ILC Consulting Service Assignment:
- Conduct inspection, evaluation of equipment/parts damage and provide adjuster with a report.
- Provide RCV and ACV for Toyota HSP 550 Machining Center.
- Provide photographic record loss site and damages sustained to the Machining center as a result of the accident.
- Provide cost to salvage damaged unit or repair to sell back to manufacturer to recover some of the loss.
- Brand new Toyota HSP Machining Center dropped during delivery by movers.
- Shipping company only had $100,000.00 of insurance coverage.
- Machining Center’s cost new was $350,000.00 with a 6-8 month lead time.
- Insured needed machine to start new production line with contract in two months or face contract dispute which involved forfeiting $1,000,000.00 per month.
- Located a demonstrator model at a dealer in Los Angeles.
- Worked with insured to have demonstrator cabinet retrofitted for current installation and location.
- Worked with manufacturer to ship machine back to manufacturing plant for factory repairs.
- Written report of ILC findings provided to client.
- After repairs the manufacturer was able to sell a machine that would have been sold for pennies on the dollar as a remanufactured model at a discount of $100,000.00.
- This allowed the insurance company to save money as well as the underinsured. Most importantly we were able to help the insured out of an unfortunate delivery situation and with loss of business.
- Assisted in meeting deadlines and finding a solution to a loss that could have been in the hundreds of thousands of dollars but was diminished to a net cost of around $35,000.00 plus fees
Author: Gary Finley
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