Insurance Valuations

One area where our Machinery and Business Assets experts can help companies, insurers and insurance brokers, is with Insurance Valuations. Using our detailed knowledge of various industries and machinery, we are able to provide valuations for insurance purposes.

There are three methods of providing insurance assessments for equipment and our experts can advise on the most suitable option for your requirements. The methods are:

Reinstatement

This is the cost to repair, reconstruct or renew assets to a condition equal to but not better than when new.

Indemnity

This is the sum assured for items equivalent to the cost of replacing the items with identical, or substantially similar equipment in a condition comparable to the existing asset.

Market Value

This is the recoverable value where assets are surplus or no longer used.

Why Should A Valuation Be Undertaken?

Machinery and Business Asset valuations are recommended when there are significant values insured or when a valuation has not been undertaken for five years. We find that many clients, insurers and brokers request a valuation when they have undertaken significant restructuring, investment or downsizing or when significant foreign machinery is present. It may be worth considering a valuation when machinery is older to ensure the correct level of cover and as part of your due diligence process when renewing the policy.

Companies, insurers or brokers who commission insurance valuations benefit from peace of mind that the correct level of cover is in place. The valuation can avoid averages being applied in the event of a claim and can speed up the negotiations with loss adjusters which may accelerate the settlement and reduce the business interruption claim.

To learn more about some of the sectors in which we have undertaken insurance valuation work, please click here

For more information on how we can help you, please complete the form below and one of our surveyors will contact you to discuss your requirements.