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Electronics and Technology Equipment Damage and LKQ Assessment Services

Equipment Damage Consultants - Claim Services

732-530-9863


INSURANCE CLAIMS SERVICES

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The Undamaged LED Sign Case Study
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Residential High End A/V Equipment Case Study
 
Insurance Claims


Equipment Damage Consultants (EDC) provides a proven scientific approach to the assessment of actual physical damage (e.g., corrosion, electrical surge, contamination, etc.) to electronic and mechanical equipment, to determine if the reported damage symptoms are repairable, unrelated to the event, or indicative of the need for replacement. Upon this determination, EDC will provide Like Kind & Quality (LKQ) cost recommendations based on the features and specifications of the original unit and current market pricing to determine the appropriate Replacement Cost Value (“RCV”) and Actual Cost Value ("ACV") for the property. The LKQ recommendations also extend to the review of service provider invoices for reasonable and customary scope of work, materials and labor costs. These services are conducted either at the Insured’s location or through desk reviews via interviews of the Insured and their service providers.


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Property Claims
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LKQ Analysis
Main Property Claims Services Brochure

Double click on the above PDF file to view our brochure describing services to the property claims industry
Fixed Fee - High Volume LKQ Analysis

Double click on the PDF file above to view our brochure decribing this cost-effective program for residential and school LKQ analyses
What We Do:
  • Electronic and mechanical equipment damage assessment
  • LKQ, RCV, ACV costing appraisal of claimed equipment
  • Vendor quote and invoice review for reasonable and customary material and labor charges
  • Equipment damage causation - due to covered event, wear & tear, or pre-existing condition
  • Lightning damage verification / electrical utility surge determination
  • Event impact investigations
  • Damage item inventories and documentation
  • Replace, restore or repair opinions
  • Salvage value opinion
  • Expert witness on electronic and mechanical property claims

Benefits of What We Do:
  • Time savings for claims managers, adjusters, claim specialists and claims representatives on all claims involving electronic and/or mechanical equipment.
  • Verification of reasonable and customary service provider labor rate and scope for repair or replacement on quotes or invoices.
  • Determination of claim RCV where original or claimed costs are not known.
  • Average RCV recommendations savings of 47% in comparison to original equipment or claimed cost.*
  • Approximately 25% of all HVAC lightning damage claims are found to be the result of normal wear & tear of the equipment. An additional 35% are determined to be electrical utility surge related.
  • Analysis of LKQ on computer claims typically results in significant cost savings due to continuing advancement in technology and lower cost for original equipment functionality.
  • Fixed, low cost program for LKQ reporting on educational and residential claims involving just computers and/or audio/video equipment.
  • Savings based on repair recommendations versus equipment replacement, where applicable.
  • Application of reinsurance for electrical utility surge cause of loss determination versus lightning damage.
  • Cost effective determination of electronic and mechanical equipment actual damages.
  • Expert representation of insurance company interests with service providers on IT and other electronic equipment claims.
  • Technically accurate, thorough and defendable investigations and reports.
  • Assessment of subrogation potential and salvage value with every claim.

* Based on recommended versus claimed or original costs on our 1500 claim investigations to date, including claims where the claimed cost was not known (i.e., RCV = claim cost)


How We Do It:


On-Site Damage Assessment (when cost-effective)

- Visual evaluation and photodocumentation of damages and their pathways, or lack thereof

- Chemical testing of residual contaminants (e.g. soot, water residue, etc.)

- Equipment make/model inventory

- Equipment testing, where viable

- Determination of repair / restoration cost-effectiveness

- Review of Insured's vendor estimates

- Replacement LKQ/RCV costing including labor


Desk (Remote) Assignment

- Interviews of Insured's technical representatives and equipment users

- Collection of damaged equipment inventory, makes, models, specifications and functionality

- Verification of probable cause and interview of electrical utility (for reported lightning damage)

- Collection of Insured's vendor quotes and invoices

- Interviews of each of the Insured's vendors

- Seeking additional vendor quotes (where needed)

- LKQ/RCV current market costing of replacement equipment and/or repair services


LKQ Program

- Current market LKQ/RCV costing for common electronics (e.g., computers, cameras, office equipment, appliances, etc.)

- Determination of replacement cost for new equipment with equivalent or better functionality

- For residential and educational insurance claims where original equipment makes and model numbers are known

- Fixed fee pricing based on numbers of different model units in claim (e.g. 1-3 units, 4-8 units, etc.)


Who We Do It For:
  • Executive, National, Regional and General Adjusters
  • Property Large Loss Units
  • Property Claims Managers
  • Property Claims Representatives
  • Claims Examiners
  • SIU Investigators
  • Independent Adjusters
  • Third Party Administrators
  • Managing General Agents - Claims
  • Subrogation Attorneys
  • Carrier EUO / Defense Attorneys

What We Do It On:
Air-Conditioning Equipment   Computer Servers KSU Phone Systems  Printing Presses 
 Appliances  Condensers  Laboratory Instruments  Radio Stations
 Audio Equipment  Conveyor Systems  Laptop Computers  Recording Studios
 Bindery Equipment  Desktop Computers  Lasers  Routers
 Boiler Controls  Digital Video Recorders (DVRs)  Lightning Systems  Robotics
 Broadcast Equipment  DJ Equipment  Machining Centers  Satellite Stations
 Cameras  Electrical Panels  MRI Machines  Security Systems
 CAT Scanners  Electrical Switchgear  Musical Instruments  Stage Lighting
 Cell Tower Equipment  Elevator Systems  Network Routers  SANs
 Cell / Smart Phones  Emergency Communications  Network Hubs / Switches  Telephones
 Central/Mobile Office Swt.  Fire Alarm Systems  PBX Telephone Systems  Televisions
 Central/Mobile Office Trans.  Gaming Equipment  Photocopiers  Time Clocks
 CNC Manufacturing Equip.  Home Theater Equipment  Point of Sale Units  UPS Units
 Commercial Kitchen Equip.  Medical Instruments  Power Tools  Video Security
 Compressors  HVAC Systems  Printers  X-Ray Machines

Please contact us to obtain a fee schedule, example reports, list of clients and references.

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