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Valuation

Why should I get an insurance valuation?

Not having the correct insurance valuation could have a cataclysmic impact on your financial situation and without regular insurance valuations you will only know if something is not correct when you make a claim. You can be either over or under insured which have very different consequences.

Over Insured

Being over insured means that you have over estimated the value of your assets and the costs associated with their repair or replacement. In these cases you are likely to be paying a higher premium than you should.

An example is when an insurance valuation company acted for a national UK company in the food and drinks industry to value plant & machinery for insurance purposes. The assignment highlighted the fact that current valuations were substantially overstated, largely as a result of overestimations for annual inflation and failure to allow for decommissioned plant. A recommendation was given to reduce valuation levels by approximately one third, which in turn enabled a significant reduction in insurance premiums.

Under Insured

Being under insured means that you have under estimated the value at risk . If the claim demonstrates that the sum insured is inadequate insurance companies will use a process called average and will apply that to the settlement. i.e. If the sum insured represents only 75% of the full value your claim will be reduced by 25%.

To find out more please contact us, our staff are available to take your call on 0844 892 0960.

Please note this service is not regulated by the Financial Services Authority

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