What are they and how are they different?
Specialty equipment appraisals are unbiased assessments of the value of unique pieces of equipment, such as those used in manufacturing or farming. When involved in an accident specialty equipment needs to be appropriately evaluated and meticulously reviewed for any signs of damage.
What is classified as Specialty Equipment?
Specialty equipment is generally classified as manufacturing or farm equipment. Manufacturing equipment includes tanks, mixers, centrifuges, generators, compressors, packaging machinery, cranes (large and small), and shredders. Farm equipment includes farm tractors, harvesters, plows, harrows, fertilizer spreaders, seeders, and balers.
How do Appraisals for Specialty Equipment Differ from Heavy Equipment Appraisals?
Specialty equipment requires the appraiser to be more involved with shops and manufacturers in their search for a fair appraisal. In many situations, specialty equipment has multiple manufacturers due to their unique or custom-built natures.
What are Some Challenges Faced with Specialty Equipment Appraisals?
In many instances, timing suffers regarding specialty equipment appraisals, leading back to the need to involve many different shops and/or manufacturers. A typical appraisal concerning a tractor-trailer that would take 7 days to complete, can take one to three weeks for a specialty equipment appraisal.
One of the most difficult specialty appraisals that our team has encountered involved an emulsification mixer. The mixer was stainless steel and used for makeup. It was damaged during the shipment which originated in China. One tank was a 1,000-liter tank and the other tank was a 500-liter tank. The total of damage for the two tanks equaled $120,000 and the process took a couple of months to settle. The biggest challenge with this scenario took place because the shipper and the owner of the tanks did not communicate regularly. The appraisal process came to a halt until communication could resume and our team was allowed access to the warehouse to access model numbers and take pictures of the damage.
Another challenge faced with specialty equipment claims is the number of different people that are involved with the process. There is a minimum of two people involved for any given appraisal; however, depending on the equipment and severity of the accident, that number can climb. Timing becomes a concern when multiple people are involved because more people mean more communication across all avenues which can delay the process a bit. After all, timing is money, right?
Not every specialty equipment appraisal is a challenge, but many pieces require a different level of expertise. Veritas Administrators’ team of specialists has the industry knowledge and experience to navigate the challenges and provide top-notch service for the client.
Veritas Administrators has a dedicated and experienced team of heavy equipment appraisers ready to assist. To learn more about our ability to partner with you on your heavy equipment claims, see our “Learn More” button, or feel free to request a phone call below.
