Public Sector Valuation Case Study

Project brief
Rushton International was instructed to carry out a public sector valuation across 15 administration buildings, ranging from public facing facilities with offices above to town halls.
The buildings had not been valued for many years and, following a significant loss where the building was underinsured, the Insurance Manager decided to roll out a valuation exercise.

Our approach
We attended site to complete the public sector valuation exercise, arranging a site inspection schedule with the Insurance Manager.

Benefits
We helped the client by providing them with a detailed valuation report per location. Separate reports were required as the Insurance Manager wanted to share the reports with different stakeholders at each location.

One location included a mixture of different public sector departments and operations, including some outsourced ones. We were required to allocate the valuation per area so that the appropriate cost could be recharged, as needed by the Insurance Manager.

Unfortunately, the client had been relying on historical information and updating the values on a yearly basis over 8+ years. There was no record of how the initial values were established and whether these reflected reinstatement costs for insurance purposes. The outcome of the public sector valuation was that the client was provided with current advice on the reinstatement values for the buildings and we have since updated the values from the desk by way of our ongoing relationship with this client.