If you suffered a loss due to theft, fire or accident, would you be able to produce accurate records to ensure full recovery of your tools? Take the following quick assessment to see if you have avoided the most common mistakes…
Fair Market Value, New Replacement Cost and Actual Cash Value. These reports are invaluable for Insurance, Financing, Replacement Planning. Shop insurance should always start with an accurate tool appraisal and/or equipment appraisal.
Often invests a considerable amount in tools and equipment and will be least able to recover should the tools be lost or damaged.
May have a variety of more sophisticated equipment owned by a mixture of staff as well as by the shop.
Own a variety of up to date technology as well as multiple tool sets.
May carry specialized equipment that is difficult to replace and often times any loss will have a signiﬁcant impact on the business.
May have a variety of specialized tools to maintain and repair large equipment.
Auto Body Shops have a need to maintain a unique set of tools.
Bruce Eccles, Eccles Auto Service
2001 SSGM garage of the year
Ed Jagt, Pro-Tech Tire & Auto – Barrie, ON
SSGM Garage Of The Year 2004
Luanne Fedosoff, AARO
These services may be of value to businesses in the automotive repair industry in providing a current and complete inventory of tools and equipment, as well as the dollar value and condition of tools. These services can help ensure that repair shops are adequately covered with proper insurance, on their equipment and can ease the claims settlement process.
Lombard Canada encourages its auto repair shop clients to investigate the advantage of these services.”
Dean Morrissey, Lombard Canada Ltd.
On July 5, 2012 post tropical storm Arthur devastated Canadian Organic Maple. Nearly 40,000 taps were destroyed when the post tropical storm ripped through. Trees were uprooted and or broken off everywhere. All roads and trails were blocked. Without insurance the future of the business was in serious trouble. Fortunately we did carry insurance for some of the loss but it was very difficult to assess the actual damage. Also we had little or no experience with insurance claims so the process was intimidating and stressful.
When our insurers informed us that a specialty appraiser from the Toronto area would be brought in to assess the loss we were concerned. However during the appraisal process, it became obvious that Tool Inventory and Appraisal Systems is the expert in this field. TIAS was thorough, professional, fair minded and treated us with courtesy throughout the process. In the end the loss was manageable and Canadian Organic Maple Co Ltd is still operating as a viable business in rural New Brunswick. I hope we never have another loss like that. We would like to thank Tony Auchincloss and the team at TIAS for their courteous nature and understanding.
Gus Hargrove, Sandra Hargrove, Canadian Organic Maple Co Ltd.