Aircraft appraisers are professionals who are hired to examine an aircraft in detail in order to determine its current value. They can be an important part of the buying process because they can assess a plane’s physical condition and maintenance history before determining its value. After gathering this information, the airplane appraiser will assess his or her findings to determine the aircraft’s value and prepare an appraisal certificate with a specific number. The appraiser can provide this crucial information to the potential buyer, the current owner of the aircraft, and the lender who will be funding the transaction. When a claim has been filed against a policy, these professionals may work with insurance companies to determine the value of the loss.
A person who is interested in determining the value of a plane has completed a training program to learn the procedures for doing so. Appraisers for aircraft are not new to the industry. The person in this position will either have a commercial pilot’s license or have worked in the aviation industry for a long time.
When an airplane appraiser receives a request for a value, he or she inspects it thoroughly. The physical condition of the plane is meticulously recorded. The fuselage, wings, and tail of the aircraft will be examined by appraisers. The engine, propeller, and electrical system of the aircraft will all be examined as part of the inspection process.
All maintenance records for the plane being appraised are also required by aircraft appraisers. This data is used to determine how frequently the plane was serviced as well as which parts were repaired or replaced. An aircraft that has been well maintained will be valued higher than one whose owner has not been as conscientious about these issues.
The task of determining an aircraft’s value is based on the information gathered by the expert, but aircraft appraisers rely on computer programs to assist them in their work. To provide detailed information about the specific model of the aircraft being appraised, software programs are used. This data aids aircraft appraisers in determining the plane’s current market value.
When working with insurance companies, aircraft appraisers are asked to inspect a plane to determine its value after a loss. Part of this job entails calculating how much it would cost to repair the plane and return it to the condition it was in prior to the accident. The insurance company will use this information to determine whether the plane can be repaired or if it should be written off as a total loss.