Equipment Appraisal Blog | Understanding Machinery Appraisals

What Kind of Equipment is Evaluated During a Graphic Arts Printing Equipment Appraisal?

Posted by Equipment Appraisal Services on Mon, Jun 29, 2020 @ 08:00 AM

Man in printing house showing client printed documents
Is printing and graphics a central concern of your business? If it is, the value of that equipment can make up a solid portion of your business' overall assets. However, that equipment is often misrepresented in terms of value in your balance sheet. Because this type of equipment often has a long lifespan, equipment depreciation rates used in tax tables may reduce your equipment's value to zero long before it has stopped providing value for your business. Here's a quick look at the kind of equipment you can get an estimate of value with during a graphic arts printing equipment appraisal.

What Kind of Equipment is Evaluated During a Graphic Arts Printing Equipment Appraisal?

  • Sheetfed Offset Presses: Used for a wide range of different printing purposes, sheetfed offset presses are often at the heart of businesses that provide a number of products in different sizes, including newspapers, advertisements, postcards and similar paper products. Because sheetfed offset presses deal better with this range of sizes, it provides superior flexibility in daily operations.
  • Web Presses: Producing documents using huge rolls of paper rather than individual sheets, web presses deliver efficiency and economy for many businesses, providing a better option for mass production operations. However, it represents a serious investment for many businesses, which can be rolled into your balance sheet for more accurate figures.
  • Pre-Press Equipment: From high-end computers that are designed to handle the burden of graphics design to the specialty equipment you use for providing proofs to clients prior to mass production, your pre-press equipment keeps orders rolling in without getting in the way of your mainstream operations.
  • Bindery Equipment: As anyone in the business can tell you, what the product looks like on the press can be very different than the finished product. Folders, stitchers, trimmers and similar machinery help turn loose paper into a quality finished product, with sharp folds, quality binding and neat edges.
  • Materials Handling Equipment: When you need to move pallets of paper or other material to keep your presses rolling, the equipment you use in this process is the lifeblood of your business, keeping things from grinding to a halt when a new shipment arrives or a machine needs to be replenished to continue getting the job done.
  • Shipping Equipment: Unless you run a local-only shop, you're probably going to have to ship your products to your customers. Whether it's shipping scales, conveyor belts, packaging machinery or similar equipment, being able to get your finished product boxed and out the door helps keep your workspace free for operational purposes.
By having a graphic arts printing equipment appraisal performed on your business, you can ensure that you have an accurate estimate of the value of your business assets, giving you a more accurate balance sheet. When presented in an appraisal report from an accredited equipment appraiser, you can use this information to help in a range of different situations, whether it's filing an insurance claim after an equipment fire, appealing a bad tax assessment or securing financing for growing your business.

Tags: printing equipment appraisal

What's Covered During a Family Entertainment Center Asset Valuation?

Posted by Equipment Appraisal Services on Mon, Jun 15, 2020 @ 08:00 AM

happy father and son playing driving wheel video game in playground theme park
When your life's work is based around providing an amazing place for families to have fun, your focus is on building your business and keeping people coming in the doors. But when you're focusing on growth, have you considered the value of your business assets into the equation? Whether you're considering upgrading your arcade games, adding some landscaping equipment to your fun farm or upgrading your cleaning equipment to keep things fresh and sparkling, knowing the value of your equipment can help you make smarter business decisions. Here's a look at the kind of equipment a family entertainment center asset valuation can cover.

What's Covered During a Family Entertainment Center Asset Valuation?

