We work in partnership with a firm of chartered surveyors who specialise in the valuation of buildings and assets for insurance purposes.
We work with risk managers, clients and the insurance market to help establish the adequate rebuild sum insured and replacement values across all sectors from a small office building to Grade II listed museums.
We then use this valuation to ensure that your sums insured on your policies are adequate and insurers remove the average clause from your policy, meaning that in the event of a claim they will not reduce your claim in proportion to under insurance. For example a commercial property is insured for £100,000 and the actual cost of repair or re-build is £200,000. As the premium was based on the understanding that the entire value of the premises was £100,000, the claim settled would reduce by 50%. The repairs cost £10,000 but as the customer was under insured by 50% they would only receive £5,000 in settlement.
To arrange a building and/or asset valuation, please speak to your account executive or give us a call.