m3property and m3p&e are highly regarded in the valuation of property and plant and equipment assets. Now m3 have the ability to consider the underlying issues that affect the level of insurance cover you need.
The purpose of insurance cover is to return you (the insured) back to the same financial position you were in immediately before incurring a loss. This will not happen if the declared insurance values are understated.
PROTECTING YOUR ASSETS
In our experience unless a business has recently had an insurance valuation, the sums insured will be inadequate and usually only 50-75 per cent of the correct amount. There are of course exceptions, and we occasionally find cases of over stated values.
But what is the impact of being underinsured? In the event of a loss, if there is a co-insurance clause in our insurance policy and your assets are underinsured, only a fraction of the actual cost of replacing your assets will be paid, leaving you to fund the rest.
The situation can be avoided by having m3 undertake a dedicated insurance valuation of all your tangible assets.
WHEN DO YOU NEED US?
- If you have never engaged a qualified valuer to assess your assets for insurance;
- It has been more than two years since your last independent insurance valuation;
- You are reviewing your business interruption cover;
- You are undertaking an insurance risk assessment; or
- Your asset base has changed through acquisition or downsizing.
The benefits of m3 property insurance valuations are that in assessing your limit of liability:
- We can help save you money, protect ownership interests and your physical assets by ensuring they are correctly insured.
- We can assist in removing the risk of underinsurance, which leads to delayed and reduced claims payments that potentially cripple a business if it suffers a severe loss.
- We will endeavour to reduce the exposure of directors, officers and shareholders who may ultimately be responsible for correct sums insured.
ONE VALUER - ALL YOUR INSURANCE VALUATION NEEDS