With clients ranging from multinational organisations to SMEs, Rushton International’s engineering team of experts has a broad range of sector experience and is well placed to value buildings, plant, equipment and contents items for insurance purposes.
Our long-standing sector experience has shown that assets are commonly insured for indemnity value rather than full reinstatement value, and the impact that this can have on replacement costs is often overlooked. Combined with fluctuating exchange rates, clients frequently find themselves underinsured in the event of a loss. We reduce the risk of underinsurance by establishing asset values based on a physical assessment and do not rely on asset registers or clients to provide us with information.
We provide an accurate and consistent valuation approach across all business and plant locations, while our detailed reporting caters for the delineation of buildings and plant assets. Plant registers and allocation of value to help with EML and PML type studies can also be provided.
- Ensures the company is not under or over insured in the event of a loss
- Justifies and supports a claim settlement
- Ensures the company is paying the correct premium and the correct premium is recharged to business units
- Enables risk management to target effort 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
- We often find that local FDs insure the plant and equipment at the net book value which leads to incorrectly insured assets
- 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
Some Recent Projects We Have Valued
Company Name:International Engineering Client
Assets Valued: Valuation plant and equipment for insurance purposes
Service: On-site surveys and comprehensive insurance valuation report. The client specialises in the production of finished and semi-finished metal products and our reinstatement valuation reports concluded that the client was underinsured by over £65m.
Company Name:Aerospace Industry Client
Assets Valued: Valuation of buildings, plant and equipment for insurance purposes at UK location
Service: On site surveys and comprehensive insurance valuation report
Company Name:EMEA Engineering Client
Assets Valued: Valuation of buildings, plant and equipment for insurance purposes at 12 locations
Service: On-site surveys and comprehensive insurance valuation report