Project Recaps: Agricultural Equipment Manufacturer - Tornado Loss
Immediately following a direct EF-3 tornado impact to an agricultural equipment manufacturer, ILC was brought in to perform an inspection of the manufacturing equipment and showroom machinery disbursed among multiple buildings and demonstration/staging property comprising a one-mile industrial campus.
The initial insured loss was estimated at more than $100M with equipment losses anticipated to exceed $50M immediately following the loss.
ILC Inspection Details:
During the site visits, ILC identified an enormity of manufacturing machinery estimated at greater than 1700 capital assets within the many buildings of the campus. The additional property extended beyond the buildings in rows of finished agricultural machinery. The equipment was awaiting outdoor demonstration and sales staging which transcended across the path of the tornado impact.
ILC inspected the damage to the business-critical equipment to enable temporary operations to resume, by relocating the identified useful and repairable components into temporary work cells within less impacted structures at the site.
Further inspections were performed on the finished equipment awaiting distribution to identify unimpacted saleable machinery. This would allow for distribution shipments off-site to minimize business interruption and facilitate remediation areas at the campus.
ILC worked intimately with the insured to identify as many recoverable equipment assets as quickly as possible from the damaged and collapsed structures and property to minimize business interruption.
The recovery efforts yielded enormous loss reductions for the equipment by reducing the initial machinery ROM by more than $20M with manufacturing and finished goods shipments returning to operation within days of the loss event.