One major component of a claim is verifying the contents and their value. NBD has been the leader in the electronic capture of inventory and replacement pricing for over fifteen (15) years. While residential losses typically involve the pricing of common household items, NBD Commercial Services specialize in providing replacement pricing for specific items based on manufacturer and model number. Many pieces of commercial equipment are obsolete, but based upon the specifications of the original item, NBD is able to work with suppliers in order to provide information of an available make and model similar to the originally damaged piece (Like Kind and Quality). In order to accurately establish Like Kind and Quality replacement costs, what exactly is being replaced has to first be established. Often times the lack of an adequate inventory on the front-end of a loss ends up costing the insurer considerable money when it comes time for replacement.
Due to the varied types of industrial and manufacturing equipment, computers, and networks, often times a unit is sold to a customer to meet the specific needs of their business. A computer, for example, that is fitted with the necessary components to control a concrete mixer can cost upwards of $23,000.00; however the computer itself (without modifications) costs only +/-$1,000.00. Because most companies outsource the support for this type of equipment, the resulting confusion and lack of knowledge of the parties involved ends in a quagmire.
NBD personnel are also proficient in inventorying and pricing the stock of businesses; whether it involves pharmaceuticals in a pharmacy, tools from an auto supply store, food from a restaurant, or specific components in a manufacturing facility. Working with the insured and their suppliers, NBD can organize and verify the loss of such stock. NBD is also knowledgeable in identifying and pricing all types of Furniture, Fixtures and Equipment (FF&E) – from office desks and shelving to presses and CNC machines.
By using NBD’s highly qualified personnel to establish the type, use, age, and current pricing of equipment, weeks or months of confusion can be resolved quickly.