Ensuring your assets are professionally valued for insurance is essential for protecting your business. Property, machinery, infrastructure, fixtures, and equipment comprise many of the most valuable assets for any organisation; therefore, adequate insurance coverage is a necessity to ensure the business can recover in the event of a major incident. For companies with assets in remote locations, the Hymans team work all over Australia and New Zealand as well as of the Pacific Islands Nations.
Professional valuations can not only support an application to establish the appropriate levels of cover, but they can also be used to determine the payout required following asset loss or damage. Our qualified and experienced team provides detailed and accurate asset inventories which ensure that you can prepare a claim quickly and easily in the event of a major incident. The values ascribed to each asset will also consider current building codes, OH&S requirements, and where appropriate cost loadings for remote locations. These loading can exceed normal costings by as much as 100%.
Why Is It Important to Attain a Professional Valuation?
Professional valuations are critical to avoid:
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Under Insurance
Missing or underestimating property and equipment values is a common and critical mistake made commonly from incorrect assumptions and inexperience. Every final report sent out by Hymans guarantees you of the detail and accuracy required to negate the risk to the business and its directors of being liable to cover gaps caused by being underinsured.
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Over Insurance
Similarly, a poor-quality valuation can result in an overestimation of replacement costs which will lead to increased premiums for cover that the business does not need. We often see this in historical valuations performed by other valuation firms, particularly “one line” reports that do not detail the assets to be insured but simply provided a total for the sum insured.
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Quicker Applications and Claims
Insurance underwriters prefer to insure properties and assets that have a formal valuation on which to base the insured sum. Therefore, applicants that can present formal valuations can usually enjoy a far quicker claims process. In addition to this, clear documentation and agreed insurance values minimises disputes and means that if you do need to make a claim, the process will be much more efficient.
Not only does our team provide Nationwide valuations, but in certain circumstances, we can even provide remote or “sight unseen” assessments. For these valuations, a determination will be based on photographs and the information provided.
