Valuation

As Loss Adjusters /Assessors who have been in the Market for some time, we have made an observation (attributable to the global recession and a general increase in inflation) that a significant number of claims are being affected by the application of average. This is resulting in a large number of disgruntled clients, who feel they are being short-changed by the Insurer whilst on the other hand the underinsurance implies inadequate premium collection on the part of insurers. We believe it is in the interest of both the Insured and Insurer to work towards achieving an equilibrium position in order to maintain a mutually beneficial relationship, as continuing business under such conditions might work against both parties in the long run. Being in the position of an independent party between the Insurer and their Insured, we believe we can help to bring about a win-win solution through carrying out Asset Valuations for insurance purposes on behalf of the Insurer. This is a special service that compliments a range of our existing Loss Adjusting & Risk Management services, which we are currently providing to our market.
Collection of adequate premium from the Insured who is now informed and willing to obtain adequate cover for their Insurable interests.
Protection of the business relationship with their clients by avoiding Average deduction on claims.
The Valuation Report Inventory will serve as Proof of Pre-loss possession, in the event of a loss, by fire, theft, etc.
Our property, asset and fleet valuation team aim to provide valuation appraisal and opinions predominantly to insurers at the time of inception and renewal of insurance policies, usually annually or biannually. The company carries out valuation appraisals on replacement value basis and market value basis.

• We perform property and asset valuations for insurance and accounting purposes.
• We do market valuations, depreciated asset value, replacement value and net realisable value.
• Our experts are equipped and skilled to handle valuations of immovable property, movable property, specialist equipment and vehicles.
• We pride ourselves with the highest standards of integrity and competence. Our turnaround period for inspections is 24 to 48 hours from receipt of enquiry or assignment.

Benefits to the insured and the Broker

The benefits of this specialist service to the Insured and Broker are:- Accurate ‘replacement cost’ figures, leading to an accurate ‘value at risk’ and avoidance of
under-insurance prejudice in claim settlements - the dreaded Average Condition. Accurate determination of Maximum Foreseeable Loss (MFL) values and Disaster Recovery scenarios. A detailed asset inventory that would assist in the compilation of an insurance claim in the event of a loss. Excessive premium due to over-insurance as well as unintentional ‘self insurance’ through under-insurance are avoided. Coupled to this is the benefit of avoiding arguments related to claim settlement figures between the ‘Insured’ and the ‘Insurer’. The Re-insurance Markets look favourably upon adequately insured (i.e. professionally valued) risks. Internal staff is relieved of the extra responsibility of determining insurance figures .

Key Perfomance Areas

• Turn-around times - we attend to claims timeously
• Collection of relevant evidence within the shottest possible time
• Sound Communication - update stakeholders at each stage
• Assessing of damages
• Thorough research, clear outline of each aspect of the claim, including damages, service charges, and extra expense claims
• Investigate liability
• Negotiation with Contractors timeously on service charges or cost of repairs for the purpose of making an offer of settlement to the insured
• Maintain correct procedures
• Unbiased analysis of issues and fair report when dealing with claims
• Relevant technology support and infrastructure
• High attention to detail and experienced professionals