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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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