Plant and machinery damage assessment is a process that determines the financial losses due to the damage to your equipment. It includes assessing the value of the asset and then calculating how much it will cost to repair or replace the said asset. The economic loss component also takes into account any loss of profits you may have experienced as a result of this event.

Plant and machinery damage assessment is important because it provides you with an understanding of how to fix and maintain your plant and machinery. It will also help you to know what financial losses to expect if one of them gets broken. The longer the recovery time, the more likely you are to end up with total or partial economic loss.

The time to perform a plant and machinery damage assessment is after an equipment failure has been caused by a disaster, accident, or sabotage. The process will help you to understand the extent that the incident damaged the equipment, if the equipment will ever be able to be used for its original purpose again, and how much money needs to be invested in order to repair it.

You can find a plant and machinery damage assessment company through your insurance company or online. A plant and machinery damage assessment company should be able to provide references, explain their service offering in detail and share previous case studies with you. They should also have expertise across many industries, including production lines, manufacturing equipment, etc., where possible. Agree on a review process that best suits your needs before signing off on any contract or payment for services.

Plant and machinery damage assessment companies provide an objective analysis and cost-effective solution to return your plant to full production. Damage assessments can answer questions such as:

• What is wrong with your equipment?
• How long will it take to fix?
• How much will it cost to fix or optimise the system/equipment while meeting all operating parameters?