ILC Assignment:
- Inspect insureds damaged machine.
- Determine if the machine is restorable to pre-loss condition.
- If restorable, determine scope of work to be completed, cost and timeframe.
- Provide RCV and ACV valuation for the damaged equipment.
ILC Inspection Details:
- ILC thoroughly inspected the machine to determine if it was restorable to pre-loss condition.
- ILC reviewed the new replacement quote of $750,000 provided by the insured.
- ILC noted damage to the CNC spindle.
- The loss was caused by an operator error where the spindle crashed into the X-axis, not a defect on the machine.
- ILC determined the machine loss was feasible to restore to pre-loss condition.
- ILC provided an ACV valuation of the equipment.
- ILC obtained an repair quote that was $616,000 less than the insured supplied replacement quote.
- ILC believes that once the B-axis is replaced and the geometry is adjusted the machine will be back to pre-loss condition and functionality.