  • Games: Whether it's the machinery that is the backbone of your bowling alley, a few video games on the way through or a whole complex of carnival-style games, you've put a lot of money into these entertainment assets. An accredited equipment appraiser can properly calculate the estimated value of this equipment, making it easier to decide when it's time to replace a less-popular game or one that's beginning to show signs of aging.
  • Facility Maintenance Equipment: Keeping your facility clean and looking great is an important part of how your business is viewed in terms of public opinion, which in turn can drive more - or less - business in your direction. Knowing the value of steam cleaners, landscaping equipment or floor buffers allows you to get a fair deal when it's time to replace them for an upgraded model.
  • Kitchen Machinery: Maybe your business has a snack bar, or it could be a full-scale restaurant that feeds hungry families during a busy day of making memories. No matter the level of complexity or size, an equipment valuation can include your kitchen and restaurant equipment, making it easier to decide if it's time to switch out your soda fountain machinery or if you should focus on a new refrigerator instead.
  • Computers: If you're still working with an older system, you've probably considered whether it's time to change it out for a tablet-based system that provides more options. But how will you know when it's time to make the change based on your current system's value? Having an appraisal done will make it easier to decide, because you'll know what your current system will bring in when it's sold.
  • Security Assets: With the situations families can face these days and the lowering cost of security features, many family entertainment centers have added cameras, trackers and sensors to help keep their patrons of all ages safe and sound. But those assets have a value that can be leveraged when it's time to make upgrades to your facility. Knowing what those assets are worth can make it easier to document your company's value.
By having a family entertainment center asset valuation performed on your business' equipment, you can gain a much better idea of what your equipment is actually worth beyond simple, standardized tax depreciation. However, it's important that you work with an accredited equipment appraiser to ensure you're receiving an accurate estimate of your equipment's value from an independent third party. Make sure you ask your appraiser about their accreditation at the beginning to ensure you're getting your money's worth out of your appraisal.

Tags: family entertainment center asset appraisal

How Does an Expert Witness Appraisal Report Help Settle Your Business Dispute?

Posted by Equipment Appraisal Services on Mon, Jun 01, 2020 @ 08:00 AM

Witness swearing on the bible telling the truth in the court room

Whether you're facing a potential court case, legal settlement, mediation or negotiation, knowing how to present the value of your equipment is of vital importance. Unfortunately, there are many situations where that value may be a matter of dispute. How do you independently and accurately explain what your machinery is worth? One of the best ways to do this is through an Expert Witness Appraisal Report. This type of valuation takes a detailed external look at the value of your assets that may be involved in a business dispute that is being litigated. Here's a summary of how this type of appraisal can help support your equipment values.

How Does an Expert Witness Appraisal Report Help Settle Your Business Dispute?

When you're facing a potential court case or other legal action, it is vitally important to independently support and ultimately prove your side of the case. In situations where damages are being measured in part based on the value of your tangible assets, an expert witness equipment appraiser can provide you with a solid way of doing this.

In a similar fashion, an experienced expert witness equipment appraiser can testify in deposition, arbitration or court as to the methodology and opinions of value derived in the report itself. An accredited equipment appraiser who has experience with these types of engagements, can provide the necessary expertise to discuss their background and specific details involved with the appraisal.

The information they rely on from you should include the equipment's age, make, model, capacity and other specifications, as well as repair and maintenance history during the asset's lifespan. With all of this information at hand, as well as the expert appraiser's independent research and analysis, the valuation report will be highly supportable and credible in the view of attorneys, judges, juries, and arbitration panels.

Regardless of the specific business dispute that is being litigated, an experienced equipment appraiser can structure the expert report to focus on the measurable levels of value that directly impact the case, while bringing available independent market data and accepted appraisal techniques to the forefront of the case. Based on the experience and expertise of an independent equipment appraiser who can provide a supportable and credible valuation report, you will be able to confidently argue your case. The methodologies and approaches utilized by the appraiser should be in conformity with both the American Society of Appraisers (ASA) and Uniform Standards of Professional Appraisal Practice (USPAP), who are considered two of the top tier independent valuation organizations in the world, and are accepted in a wide range of circles for all appraisal needs.

