Regardless of the chosen reinstatement option, it is necessary to determine the actual costs of returning the insured to pre-loss condition. This requires a complete understanding of the technical aspects of the loss and the property involved, as well as professional awareness of the marketplace. Our expertise has been instrumental in returning complex properties to pre-loss conditions after fire and flood losses that impacted the operations of leading companies, including mobile phone operators, printing houses, large conference centres and massive food warehouses.
Our experts have the technical knowledge and practical experience necessary to determine the cost of reinstatement options. We carry out comprehensive market research and establish costs based on actual quotations from OEMs and third-party vendors.
Relying on our practical industry involvement and many years of experience working on multiple types of equipment, we have been able to assist our clients including (re)insurers with cost analysis following major losses so they are able to settle claims fairly and accurately.
While evaluating the cost of various reinstatement options, there are many factors relevant to the claim that we consider, including:
- Like Kind and Quality (LK&Q) replacement of any building or piece of equipment, including residential, commercial or industrial
- Betterment to design and specifications, whether necessary due to code requirements or unavoidable due to changes in technology
- Detailed structural appraisals of existing buildings for the purpose of assessing the implications of proposed internal and external alterations
- Depreciation of buildings and equipment
- Manufacturer warranties and service contracts
- Availability of parts
- Compatibility of the replacement with other existing systems