Maintenance for percent of Sale

Anticept said:
The friends are not suing me. They don't want me involved, but the guys they are suing will.



You are always covered for occurrences linked to a time during the policy period. For example, if you just switched insurance companies but found hail damage from a thunderstorm that happened a few days before, then you don't file the claim with the new insurer, you file it with the old one. Even though the policy ended, coverage between the start and end date does not.

The same goes for maintenance. If I am insured, and 10 years later someone has an engine failure and points the finger at me, even though I haven't picked up a wrench in 5 years, I'm still covered if they try to claim it was because of something I did those 10 years prior. Keyword: "claim". In this case it would be next to impossible to pin it on me.



It's unlikely to be sued by someone to be quite honest, but when it happens and they have any semblance of a case, you better not have assets. If I didn't have assets, I wouldn't care. But I have one little plane that is very very sentimental to me :p.

It's some real BS how liability works. REAL BS. As another example, in 2000, we had a club member who joined, got checked out, and took a plane up to Wisconsin or Minnesota (I don't have the file with me) for a meeting. Anyways, there was heavy weather on the way back, and he was not instrument rated. He and his 3 passengers were killed after flying into an embedded thunderstorm that took the wings off. The family sued everyone they could name, and our insurance decided to just settle for the entire policy payout.
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Frankly I'd rather risk loosing my stuff compared to never doing anything because I was scared of... fill in the blank.

If you have family you trust, or can set some stuff up, easier to just keep your stuff and set everything up to be judgement proof on paper.
 
James331 said:
Frankly I'd rather risk loosing my stuff compared to never doing anything because I was scared of... fill in the blank.

If you have family you trust, or can set some stuff up, easier to just keep your stuff and set everything up to be judgement proof on paper.
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It is actually easier than one would think to prove that you are trying to hide assets (why does your family, for example, own planes when you are the only pilot?). When you do this, you are risking your family's assets too due to commingling.

Being explosed to the legal profession might make me a little jaded. Still, I would rather just not get involved in things that might get me sued for exorbitant amounts. I'm not getting worried about being sued, I'm worried about being ordered to pay half a million dollars. The chances are so astronomically slim, but again, to me, I have a lot to lose, enough that I consider guarding my assets worth turning down work.

If this was work on a car? Sure I'll help. It's much harder to pin some BS on me as well, whereas I basically spell out things in an airplane logbook. It's a liability goldmine.

Finally, if it is a good friend, I might help them with their plane too. Someone I know very well. The problem here, is this airplane in this thread is being SOLD, and it's just after a restoration which is just plain outright crazy without insurance. You don't know who it is being sold to. That is a huge problem that really needs to be weighed more heavily by people posting here. Imagine how ****ed you would be if it was sold to a lawyer, or, even worse, the spouse or child of a lawyer.
 
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Anticept said:
Hi all!

Here's the factual NTSB report for the aircraft accident in 1999 (I thought it was 2000). http://www.ntsb.gov/_layouts/ntsb.aviation/GeneratePDF.aspx?id=CHI99FA290&rpt=fa

Here's the probable cause: http://www.ntsb.gov/_layouts/ntsb.aviation/GeneratePDF.aspx?id=CHI99FA290&rpt=fi

The settlement was for 200,000 to the estates of the deceased. I cannot fathom WHY we were held responsible for that accident and the fatalities aboard. But hopefully this makes the point I'm trying to make.
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The jury wanted (or someone was worried that the jury would want) the family to have some money. You (or your insurance company) had money. In order to transfer that money to the family you had to be "declared" responsible.
 
luvflyin said:
The jury wanted (or someone was worried that the jury would want) the family to have some money. You (or your insurance company) had money. In order to transfer that money to the family you had to be "declared" responsible.
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Exactly. Juries are the bane of aviation. This is why cessna basically just throws money at people who sue them, because they know they have to fight the case and win the jury over. Cheaper to just throw 20k at them and hope they leave.
 
Anticept said:
Exactly. Juries are the bane of aviation. This is why cessna basically just throws money at people who sue them, because they know they have to fight the case and win the jury over. Cheaper to just throw 20k at them and hope they leave.
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Let me finish that statement for you:

Because the attorneys don't want anyone on the jury who has ANY knowledge of aviation.

It's easier to present your case to, and get a judgement from, a bunch of sympathetic dummies.
 
Anticept said:
Hi all!

Here's the factual NTSB report for the aircraft accident in 1999 (I thought it was 2000). http://www.ntsb.gov/_layouts/ntsb.aviation/GeneratePDF.aspx?id=CHI99FA290&rpt=fa

Here's the probable cause: http://www.ntsb.gov/_layouts/ntsb.aviation/GeneratePDF.aspx?id=CHI99FA290&rpt=fi

The settlement was for 200,000 to the estates of the deceased. I cannot fathom WHY we were held responsible for that accident and the fatalities aboard. But hopefully this makes the point I'm trying to make.
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Did it go to trial? Do you have the court docket number? What was the stated reason you were held liable? Was anyone else named as a defendent?
 
It's so long ago that I don't know, I only have a few records from that time. There is a settlement agreement though to the families of the deceased. It might not have even made it to court, but if it did, it still would have been a long and ugly fight.

I did look at our insurance policy a couple days ago. Our current insurance covers negligence on behalf of approved pilots as well. Maybe that's how it worked back then too, and that's why there was a payout. If the money went to good causes, I won't have as much of an issue.

I think they did try to go after the instructor who approved him too (total crock), but that's covered in the settlement agreement and wouldn't have gone anywhere.
 
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Anticept said:
It is actually easier than one would think to prove that you are trying to hide assets (why does your family, for example, own planes when you are the only pilot?). When you do this, you are risking your family's assets too due to commingling.

Being explosed to the legal profession might make me a little jaded. Still, I would rather just not get involved in things that might get me sued for exorbitant amounts. I'm not getting worried about being sued, I'm worried about being ordered to pay half a million dollars. The chances are so astronomically slim, but again, to me, I have a lot to lose, enough that I consider guarding my assets worth turning down work.

If this was work on a car? Sure I'll help. It's much harder to pin some BS on me as well, whereas I basically spell out things in an airplane logbook. It's a liability goldmine.

Finally, if it is a good friend, I might help them with their plane too. Someone I know very well. The problem here, is this airplane in this thread is being SOLD, and it's just after a restoration which is just plain outright crazy without insurance. You don't know who it is being sold to. That is a huge problem that really needs to be weighed more heavily by people posting here. Imagine how ****ed you would be if it was sold to a lawyer, or, even worse, the spouse or child of a lawyer.
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I know some of you think Anticept is paranoid. Let me assure you that once you have been named in a wrongful death suit you will be paranoid also BTDT. For people who have assets the threat is real. What are the odds? I am not sure. What I can tell you is the down side is very bad, what is the up side? You can not imagine how sleezy (being kind here) personal injury lawyers are. You want to roll the dice, by all means go for it.
 
Anyone remember what this thread was about?

Has the Stinson sold, what was the price? I never saw the questions answered before the thread was hi-jacked.
 
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