Asset valuation in insurance is important for determining the market value of properties, including buildings, equipment, and contents, ensuring adequate coverage from insurers. This includes tangible assets such as inventory and vehicles.
Based on our extensive experience assisting insurers and loss adjusters in the process of evaluating reinstatement costs after a loss, we have developed a unique approach to evaluating all types of assets, including buildings, plant and machinery, equipment, and other types of property.
We have successfully assessed the value of various assets, from an old boiler in a power plant to outdated Computer-Aided Design (CAD) drawings from a design firm. Our comprehensive reports are supported by both scientific and commercial evidence.
Our experts have conducted asset valuations of properties to determine the appropriate sum insured and to assess settlement amounts after catastrophic losses. For instance, we accurately valued IT equipment damaged by flooding several years ago, and our assessments were vital for the court in establishing a fair settlement amount.
In certain situations, there may be insufficient or irrelevant evidence of recent market transactions to value a specialised asset accurately. In these cases, CEERISK experts use the Depreciated Replacement Cost (DRC) method to accurately determine the asset's value.
Our asset valuation services were used by (re)insurers and their clients in many situations, including:
- Machinery in different types of businesses, including construction, heavy industries, oil & gas, power generation, transmission and distribution, petrochemicals, and semiconductors.
- High-tech equipment in data centres, hospitals, educational institutions, automation, communication, and TV productions and broadcasting.
- Stock, including semiconductor components, machine parts, and raw material such as aluminium and plastics.
- Construction projects, including CPM, buildings, and material.
- Data and intellectual property, such as CAD drawings and programs.
