Why Every Day Counts: The Economics of Time in Heavy Equipment Claims

In the world of heavy equipment and trucking claims, time isn’t just a line item, it’s the single biggest cost driver.

Every day a truck, trailer, or excavator sits idle, costs stack up silently: storage, lost revenue, delayed repairs, missed loads, frustrated drivers.

For carriers, fleets, and insurers, the economics of time determine the difference between a profitable operation and a costly claim cycle.

At Veritas Claims, we measure time as currency and we treat every hour like it matters.

Time is the real cost multiplier

When people talk about claims costs, they usually focus on parts, labor, or replacement values. But those aren’t what balloon totals over time.

It’s the waiting that costs the most.

Consider this:

• Storage fees can reach $300–$800 per day for combined tractor, trailer, and cargo.

• Idle driver wages or lost dispatch opportunities add another $250–$400 per day.

• Rental or replacement equipment for essential operations can run thousands weekly.

Multiply those numbers across a week of delay, and a $20,000 claim becomes a $30,000 one without a single new event occurring.

Time isn’t neutral. It compounds.

The three phases where time adds cost

Delays sneak into every stage of a claim. Knowing where they occur is the first step to controlling them.

1. The intake phase

Every claim starts with the first call or email, but too many stall before they even begin.

Common pitfalls:

• Incomplete intake data (missing VINs, photos, or yard info).

• Waiting on invoice uploads before assignment.

• Lack of immediate file ownership.

Each of these can add 24–48 hours before real work even starts.

At Veritas, our intake turnaround goal is under 4 hours.
That early momentum shortens the entire claim life cycle.

2. The appraisal and verification phase

Appraisers can only inspect once assets are located, access is granted, and towing invoices are verified. Without coordination, files idle for days in this phase.

Veritas runs these processes concurrently, not sequentially.

While the appraiser is scheduled, the towing team is already validating the invoice, and cargo logistics are reviewed in parallel.

This simultaneous handling cuts average cycle time from the industry’s 10 days to 7 or fewer.

3. The release and recovery phase

Even after negotiation, yards still need payment confirmation, driver scheduling, and cargo coordination.

That’s where many claims bleed the most time and therefore, money.

Veritas’ release process includes same-day payment authorization and pre-coordinated pickup logistics, preventing that costly “extra weekend” of storage before release.

The math of delay

Let’s put the economics into real numbers.

A single tractor-trailer accident leads to:

• Tow + storage at $450/day combined

• Driver downtime at $300/day

• Rental equipment at $400/day

That’s $1,150 per day in time-related cost.

If a claim lingers an extra 5 days due to administrative delays, that’s $5,750 lost on one claim.

Now multiply that across 200 claims a year, and the total loss exceeds $1.15 million annually, all caused by preventable time gaps.

This is why Veritas tracks cycle time as a financial metric, not just an operational one.

Time affects more than dollars

The impact of delay reaches far beyond the ledger.

• Fleet productivity drops. Fewer active units means reduced capacity.

• Driver satisfaction erodes. Sitting idle costs them income and loyalty.

• Customer confidence suffers. Delayed cargo recovery or resolution damages relationships.

• Insurer reputation declines. Longer claims cycles create frustration and lost trust.

In short: time affects not only cost but culture, credibility, and client retention.

How Veritas shortens the clock

Controlling time isn’t about working faster, it’s about working smarter on cargo claim management.

1. Parallel processing

We don’t wait for one step to finish before starting the next. Appraisal, towing, and cargo teams operate simultaneously under one coordinated file structure.

2. Integrated communication

Each department shares live updates through a unified dashboard. If one team stalls, the others see it instantly and adjust.

3. Milestone monitoring

Every claim includes built-in checkpoints:

• Tow verification within 4 hours

• Inspection scheduling within 48 hours

• Release within 24 hours of payment

If any milestone misses target, the system escalates it automatically to management review.

4. Client visibility

Clients never have to ask, “What’s the status?”
They can log in and see it updated in real time.

Time transparency prevents time loss.

Real-world example: the five-day turnaround

A regional carrier’s equipment was held in a Florida yard after a rollover. Previous vendors estimated a 10–12 day release window.

Veritas coordinated towing, appraisal, and cargo handling in parallel.
Within five business days, the vehicle was inspected, negotiated, and released with $4,200 in towing savings and zero supplement needed.

The client didn’t just save money, they gained a week of operational uptime across their fleet.

Why big TPAs lose time (and clients)

Large TPAs often operate through compartmentalized departments, each managing their own segment of the file. That structure introduces:

• Handoffs between multiple vendors.

• Response delays caused by ticket queues.

• No central accountability for overall timing.

They measure time by averages, not by urgency.

Veritas’ size is intentional. Our integrated model prioritizes file velocity where every hour counts, and everyone’s responsible.

Time as a competitive advantage

Carriers and insurers who resolve claims faster don’t just save on costs, they outperform the market.

• Faster recovery means lower loss ratios.

• Reduced downtime means more active revenue days per fleet.

• Shorter cycle times mean better insured satisfaction and renewal rates.

Time efficiency is one of the few competitive levers that benefits both the carrier and the TPA simultaneously.

When we shorten time, we strengthen every outcome.

Final thoughts

Time may be invisible on a claims report, but it’s the single most powerful variable in determining total cost and client satisfaction.

Every hour lost adds dollars, frustration, and opportunity cost.
Every hour saved adds value, control, and trust.

That’s why Veritas Claims builds every process, every team, and every technology around one principle: time is money and it’s always worth saving.

Want to know how much delay is costing your program?
We’ll run a cycle-time audit across your last 90 days of claims and show exactly where and how you can reclaim lost time.