By understanding what an expert witness appraisal report can do for you when faced with a business dispute under litigation, you can ensure that the value of your tangible equipment assets are being accurately and fairly represented. It is of critical importance that you work with an accredited equipment appraiser who has ample experience with preparing these expert reports as well a resume with a history of recent trial and deposition testimony. This gives you the best opportunity to realize a favorable outcome with your case.

Tags: Expert Witness Appraisal Report

How is an Aggregate Equipment Appraisal Handled?

Posted by Equipment Appraisal Services on Mon, May 18, 2020 @ 08:00 AM

Cement Plant and power sation during sunset

You've got a lot of equipment tied up in your aggregate, grading or earthmoving operation, but what's the value of that machinery? When you have an aggregate equipment appraisal performed on your machinery, you can find out a lot about its estimated value, expected remaining lifespan and similar information that makes it much easier to make smart decisions for your aggregate business. But what exactly is involved in the overall process? Here's a quick look at how this type of appraisal is handled and what you can expect from the results.

How is an Aggregate Equipment Appraisal Handled?

 When you need to have your aggregate equipment appraised, this can cover a larger range of machinery than you might expect. Your large dump trucks, earthmoving equipment such as loaders and backhoes, crushing and screening equipment, conveyor belts and similar equipment can all be appraised by the same professional in most cases. The appraiser will need to know a range of different information, such as manufacturers, model numbers, year of manufacture, the number of hours on the equipment, the availability of any maintenance and repair records, the type of environment it's been used in and similar information.

But why is all of this information necessary for the appraisal process? Much like with used cars and trucks, some manufacturers and models have a better reputation than others with regards to quality and longevity. This reputation and the performance that has built it will impact the future overall useful life of the equipment, which in turn has a strong impact on the equipment's market value.

Similarly, from a condition viewpoint, a piece of equipment that has obvious signs of abuse or neglect is going to have a lower resale value than one that has been well-cared for over the years. If the assets have been well maintained, including taking the time for necessary component rebuilds and replacements completed over its lifespan, the effective age of the machine as a whole will be less than the chronological age, which can play a significant role in appraised value. All of these factors can impact your equipment's current fair market value.

Once that information has been gathered, the appraiser will work through the available market data and analysis to estimate your equipment's value. This information is carefully condensed into an appraisal report, which provides you with the sources and data that has gone into the overall work product. The report can then be utilized for re-financing, potential sale, insurance claims, legal settlement or any other ongoing business activity.

By having an aggregate equipment appraisal performed on your machinery, you can quickly determine the estimated value of your equipment as well as a lot of other useful information that can help you make smarter business decisions. However, this information is most accurate when you have the appraisal performed by an accredited third-party equipment appraisal specialist who doesn't have any interest in the outcome of the calculated value of your equipment the way that an equipment dealer may. Make sure to ask your prospective appraiser about their background and accreditation to ensure the best results.

Tags: Aggregate Equipment Appraisal

How Does Metal Fabricating Asset Valuation Work?

Posted by Equipment Appraisal Services on Mon, May 04, 2020 @ 08:00 AM

Industrial worker cutting and welding metal with many sharp sparks

When you work with metals, you've got plenty to keep on top of. Metals futures, commodity trading and market changes that impact your business' profitability can quickly take up a lot of your daily focus. But that doesn't mean that you should forget about the value of your equipment! Many business owners don't understand how a metal fabricating asset valuation works, which causes them to wait until specific circumstances to have one performed. However, by understanding how the process works, you can get a better grip on how to use this valuable tool to help manage your business' metal fabrication equipment assets.

 

How Does Metal Fabricating Asset Valuation Work?

