lowflybye,
Could you explain who owns the old parts after the new parts are paid for and replaced by the insurance company when the plane is not declared a total loss. Is there an industry standard of agreement on this?

dirtstrip wrote:lowflybye,
Could you explain who owns the old parts after the new parts are paid for and replaced by the insurance company when the plane is not declared a total loss. Is there an industry standard of agreement on this?

That is not a question that I have had come up yet. Damaged parts typically fall into one of two categories...repairable or salvage. If the part is repairable then it will typically either be repaired or used as an exchange value for the replacement part. If the part is salvage then it will be disposed of as such. The insurance company owns the parts that are removed from the aircraft and with the guidance of the repair facility determine which category the parts fall into. Salvage parts are generally left up to the adjustor to determine what to do with them. Often the salvage is desired by a salvage shops and the adjustor makes arrangements for the sale of the salvage to them. The adjustor is often willing to give the insured first crack at the salvage if doing so falls within their company guidelines, but they are not under any obligation to do so.

Last two in the set...