One area where our Machinery & Business Assets experts can support companies, insurers and insurance brokers is with accurate insurance valuations.
The Importance of Insurance Valuations
Machinery & Business Asset valuations are recommended for the insurance of assets of a significant value or when a valuation has not been undertaken for five years or more. Many clients, insurers and brokers will also request a valuation for the use of foreign or older machinery or after having undertaken significant restructuring, investment or downsizing.
Valuations will ensure that the correct level of cover is present and are often part of the due diligence process when renewing a policy. Companies, insurers or brokers who commission insurance valuations benefit from peace of mind that the correct level of cover is in place.
Expert valuations can also avoid the application of valuation averages to assets in the event of a claim and can speed up the negotiations with loss adjusters which may accelerate the settlement and reduce the interruption to your claim.
Using our detailed knowledge of various industries and machinery, we provide insurance assessments for equipment using the following three methods:
This is the cost to repair, reconstruct or renew assets to a condition equal to but not better than when new.
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.
This is the recoverable value where assets are surplus or no longer used.
Our experts can advise on the most suitable option to fit with your requirements.
To learn more about some of the sectors in which we have undertaken insurance valuation work, please click here.
Get In Touch
For more information on how we can help you, please complete the form below and one of our surveyors will be in touch