There are a number of areas that are considered during a metal fabrication asset appraisal:

  • What condition is the equipment in? Generally speaking, the equipment's condition in terms of hours, whether it's being used heavily or lightly, if it appears to be in good condition and similar details will help the appraiser determine how high demand will be for a piece of equipment.
  • Is the equipment in demand in the market? As an example, welding robots that can be set up for machine learning are a hot commodity with the popularity of IoT and AI, which can dramatically increase the estimated value of the equipment. Machinery that does not have this capability may see lower values.
  • Does the equipment have any special features, options or kits that have been added that impact its value? When your equipment does more, it often increases the estimated value, provided that it is able to truly deliver value. A feature that was tossed on at the last minute may not perform well, actually lowering value.
  • How well has the equipment been maintained? If you can provide logs of maintenance and repairs, this documentation serves as proof that the equipment has been well cared for over the years and will continue to function long after poorly-maintained equipment will begin to fail. The appraiser also looks for signs of abuse, such as dents, unrepaired issues and similar problems that shorten lifespan.
  • Are there changes in the market that are increasing or decreasing demand for that type of equipment? As with the AI-capable welding robots mentioned above, changes in the market can rapidly change the demand for your equipment. Stay on top of changes that are coming down the road by buying new machinery at the right time.
  • What is the equipment's expected remaining useful lifespan? Knowing how long the equipment will last provides a data point for the appraiser to estimate its value. Equipment that is on the verge of failing has a lower estimated value than equipment that is expected to last a long time.

Metal fabricating asset valuation can be a powerful tool, making it easier to negotiate a fair market price when it's time to buy or sell used equipment, deal with insurance adjusters who don't have a solid grasp of your equipment's value, fight an incorrect property tax assessment or leverage the estimated value of that equipment to help secure financing to grow your business and take it to the next level. However, you can only realize these benefits if your equipment appraisal has been performed by an accredited equipment appraiser, who has been educated in the right way to estimate your equipment's value. An accredited appraiser will never have any problem providing you with verification of their training and background.

Tags: Metal Fabricating Equipment Appraisal

What Kind of Machinery is Covered in a Farm Equipment Appraisal?

Posted by Equipment Appraisal Services on Mon, Apr 20, 2020 @ 08:00 AM

farm equipment appraiser

Your life is on the land, working the soil, managing your livestock and keeping the family farm going. You know that getting a new tractor or upgrading your farm's operation to include a drone can be expensive, but do you know what your equipment is really worth? A farm equipment appraisal can cover a lot more than just figuring out the value of your tractor. Here's a quick look at the types of machinery covered during an appraisal.

 

What Kind of Machinery is Covered in a Farm Equipment Appraisal?

  • Tractors. Of course, as one of the primary ways to get work done on a farm, a tractor is one of the most commonly-appraised assets. The amount of horsepower, drivetrain, PTO capability and similar features go a long way to helping you get through your to-do list, and they all have value.
  • Implements. Backhoes, bale spikes, front-end loaders, mowers, balers, drills, plows, harrows, rakes: whatever kind of implements you're using on your equipment, it helps you get the job done and can represent a large portion of your investment. Knowing what that investment is worth helps when you're contemplating an upgrade or trade-in.
  • Drones. Combined with a solid precision agriculture strategy, aerial drones do a great job of spot-treating problem areas in your fields. This allows you to get a birds-eye-view of your herds, apply fertilizer, release beneficial insects and handle any number of other tasks without flattening your plants or even leaving the house.
  • Refrigerators and coolers. Whether it's getting milk from your dairy herd cold, cooling your produce or just keeping some of those wonderful, farm-fresh products cold and fresh for your customers at the farmer's market, these vital pieces of equipment help extend the life of your harvest.
  • Trailers and tow vehicles. With the cost of heavy-duty trucks, stock trailers and grain wagons, it's important to have an idea of what this type of equipment is worth. By knowing the estimated value of your farm truck, you can better decide when it makes the most sense to start looking at replacements, before you've lost too much of your trade-in value.
  • Livestock handling equipment. Squeeze chutes, separating gates, corrals, round pens: when you have a livestock operation, you've got a lot of equipment in the field at any given moment, especially when it's time to change things up for the season or send your stock off to the market. Valuing this equipment makes it easier to know what you've got on the ground.
  • Greenhouse equipment. Season extenders such as greenhouses, hoop houses and similar setups include their own range of equipment, including fans, automated vent systems, mist systems, roller tables, propagation systems, irrigation, shade cloth mechanization and numerous other items. By knowing what they're worth, you have a better idea of your overall investment.

