Aircraft appraisers evaluate an aircraft’s physical condition and maintenance records to determine its current value. They use computer programs to assist in their work and can also work with insurance companies to determine the amount of a loss.
Aircraft appraisers are specialists hired to closely examine an aircraft to determine its current value. They can be an important part of the buying process, as they can review an airplane’s physical condition and maintenance records before deciding how much it’s worth. Once this information is gathered, the airplane appraiser will evaluate his findings to determine the aircraft’s value and prepare an appraisal certificate assigning it a specific number. The appraiser can provide this valuable information to the potential buyer, the current owner of the aircraft, and the lender who will finance the transaction. These professionals can also work with insurance companies to determine the amount of a loss when a claim has been filed against a policy.
A person interested in determining the value of an airplane has gone through a training program to learn the steps involved in making that determination. Aircraft appraisers are not new to the industry. The individual working in this capacity holds a commercial pilot’s license or has worked in the field of aviation for several years.
When an aircraft value request is received, the aircraft appraiser inspects it in detail. The plane’s physical condition is carefully noted. Aircraft assessors will examine the machine’s fuselage, wings and tail. The inspection process also involves analysis of the aircraft’s engine, propeller and electrical system.
Aircraft appraisers also need to see all maintenance records for the airplane being appraised. This information is used to gather information about how often the plane has been serviced and which parts have been repaired or replaced. An aircraft that has been well maintained will be valued at a higher amount than one for which the owner has not been as diligent about these issues.
The task of determining the value of an aircraft is based on the information collected by the expert, but aircraft appraisers use computer programs to help them in their work. Software programs are used to provide detailed information about the specific model of aircraft being evaluated. This information helps aircraft appraisers determine the plane’s current value.
When aircraft appraisers work with insurance companies, they are asked to inspect an aircraft to determine its value after a loss. Part of that work involves determining how much it would cost to repair the aircraft to restore it to the same condition it was in before the loss occurred. This information is given to the insurance company, which would determine whether the plane is repairable or whether it should be written off as a total loss.
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