Hurricane Sandy left millions of small businesses and property owners with billions of dollars worth of damage. Independent, certified machinery and equipment appraisals (CMEAs) can help business owners who have had losses determine whether the offers they’re getting from the insurance companies are reasonable and may help if owners are seeking emergency loans from the SBA.
The insurance claims process can be long and arduous. But the faster you can pull together your asset lists and appraisal documentation, the faster you will see a check.
Business owners and homeowners have a right to make sure that the adjustments offered by insurance companies are fair and appropriate. While insurance companies will cover some of the losses suffered by businesses and property owners, you need to make sure that you are getting everything you deserve.
However, insurance may not cover the costs of all your damages, and as we mentioned, it could take a long time to have your claim paid, which can cost your business even more money. There are some other alternatives that you might be able to take to quickly get up and running again.
If your small business has been affected by Hurricane Sandy, you may also want to look into financial assistance in the form of disaster recovery loans from the Small Business Administration (SBA). You may qualify for low-interest loans that can be used to repair machinery and equipment, for real estate purposes, and/or to purchase inventory. If you intend to seek this option, getting a CMEA or having a previously conducted CMEA report on hand can help to speed up the process. There are a number different types of loans that are offered. You can find out more information at the SBA website.
If you are looking for a certified appraiser, contact us today.
The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.
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