Having a farm equipment appraisal performed on your operation's machinery can make it easier to deal with incorrect tax assessments, file insurance claims, prove value during a sale or financing situation and when facing legal issues. However, that estimated value will best hold up to scrutiny if you have the valuation performed by an accredited equipment appraiser, who has had extensive education and experience in determining value throughout their accreditation process.

Tags: Farm Equipment Valuation

How is residual value for equipment leasing estimated?

Posted by Equipment Appraisal Services on Mon, Apr 06, 2020 @ 08:00 AM

Businessman in vr glasses with variable fast changing numbers around

When you have new equipment that you're trying to finance or will lease out to other companies as part of your business, how much is it actually worth? A residual value analysis-M & E provides you with a range of important information about your new equipment, making it easier to prove value for a wide range of circumstances. When you have an accredited equipment appraiser estimate your equipment's value, you've got solid documentation for financial transactions and courtroom battles. Here's a quick look at how residual value is estimated.

How is residual value for equipment leasing estimated?

To start, let's take a look at what residual value actually means. Residual value simply means the estimated future value of the asset from a Fair Market or Liquidation perspective. Based on the appraiser's experience and their understanding of how residual value is established in the equipment leasing industry, the value can be estimated based on a wide range of outside factors. These include:

  • Current Listings: How much is the equipment being listed for resale for across the local, regional and national markets? How expensive would it be to ship to the other side of the country where the market is booming?
  • Data Based on Prior Sales: How much has the equipment been selling for over the past few days, weeks or months? Equipment listed at auction often doesn't reflect a final price until the auction has finished and the sale has taken place.
  • Understanding Typical Market Depreciation Levels: How much should you expect the value of the equipment to decline over time? A well-trained appraiser understands the rate of depreciation for a wide range of equipment, providing them with the tools they need to estimate an accurate value.
  • Size of the Resale Market: How much demand is there for the equipment that's being valued? If there's a lot of demand, you may be able to receive a higher offer for the sale of the equipment or higher reimbursement for its loss because it will be more costly to replace than usual.
  • Current Economic Conditions: When the economy is strong, people are more likely to pay an initial asking price rather than negotiate, while poor economic conditions may limit your available buyers, lowering the amount you can sell the machinery for.
  • Status of the Industry: Is your industry growing? If so, the demand and expected price of the equipment may also rise. If your industry is doing poorly, the demand and expected price may fall.

All these factors have a place in determining an estimated residual value for the equipment. The appraiser will also take into account the specific machinery, emerging technological trends that may increase or decrease the market and similar aspects when determining the equipment's estimated residual value. 

By having a residual value analysis-M & E performed on your business' machinery assets, you can ensure that you're able to leverage those assets to your benefit for a wide range of situations. However, the estimate of value you receive on your equipment is only as good as the appraiser who is completing the process. Make sure that you work with an accredited equipment appraiser to ensure that your estimated value is accurate and properly determined, allowing it to stand up in a wide range of real-world circumstances.

Tags: Residual Value Analysis for Machinery & Equipment

What Equipment is Covered in an Alternative Energy Asset Valuation?

Posted by Equipment Appraisal Services on Mon, Mar 23, 2020 @ 08:00 AM

Solar panel

Whether you've made a switch to reduce your monthly energy bills, need to have off-grid power in case of an emergency or are invested in getting more alternative energy into the world, do you know what the value of that equipment is worth? An alternative energy asset valuation helps you stay on top of your equipment values, but what kind of equipment is covered during the process? Here's a quick overview to help you get started.

