After receiving notification of a new loss, when should I call RCF?
We recommend contacting us as soon as it is evident that there are damaged contents (i.e. stock, supplies, furniture, fixtures, equipment , etc.). Often, we can immediately provide our clients helpful information regarding the loss, such as industry terms, market conditions, similar loss experiences, and other important details. In addition, for RCF to be the most effective we prefer to be on site for initial loss inspections, to offer critical path solutions and claim-mitigating professional advice.
If I don’t think there is any salvage potential, should I still contact RCF?
More than half of RCF assignments consist of non-salvage-related, claim measurement service. RCF specializes in comprehensive inventories of affected contents including separating the damaged items from undamaged items and fully-valued contents claim documentation in electronic formats. Occasionally, while performing physical inventories salvage potential is subsequently identified in an area thought initially to have been a total loss.
Is there a minimum claim amount that I should use before contacting RCF?
While RCF handles only commercial property assignments, adjusters should feel free to contact RCF regardless of how small the initial claim report may be. RCF is happy to assist in any claim, whether it turns into an actual assignment for RCF or not. Also, a claim initially called in with a small exposure may eventually become a major loss due to inaccurate reporting or deterioration of the loss site. RCF personnel have the experience to ask the critical questions – even before any on-site inspection.
The insured has a perpetual inventory for the damaged stock. Is there still a reason to call RCF for claim measurement services?
RCF has found many instances where an insured’s perpetual or “book” inventory has been wildly inaccurate even though it appeared to be professionally prepared. Further, perpetual inventories are generally formatted to facilitate the insured’s on-going business – not necessarily in a format that is conducive to claim measurement or mitigation due to lack of description, location, status at the time of loss, accurate cost values, etc. RCF’s experience has shown that in many instances a large portion of the damaged contents may not be included on a perpetual inventory. These omissions may be due to lack of timely posting of receipts and/or shipments, or may include small supply items, FF&E and leased equipment.
Is it a good idea to have a third-party vendor inventory the damaged stock and call RCF simply to sell the salvage?
RCF’s involvement in the inventory process is critical for two reasons: reducing risk for potential buyers and responsibility for inventory shortages. RCF’s ability to assure potential buyers of the accuracy of an inventory dramatically increases salvage values. However, in a disjointed process of one firm performing an inventory and another firm selling the salvage ultimate responsibility for claims of inventory shortages by the buyer is lost. Many inexperienced salvors make the “simple” call to sell salvage. RCF draws on centuries of combined experience, a vast international buyer base and knowledge of the nuances of any salvage stock – which many times is obtained during the inventory process – that in many cases will determine how a stock should be marketed to maximize the sale.