What’s the difference between a DrillMaster for $20 and a Festool for $600? What are the most common types of power tools adjusters are likely to find in the field? These and other questions will be answered in an upcoming 30-minute webinar on best practices for identifying and valuing portable power tools and related equipment.
The event is complimentary and will be held on Thursday, January 22nd at 11:30 am EST. Attendees can register by pasting this address in their web browser: https://attendee.gotowebinar.com/register/4284812570289720322
Theft losses, especially for tool claims, make up the largest percentage of commercial losses; in some cases upwards of 33 percent of the total tools claim.
“The power tool industry expands year after year; with different models, grades, competitors, hybrids and everyone having their own preferences and price points,” says Jon Place, senior manager, Enservio Commercial Services and webinar presenter. “With innovation and expansion follows items that are expensive and highly coveted. Oftentimes these things become the result of insurance claims.”
The webinar will look at how various trades including woodworkers, plumbers, mechanics, landscapers, and electricians use common and specific tools to get work done. Common tools examined include hand or non-powered tools, nail guns, drills, compressors, saws and routers.
Although hundreds of tools exist on the market, portable power tools can be segmented into three categories: corded, cordless and pneumatic (or air tools)
Common brands favored by do-it-yourself homeowners such as Craftsmen and Makita and the more durable brands used by professionals will be covered. In some cases involving high-end equipment, attendees will learn how some commercial tools and equipment must be purchased online or directly from the manufacturer. Top models sold at local hardware stores are often available only at full retail, while tradesmen or companies may be able to purchase items at discounted rates.
“It’s important to have a frame of reference around these types of items and types of businesses; not only to highlight items that are questionable, but to also question if a common item is missing from an insured’s list,” said Place. “Is someone claiming a cordless drill, but not the driver, drill bits and accessories?”
Attendees will also learn about:
- Understanding of the three sub-types which make up the portable power tools category;
- Typical power tools found by trade;
- Key value factors that guide tool pricing;
- Most common types of tools found in commercial claims;
- Identifying 4 types of saws: circular, reciprocating, continuous band and chainsaws.
Adjusters, claim reps, claim managers, claim supervisors, claim directors and anyone dealing with non-restorable contents claims will benefit from this rare opportunity to learn about valuing portable power tools and related equipment.
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