While many people understand the value of insurance, not many understand the significance of an insurance valuation. Too often, businesses will find that the sum insured is inadequate, leaving them to fund the rest of the replacement costs from their own pockets.
Although it is common to assume that insurance coverage should be adjusted based on increases in the Consumer Price Index (CPI), there are several factors that influence these numbers. We can provide a tailored insurance valuation that considers all elements and underlying issues that affect reinstatement value, to ensure that each client is fully aware of the appropriate insurance coverage.
With our vast experience in insurance valuations, we know that getting it right involves obtaining an understanding of our clients’ business and assets.
When do you need us?
We recommend getting an independent insurance valuation if:
- You have never engaged a qualified valuer to assess your declared value for insurance
- You are reviewing your business interruption cover
- It has been more than two years since your last independent insurance valuation
- Your asset base has changed through acquisition or downsizing
- You are undertaking an insurance risk assessment
Types of Insurance Valuations
- Extensive Valuation
- Required if inadequate levels of sums insured have been detected or suspected or there has been a significant time gap since last valuation
- Insurance Review
- Ensure that your assets are adequately covered by your current insurance
- Desk Top Revaluation
- Offered as part of a longer-term insurance valuation program where our team will provide a re-evaluation of insurance to ensure adequate coverage
At Acumentis, we advise all our clients to undergo insurance valuations of their property, and plant and equipment assets on a regular basis.
We can also provide its clients with non-valuation services that complement the valuation process and/or address specific asset needs, such as:
- Effective life reviews
- A review of a depreciating asset’s life, especially if its subject to wear and tear
- Asset register reconciliation and reconstruction services
- Asset tagging and location audits
- Project management of large valuation assignments