What Equipment is Covered in an Alternative Energy Asset Valuation?

  • Solar PV Panels: Photovoltaic (PV) panels are an interesting accounting conundrum, because of their extremely long lifespan. Rated to last 50 years or more, PV panels are often completely written off the books in terms of value within a matter of years, because of how tax agency depreciation works. However, that doesn't mean that the PV panels no longer have any value! Having these panels appraised provides you with a solid idea of what they're worth, even a decade or three after they've been installed.
  • Wind Turbines: Unlike PV panels, wind turbines have mechanical systems that can wear out over time. Depending on the amount of use they receive, how much of a beating they take from storms and the overall quality of materials and design, they may still last for a very long time and should be appraised to determine both their expected remaining useful lifespan and their value. This will help you decide at what point these machines should be replaced.
  • Hydroelectric Turbines: Unlike wind, hydroelectric turbines typically operate under a steady amount of production, with no sudden increases or decreases in terms of flow, productivity and load. This makes this type of equipment last a very long time, with some Scottish hydroelectric turbines being over a century old! For that reason, much like PV panels, it's important to have their value determined, as they'll continue to have value long after they've been fully depreciated.
  • Generators: Though the other assets we've discussed have been renewable energy, generators are not. When you need to have constant electrical service, such as at a medical facility, secure location or similar situation, a backup generator is commonly used to provide the additional power. They may also be installed to provide a backup for renewable energy systems during times of poor energy production. Generators will age and wear, so having an equipment appraisal performed ensures you know their condition and current value.
  • Transformers, Chargers and Similar Equipment: Unlike standard line power, alternative energy systems have a wide range of additional equipment to operate successfully. This can include voltage transformers to step power up or down, inverters that change the system's direct-current power to alternating-current 120V or 240V standard single-phase power, chargers for battery banks and a range of other necessary equipment.

Having an alternative energy asset valuation performed on your equipment makes it much easier to deal with insurance claims, incorrect tax assessments and a range of other potential situations you may face. However, it's important to make sure that you're getting a valuation from an independent accredited equipment valuation specialist who has no interest in the outcome of the appraisal, as that will ensure that you're receiving an accurate estimate of value for your alternative energy assets.

Tags: Alternative Energy Asset Appraisal

What's Involved in Valuing Medical Lab Diagnostic Testing Equipment?

Posted by Equipment Appraisal Services on Mon, Mar 16, 2020 @ 08:00 AM

Side view of busy group of researchers working on experiments in the laboratory

Whether your business specializes in medical testing or simply has diagnostic equipment as a part of your overall operation, the value of those assets can make up a large portion of your balance sheet. At the same time, it's not uncommon to quickly depreciate the value of that machinery using tax tables, which reduces the value of that equipment on paper. What is the equipment actually worth? A medical lab diagnostic testing equipment appraisal can give you important insights into the value of your diagnostic equipment.

What's Involved in Valuing Medical Lab Diagnostic Testing Equipment?

But how does the valuation process work when it comes to diagnostic equipment? To start, your equipment appraiser will need to know some basic information. They'll need to know the manufacturer and model number of each piece of equipment you'd like to have appraised. They'll need to know if you've had any options or kits added to it, or other work that would modify the equipment, such as adding a heavier-duty table to your MRI to handle obese patients. They'll want to know how often the machinery has been used and how much wear and tear it's received over the years due to poor usage practices. The appraiser will need to see any maintenance and repair records for the equipment to ensure that it's being cared for properly and that any problems are being addressed quickly, before any other damage can occur.

Once this has been done, they'll take the information that they've collected and compare it against a number of different information sources. They'll take a look at what that specific piece of equipment has been sold for recently on the open market. The appraiser will make adjustments to account for your equipment's condition and the remaining expected useful lifespan. They may even take a look at your industry as a whole and determine whether that specific equipment is still in demand or if it's giving way to better technology.

