Insurance Companies Left Unprotected Using Old-School Methodologies

CHARLOTTE, N.C., July 20, 2011 /PRNewswire/ -- New technologies have started emerging faster in the last few years than ever before in history. Appliances, phones, security systems and even DVRs can now communicate thanks to Wi-Fi, bluetooth and the Internet. Manufacturers are increasingly cramming silicon into everything from refrigerators to spoons. The integration of these consumer goods will not slow down anytime soon and will be very exciting to watch going forward.

These new technologies pose a great challenge to insurance companies. "Most current homeowner policies are based on the New York Standard Fire Policy Contract, first written in 1918, that provided the basis for modern-day property insurance. It therefore seems difficult to determine how coverage was intended to apply when dealing with a technology that was developed within the last few months," stated Jason Rankin of Zap Consulting, a specialized firm established to assist insurance companies in the evaluation of consumer electronics and equipment. When a loss including electronics is sustained and a claim is submitted, insurance adjusters are many times left unprotected without a field resource that understands modern-day technology and how to fairly evaluate the loss.

Insurance companies often hire consulting firms that employ electrical engineers to assist. "These firms claim their electrical engineers can assist with these types of losses including a broad spectrum of other services that they offer. However, electrical engineers are actually educated and trained to deal with the problems associated with large-scale electrical systems, such as power transmission and motor control. They are usually trained to evaluate the uses of electricity in order to transmit energy and have no experience in diagnosing electronics for damages," Rankin remarked.

Rankin's firm, Zap Consulting, utilizes technicians to evaluate consumer electronics. "Our specialists diagnose equipment to determine reparability, cause of loss, and can also provide comparable replacement quotes when repairs are not feasible," remarked Rankin. "We keep up with emerging technologies, which is important in this age of integration, as it allows us how to understand the way systems communicate when evaluating a loss and thus how to properly recommend putting the insured back to pre-loss condition."  

Electronics Consulting Firms (ECFs) are blazing the trail in assisting insurance companies with claims involving new technologies that have become commonplace in the home and work environment. Insurance companies are no longer left unprotected using old-school methodologies and skill sets to evaluate these types of losses.

About: Zap Consulting is the nation's leading provider of electronics assessments. The company leverages a network of more than 600 technicians around the country to provide factual, timely reports that help insurers settle fair and accurately. If you would like more information about the company's services or to submit an assignment, please visit them online at http://www.zap-consulting.com or contact them by phone at 888-406-0980.

Contact: Damon Stafford, (980) 224-8546

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SOURCE Zap Consulting