We inspected the insured’s dust collector, which had been involved in a fire, determined its restorability to pre-loss condition, assessed the scope of work, estimated costs, and established a timeframe for the restoration process. Additionally, we provided both Replacement Cost Value (RCV) and Actual Cash Value (ACV) valuations for the damaged equipment.
- ILC conducted a comprehensive inspection of the dust collector to assess its restorability to pre-loss condition.
- Our expert scrutinized the insured’s newly provided replacement quote amounting to $137,836.
- Observations revealed smoke emanating from the ductwork responsible for supplying dust to the collector.
- Determination was made that restoring the dust collector to pre-loss condition was not feasible.
- ACV valuation of the equipment was provided.
- A Like Kind and Quality (LKQ) replacement quote, $98,205 less than the insured supplied quote, was obtained.
- Identification was made that the insured supplied quote was not LKQ and pertained to a significantly larger upgraded piece of equipment.
- Recommendation was made to include the replacement of the fire suppression system to minimize the
possibility of a future fire, noting that this was not part of the original damaged equipment.
- Suggestion was made to clean the ductwork.