Case Study Extracts
- We were instructed to carry out a valuation of several engineering facilities &
distribution centers by an international engineering company specializing in the production of finished and semi-finished metal products. Our reinstatement valuation reports concluded that the client was under insured by over £65m across all locations and one site alone was 700% under insured.
- Out of the last 5 valuations undertaken on behalf of SME clients in the engineering sector approximately 75% were under insured.
Engineering is the discipline, skill and profession of acquiring and applying scientific,economic,social and practical knowledge in order to design and build structures,machines, devices, systems material and processes.Typically, process industries are interested in running their plant 24/7 and any asset failure, even minor assets such as pumps and filters, which result in idle time is extremely expensive. Therefore crystallizing the risk of under or over insurance through an accurate valuation is a key consideration in this sector.
- Ensures the company is not under or over insured in the event of a loss.Justify and support a claim settlement.
- Ensures the company is paying the correct premium.
- Enables risk management to target eff ort and spend on risk reduction strategies more effectively, particularly on business critical operations including areas of significantly higher risk.
- Eliminates time consuming and unnecessary pressure on in house personnel in providing reinstatement insurance values.
- Establishment of a long term programme to maintain accurate replacement insurance values including annual updates.
- Tracking of fluctuating exchange rates.
- Provision of detailed plant registers for engineering facilities enables accurate tracking of additions, disposals and transfers.
“On behalf of one of our largest engineering clients we instructed Rushton International to value both buildings and plant & machinery assets in the UK, Europe and USA . We required a company with experience and knowledge of working within the engineering industry to provide us with accurate reinstatement values for which to place our client’s insurance.”
Account Handler, England