AI BLC Helps Premier Timber Company Recover and Rebuild Stronger From Major Collapse Damage
Collapse Threatens Leading U.S. Timber Company
New Energy Works, a leading timber company in America, suffered winter-related roof collapse to one of its main 15,000-square-foot buildings. When operations could have been left in limbo, our public adjusters quickly took control of the insurance claim process to help make sure New Energy Works kept running and did not lose customers to competitors.
When our roof collapsed, we started to panic, but your team was unfaltering. They [AI BLC] were there to explain the insurance policy, help the process along, and get what we were entitled to. Without the expertise from your team, we would not have received the best settlement possible.
A 15,000-square-foot concrete building suffered major roof collapse damage because of ice and snow buildup. Almost the entire raw inventory of wood, as well as the machinery within the building, were damaged. In addition, the main wall of the structure was left without support.
- It was imperative to secure the collapsed area, accurately assess the property damage and contain it so that it did not extend to the rest of the building, and be able to save what could be saved. One wrong move in this specialized forensic demolition and the entire building could have come down.
- The roof collapse damaged the company’s raw timber inventory, as well as large, essential machinery in the building. Because of this, business income loss had to be accurately quantified and rigidly defended when presented to the insurance company.
- It was crucial to provide specific options and guidance to New Energy Works on continuing operations immediately and for the longer-term as to not delay customer orders and lose new business.
We presented New Energy Works with the option and financial parameters of continuing operations in a temporary location, which would be covered in their insurance policy — a solution our client was not made aware of before we joined their recovery team. As a result, business interruption was minimized and our client did not lose any customers.
AI BLC also assembled an expert forensic demolition team to properly remove the damaged portions of the building without losing the entire 15,000-square-foot structure. We took a proactive position in proving the full damage of stock and machinery while our forensic accounting team accurately verified the duration and scope of business income loss to present to the insurance company.
We recommended that New Energy Works build a new building on their current main campus property, which was covered in their policy. It was another option they did not know they had until we shared that information while developing their recovery strategy.
AI BLC greatly increased the amount of New Energy Works’ insurance recovery. We made sure everything was accounted for and correctly reimbursed.
In the process, our team of public adjusters, accountants, and project managers were there daily to present options to our client that they did not know existed, which ultimately influenced their recovery.
The result? New Energy Works did not repair the damage to make an old building work. Instead, as a result of their settlement that we negotiated, they built the building they always wanted — the first complete Cross Laminated Timber (CLT) building in New York State, and now located closer on their main campus. CLT is an alternative, eco-friendly method that sequesters carbon in the building process. It was a significant goal of theirs, which we helped make a reality.
New Energy Works was able to stay in business and bounce back stronger than what they had projected on a normal track.
No customers were lost. In fact, as we helped them recover, additional employees were hired.
Second Image courtesy of New Energy Works. © Scott Hemenway