After this information is gathered, the equipment appraiser will calculate the equipment's value using a number of methodologies that have been tested in a range of professional circles, including insurance, tax, financial and legal circumstances. This value looks at the equipment's original value, any amendments that have been made to it that may increase or decrease value, its expected remaining useful lifespan, demand for that piece of equipment on the open market, any damage or unrepaired issues that are still outstanding that will negatively impact the equipment's value and similar issues. This information, along with the final value calculation, is assembled into a professional report.

By having an appraisal performed on your medical lab diagnostic testing equipment, you can ensure that you're taking full advantage of your business' assets when the opportunity for growth presents itself. But don't take the word of your local equipment sales rep or another party who has a vested interest in that value. Instead, consider having an independent third-party appraiser value your machinery. By working with an accredited equipment valuation specialist, you can ensure that the valuation report you receive will reflect an accurate estimate of the equipment's value, not an over- or under-estimation designed to help the appraiser sell more of their equipment.

Tags: Medical Lab Diagnostic Testing Asset Appraisal

How Rig Site Safety Asset Appraisal Protects Your Business's Bottom Line

Posted by Equipment Appraisal Services on Mon, Mar 02, 2020 @ 08:00 AM

Oil platform

When you're in the oil and gas safety business, you know that you need to run a tight ship to keep operating profitably while the market is hot. But have you considered the assets you have and how they can impact your business' ability to compete? One aspect category that is commonly overlooked is safety equipment. Your clients need to make sure that you've got it on-site just in case, but what is it really worth and can you leverage that value to improve your business? Here's a quick look at how a rig site safety asset appraisal can help protect your company's bottom line.

How Rig Site Safety Asset Appraisal Protects Your Business's Bottom Line

To start, you'll want to consider what kind of equipment you should have appraised:

  • Cargo vans or trucks: To get your equipment from point A to point B, you need vehicles capable of hauling it, whether it's to get the equipment on-site or to restock medical packs and air bottles that have been used up over time.
  • Portable showers: Oil and gas rigs equal dirty work, in terms of dust, grime and sweat as well as chemical treatments that are used on-site during drilling operations. Portable showers are vital to your customers and may take a beating by the roughnecks using them.
  • Heating or cooling trailers: It's fairly common for drilling to happen in some of the most extreme environments on the planet. Whether it's burning heat or freezing cold, trailers protect crew members from exposure injuries and are a valuable asset.
  • Gas sensors and monitors: If your gas sensors or monitors aren't functioning properly or are getting old, they may not provide the protection they're supposed to for your clients. 
  • Fire suppression equipment: A fire on a drilling rig is an oil or gas company's worst nightmare. Your fire suppression equipment is priceless at that point, but what's it worth the rest of the time?

However, there are other types of equipment that you should also have appraised that you may not have considered. This includes: 

  • Emergency medical packs: These small but vital packs provide important medical supplies in a timely manner. Because they're required in so many locations, their value builds up.
  • Personal protective equipment: Safety harnesses, hearing protection, safety glasses, respirators: all of these items keep workers safe on the job and add up to a large portion of your inventory.
  • Oxygen masks and air bottles: These grab-and-go items provide much-needed oxygen during an evacuation, but must be regularly checked, refilled and replaced if malfunctioning.
  • Signs: Where's the emergency exit? Can someone grab the defibrillator? What about OSHA regulations? Without signs, the workplace becomes that much harder to navigate.

By taking the time to have a rig site safety asset appraisal performed on your gas and oil safety business' equipment, you can ensure your accounting books are up to date, your equipment is in good condition and you can leverage every possible asset when you need fast growth. However, that appraisal is only as good as the person making the calculations. Make sure that you have your equipment appraisal performed by an accredited equipment appraiser who doesn't have any interest in the final result and can provide you with an independent estimate of your equipment using tested methodologies that will hold up in legal, financial, tax and insurance issues.

Tags: Rig Site Safety Equipment Appraisal