Company Resume

Objective

To provide the reader with an overview of our company, its employees and associates and the services we perform.

Corporate Summary

Michael A. Mentuck & Associates, Inc. is a Massachusetts Corporation with its Corporate Offices and Main Warehouse located at 1 Jefferson Avenue, Salem, Massachusetts, USA. The corporation was founded in 1982 and has been continuously operated since its incorporation.

Michael A. Mentuck is the President of the Corporation. He began his career with the Underwriters Salvage Company of NY in 1960. He opened a Branch Office for Geo. M. Ruddy and Company in Boston in 1968. In 1982 he opened Michael A. Mentuck & Associates.

Michael M. Mentuck, Jeffrey J. Mentuck, are active in the business. Both "grew up" in the salvage business from loading trucks to taking inventories and they are exceptionally well versed in all phases of the business.

1 Jefferson Avenue is a 6,000 square foot warehouse and office building located in an industrial area in the city of Salem, MA. In addition to the warehouse area there is approximately 30,000 square feet of fenced in outside storage used for storage of heavy equipment, truck, tractor, trailer and boat salvage. The building has two dock height loading docks.

Andrew Smith, Tim Pickering, and Hooper Goodwin, and John Doane are employed in various capacities at this location.

Our Clients

Our clients are typically insurance adjusters, cargo surveyors, insurance companies, self insureds, steamship companies, trucking companies, freight forwarders, railroads, air cargo companies, financial institutions and others who have a financial interest in goods that have been damaged by fire, water, smoke, windstorm, poor handling, damage in transit, late shipments, or any other peril whether covered by insurance or not.

Assignments & Inventories

Our assignments are varied and depending on what services are needed, each assignment is unique. All of our assignments do have one thing in common however, and that is; to use our experience and proven techniques to preserve and protect both damaged and undamaged property from further damage. Some call that activity "First Aid" we simply call it using our common sense.

All damage claims have something else in common, and that is the requirement to begin with good numbers. In order to measure any loss you need to have an accurate inventory. Our people are all trained in preparing inventories. All are computer literate and all are equipped to take a joint (and agreed) inventory with the owner of the goods, or with his or her representative.

We are also very experienced in verifying inventories taken by others or test checking "book inventories" for accuracy. Be it a Joint Physical inventory, or the verification of an inventory prepared by others, we know what to look for and how to insure that the inventory values our clients use for claims negotiations are as accurate as possible.

Loss & Damage

While preparing or checking an inventory we take detailed notes of the condition of the goods being inventoried. Our formal captioned report will indicate to our clients what portion of the inventory is a total loss, what portions of the inventory are badly damaged and, often more importantly, what portion of the inventory is only slightly damaged or not damaged at all.

With Mike Mentuck’s 40-plus years of hands on experience the company has the tools to make recommendations to our clients for the best and most cost effective way to reclaim and or recondition damaged goods or commodities.

Manufacturing Claims:

All manufacturing property claims have, at the very least, 3 major components.

Raw Material

The Raw Material portion of a manufacturing claim often has the best potential for salvage and it is often the most overlooked area. We know what to do with raw materials and how to maximize any potential recovery that might exist in those raw materials.

Work In Process

Does it pay to finish work in process inventories and have them brought to the state of finished goods? More often than not it will pay to explore this possibility. We have done it hundreds of times and we have lots more success stories than we do failures. The next time you have a Work In Process inventory to deal with make sure you consult with us for some options.

Finished Goods

Who can best market damaged Finished Goods. This is a question that must be addressed whenever you have a manufacturing claim that has a Finished Goods component. Most manufacturers are not equipped to market damaged goods. They take pride in putting out a First Class product and they are usually baffled when it comes to damaged goods. They simply don’t know where to go with it and what they should get for their damaged goods. We do and we are good at it!

A Word About Brands & Labels

What usually stands in the way of an excellent salvage recovery is a Brands & Labels Clause or a Control of Damaged Goods clause in the policy of insurance. We understand the owners concerns about his Brand Name. We also understand his concern about having his goods out in his market place competing with his "First Quality" product. It takes a long time to gain brand recognition. His Brand shouldn’t be jeopardized by putting his "Branded" product out in the market place if he has Brands & Labels coverage.

On the other hand most brands can be removed and other markets can be explored so that putting his product out in the market place does not have to produce any degradation or effect on his normal market. When you think about it the "closeout" and "jobber" markets are where most manufacturers and retailers go with their excess inventories. If this were not the case stores like Marshalls and Big Lots wouldn’t exist. They wouldn’t have any inventory.

Although companies like these are customers of ours, we also have alternative markets both domestic and export. Usually we can satisfy the concerns of an insured whether he is a giant retailer or a giant manufacturer. Let us give you some problem solving alternatives on your next claim involving Brands & Labels.

We sell salvage through our extensive contacts in the US and through our worldwide export contacts. Recently we have had some success in marketing specialty products through the internet. To that end we have joined with several of our competitors to create an "on line" salvage market. We expect to have this facility up and running beginning in January of 2002.

Salvage is generally sold either by sealed bid or by a negotiated sale. We always follow the wishes of our clients and sell their salvage through whatever medium they instruct us to use.

Charges & Commissions

We charge an hourly rate for our employees. The rates vary depending upon the experience level of the person we assign to the job. Ask us for a Rate Quote for your next job. We will discuss what needs to be done and what level of expertise is required and gladly quote you an hourly rate for one or more of our field personnel.

When we take over and sell salvage for the account of whom it may concern we charge a commission on any sales we make. Our standard commission is 10% of the gross sale plus any and all expenses, including our labor, to handle the sale. In the case of very large sales we will negotiate a suitable commission rate.

National Accounts and Insurance Companies who favor us with an exclusive salvor status on all of their claims do get preferential commission and labor rates. Ask us to quote for your company.

Reports

Each assignment is completed with a full captioned report. Depending on the client’s requirements we are all equipped to issue interim reports verbally, by fax or by e-mail. Digital or 35mm photographs will be provided on request. All Associates are trained in using Microsoft Excel and Lotus 123 spreadsheets.

Associates

We are fortunate to have many Associates on a worldwide basis who are under contract to us. A listing of some of our Domestic & International Associates is included for the reader’s convenience. It is only a partial listing and while we obviously can’t have an Associate everywhere we do have others we have used both domestically and internationally. Call us for more information.

It should be noted that all assignments must originate at the Home Office regardless of where the assignment may be. All files are maintained at the Home Office and all formal reports are issued from the home Office.

I hope this information answers most of your questions. For any further information please call me at 1-800-245-9629. I’ll be glad to talk with you about our company or about any loss situation you may have.

Very truly yours,

 

Michael A. Mentuck
President