BlackRV7
Well Known Member
Lots of research, lots of input, lots of phone calls culminated with me signing the Policyholder's Release from AIG this afternoon for the damage to Black Magic. The check was to be written before 2PM. The agreement was relayed to me about 4:15 Friday afternoon. I opted to hold off posting anything until the release was signed and notarized and sent back to AIG.
First of all let's address the FAA. As defined by the NTSB this was an accident and was reported. The local FSDO, at least, uses $25,000.00 in damages as the defining amount of substantial damage subsequent to flight, or intended flight, to tip the scale. Accident in a big way.
Now about the accident, I am again holding off on saying anything since I haven't got the final back from the FAA, and such. Once again, Black Magic was parked and unoccupied on the ramp. At no time has there been a reference to anything contrary. Just want to let that one work it's course. I have the pilots NTSB statement in my file.
If there was anything good about this accident it was that it occurred on Memorial Day Sunday. The FAA and both insurance companies, were closed until Tuesday, thereby enabling me to educate myself, albeit force feed, on various aspects of an experimental airplane claim. Example, I got a lot of private emails, even one that said, "Dana, check the profiles of some of these people posting".....I already had and had spoke to several. Suffice to say, there is a lot of expertise on this board and, as usual with VAF, they were willing to talk and help. Thank you all.
Now insurance. Instead of posting a long narrative, it may be best to answer questions. I'll throw some thing out here to spur discussion.
First of all...........carry hull. Carry at what the airplane is worth. Do not intentionally understate the hull amount. You will be sorry. Your hull people are your advocates.
Total means damage payout plus salvage. If those two added together are over hull, it's total. Damage plus salvage greater than FMV for the liability side, total. So if it's going to be total, and your hull is less than FMV, you want it totaled on the liability side.
When the other adjuster wants a replacement value, give him Barnstormers sales add or similar ads.
Respond in a timely manner, in writing if you deem so.
Educate yourself.
Start a file
Talk, you don't have to be a jerk
Don't make anything up, be truthful
Let it be known up front where you want the claim to go, I wanted my airplane, not just a check.
Do not do anything that would prevent your company from being able to subrogate.
My impression: AIG Claims Representative Eric Rank was acually enjoyable to work with. And that is what we did, we worked together. I did my job, he did his but he was my advocate. As I stated above, I was upfront as to what I wanted, in the first couple sentences to Eric. We had a goal to work towards and it was always just keeping the eye on the ball. U.S. Specialties adjuster was not my advocate but I believe truly was ready for me to demand, and receive, the fair market value of my airplane in total. I don't believe AIG is going to have any problem in subrogation. I just didn't find I had to be a jerk, demanding, threatening, which I truly believe would have extended the process and just would have made it adversarial. I guess I've always been one to think most of the time, it is better just to talk and work it out than threaten, beat on your chest and just end up looking like an *******.....I mean donkey.
This settlement may seem quick to some on this list but the settlement time frame was on my terms. I spent a lot of time talking with knowledgeable people and documented my claim.
Fire off some questions, I'll do my best or at least relay how the process worked for me.
First of all let's address the FAA. As defined by the NTSB this was an accident and was reported. The local FSDO, at least, uses $25,000.00 in damages as the defining amount of substantial damage subsequent to flight, or intended flight, to tip the scale. Accident in a big way.
Now about the accident, I am again holding off on saying anything since I haven't got the final back from the FAA, and such. Once again, Black Magic was parked and unoccupied on the ramp. At no time has there been a reference to anything contrary. Just want to let that one work it's course. I have the pilots NTSB statement in my file.
If there was anything good about this accident it was that it occurred on Memorial Day Sunday. The FAA and both insurance companies, were closed until Tuesday, thereby enabling me to educate myself, albeit force feed, on various aspects of an experimental airplane claim. Example, I got a lot of private emails, even one that said, "Dana, check the profiles of some of these people posting".....I already had and had spoke to several. Suffice to say, there is a lot of expertise on this board and, as usual with VAF, they were willing to talk and help. Thank you all.
Now insurance. Instead of posting a long narrative, it may be best to answer questions. I'll throw some thing out here to spur discussion.
First of all...........carry hull. Carry at what the airplane is worth. Do not intentionally understate the hull amount. You will be sorry. Your hull people are your advocates.
Total means damage payout plus salvage. If those two added together are over hull, it's total. Damage plus salvage greater than FMV for the liability side, total. So if it's going to be total, and your hull is less than FMV, you want it totaled on the liability side.
When the other adjuster wants a replacement value, give him Barnstormers sales add or similar ads.
Respond in a timely manner, in writing if you deem so.
Educate yourself.
Start a file
Talk, you don't have to be a jerk
Don't make anything up, be truthful
Let it be known up front where you want the claim to go, I wanted my airplane, not just a check.
Do not do anything that would prevent your company from being able to subrogate.
My impression: AIG Claims Representative Eric Rank was acually enjoyable to work with. And that is what we did, we worked together. I did my job, he did his but he was my advocate. As I stated above, I was upfront as to what I wanted, in the first couple sentences to Eric. We had a goal to work towards and it was always just keeping the eye on the ball. U.S. Specialties adjuster was not my advocate but I believe truly was ready for me to demand, and receive, the fair market value of my airplane in total. I don't believe AIG is going to have any problem in subrogation. I just didn't find I had to be a jerk, demanding, threatening, which I truly believe would have extended the process and just would have made it adversarial. I guess I've always been one to think most of the time, it is better just to talk and work it out than threaten, beat on your chest and just end up looking like an *******.....I mean donkey.
This settlement may seem quick to some on this list but the settlement time frame was on my terms. I spent a lot of time talking with knowledgeable people and documented my claim.
Fire off some questions, I'll do my best or at least relay how the process worked for me.