The Damage Survey may be assigned by a vessel owner or by an insurance underwriter. In either event, it is an objective evaluation of the following in a comprehensive report:
Scope of Damage
A description of the type and extent of damage, with recommendations for repair based on current industry standards. Non-claim related damage is identified. Open communication with the insured and their chosen repairer prevents many problems. Potential additional damage is identified and all issues relevant to the claim are addressed and resolved with expertise and timeliness.
Damage Cost Appraisal
Repair estimates are collected and evaluated for accuracy. When required, Norcoast will provide an appraisal of the repair cost and will negotiate reasonable prices or an Agreed Price to repair the claim related damage. Competitive estimates are obtained and not to exceed bids/firm price quotes provided whenever possible. Cost containment is as much a goal as is proper and complete repair of the damage.
Cause of Loss
An accurate and precise description of the cause of loss is generally provided to assist the underwriter in coverage determination. Expert failure analysis and lab testing is employed when necessary to pinpoint proximate cause.
Subrogation Investigation
If there is a party responsible for causing a loss, or an indirect cause of loss, Norcoast will strive to identify same, to include research and documentation, investigation of manufacturer's deficiencies, and preservation of evidence necessary to build a strong cause for subrogation. We will of course provide evidence receipts, suggest experts as appropriate and provide expert testimony as required.
Salvage Assistance
Norcoast frequently assists in arranging salvage or rescue operations of imperiled vessels. We can negotiate contracts using no cure/no pay, fixed price or time and material options. We will recommend, oversee or arrange temporary repairs on site, in order to significantly reduce repair costs or increase salvage values. Norcoast can also execute the salvage sale of a vessel in the event of a total loss.
| 