asks that you state if you bought the aircraft new or used, the purchase price and the date it was purchased. Do I use the date my dad purchased the plane or the date I inherited the plane, and how do I provide valuation if the latter?

Am I over thinking this?

Thanks all.
 
I’m in claims. Partial proofs of loss are common and are just that- partial. In this case, the shop needs a deposit for parts/labor which is typical. At the end, the shop will give the adjuster the balance invoice and they will have you sign a Final proof of loss. We do it all the time. But even if you signed a final proof of loss that doesn’t preclude further payment. Insurance companies can always do supplemental proofs of loss even on a close file. Aviation hull insurance is much broader than every day insurance you’re used to so you’re good.

As far at the valuation, if there is a stated hull value i don’t see how that comes into it. I would just question mark it and if the adjuster really needs that information he/she will ask for clarification.
 
Lowe Approach said:
I had a prop strike a couple of months ago and have supplied my adjuster with the quotes for repair at my local repair station. It seems that they agree with the quoted amount and are good with proceeding.

The adjuster has supplied me with a partial proof of loss statement. The total for repair is around $25K. The partial proof of loss lists $9k. I believe this is the initial payment with the remainder to come as the shop proceeds, but don't want to screw up and accidentally settle for $9k of a $25K job. Is this this common and correct?

Here is the wording...
"The partial amount claimed of Insurance Group _REDACTED_ under the terms of the
above Policy of insurance by reason of said loss is: $9,000.00"

I don't see a guarantee to provide additional payments anywhere, or is that implied with the word Partial? Or should that document say, hey bud its just the amount to get started?

Also I inherited the aircraft. How should I fill out the valuation section?
2. The said aircraft was purchased New /Used for $ ______--__ on the ___ day of ____
As you can see Line 2 asks that you state if you bought the aircraft new or used, the purchase price and the date it was purchased. Do I use the date my dad purchased the plane or the date I inherited the plane, and how do I provide valuation if the latter?

Am I over thinking this?

Thanks all.
Click to expand...

I don't know but I'm wondering if they are pro rating based on the life of the engine. What's it's TBO and how many hours are on it?
 
luvflyin said:
I don't know but I'm wondering if they are pro rating based on the life of the engine. What's it's TBO and how many hours are on it?
Click to expand...

It's a prop strike IRAN, not an overhaul.
 
Time on the engine is not a factor because all they are doing is repairing the engine per the manufacturers guidance. The crank will be repaired and you’ll get new bearings, only parts required by the manufacturer are replaced. If you want new stuff, that’s on you. Sometime an adjuster will prorate items like governors and vac pumps.

If you are close to TBO, now is the time to get a new engine. The difference will be on your dime.
 
Lowe Approach said:
I had a prop strike a couple of months ago and have supplied my adjuster with the quotes for repair at my local repair station. It seems that they agree with the quoted amount and are good with proceeding.
Click to expand...
How did the prop strike happen?
 
luvflyin said:
Ah. He said $25K job. Kinda sounded like an overhaul. But then he didn't say what engine it was so, whadda I know
Click to expand...

The 25K probably includes replacing the propeller as well as tearing down and inspecting the motor.
 
Geosync said:
I’m in claims. Partial proofs of loss are common and are just that- partial. In this case, the shop needs a deposit for parts/labor which is typical. At the end, the shop will give the adjuster the balance invoice and they will have you sign a Final proof of loss. We do it all the time. But even if you signed a final proof of loss that doesn’t preclude further payment. Insurance companies can always do supplemental proofs of loss even on a close file. Aviation hull insurance is much broader than every day insurance you’re used to so you’re good.

As far at the valuation, if there is a stated hull value i don’t see how that comes into it. I would just question mark it and if the adjuster really needs that information he/she will ask for clarification.
Click to expand...

THANKS VERY MUCH! I really appreciate the info here. I feel much better about it now.
Cheers!
 
Clip4 said:
Time on the engine is not a factor because all they are doing is repairing the engine per the manufacturers guidance. The crank will be repaired and you’ll get new bearings, only parts required by the manufacturer are replaced. If you want new stuff, that’s on you. Sometime an adjuster will prorate items like governors and vac pumps.

If you are close to TBO, now is the time to get a new engine. The difference will be on your dime.
Click to expand...

Just circling back to this answer now that I have received word that my motor is "too old and tired" to put back into service without major expense. Like factory reman expense. So what exactly do I get from insurance for that? The same 25K for inspection and new prop? Or does that number drop for some reason?

Thanks
 
As I stated, the insurance will
pay for the repairs required by the manufacturer. If $25k is what the insurance has allowed, the remainder is your expense. There are lots of owner who opt to put the insurance toward a new engine.
 
Lowe Approach said:
Just circling back to this answer now that I have received word that my motor is "too old and tired" to put back into service without major expense. Like factory reman expense. So what exactly do I get from insurance for that? The same 25K for inspection and new prop? Or does that number drop for some reason?

Thanks
Click to expand...

I can’t answer that, maybe depends? We just made a claim to replace the windshield on a collector’s car, total cost a little over $1100. They paid all of it (minus deductible) except $30 for paint to touch up where they needed to remove and replace the molding and scraped a bit of paint.

I have no idea why not the paint touch up but I’m not complaining. Maybe because paint isn’t related to safely operating the car?

In your case is the insurance company going to say, we ain’t buying you a whole new engine, or do they say, we will pay what it takes to get the airplane flying again?
 
Even a field overhaul to new limits should be at a pretty good discount after insurance has covered that much for R/R labor and replacement of the covered components within the insurance claim proper. Think of it as an opportunity to overhaul at a discount. If you don't have the out-of-pocket cash for the add-on work, just let them IRAN per the insurance claim and you're back in the air where you were before. That's the point of insurance anyways.
 
This thread almost makes it sound like a convenient prop strike right around TBO ain't so bad... no wonder insurance is so high.
 
The Prop Strike Teardown never covers Rudy or wear.

No one will reassemble defective parts with those conditions either.

Often overlooked in claims is the Engine Mount.

A Prop Strike puts a lot of load on it and it may deform.
 
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