007H
We are probably not as far apart as when to pull the chute as you imagine!
Loss of control ? I would attempt recovery but add a ceiling where I knew there was still room to effectively use the chute! Failure to recover use the chute.
Engine failure ? I may use the chute depending on what's below !
Night ? Definate use of chute
Over fog or very low cloud use chute
Engine failure over densely built up area? I would try to Glide clear with responsibility to those on the ground! If no chance of gliding clear use chute!
Over water ? Depends on water conditions and winds although the two don't go together! Heavy winds heavy seas : )
I would avoid the chute where the aircraft is flyable but this discussion has opened up other options for using it !
Would it encourage me to push my luck ? Probably yes if I am
Being honest : )
Pace