Ensuring that you have the correct sums insured has never been easy. Indeed, in recent years the problem of under-insurance, in particular, has increased. It is now estimated that up to 70% of UK businesses may be under-insured and this can lead to severe financial penalties in the event of a claim.
"up to 70% of UK businesses may be under-insured"
The Building Cost Information Service, part of the Royal Institution of Chartered Surveyors, has also noted that in the UK, almost 80% of commercial properties could be underinsured by as much as 60%. For a £1 million property, that could mean a shortfall of £600,000.
- Might you be under insured?
- Do you need help setting sums insured?
- Is your business interruption cover taliored to the needs of the business?
To ensure that you don’t become a victim of under insurance when you have a claim, the best advice is to get a professional valuation.
As an added value service, specially discounted rates have been negotiated with QuestGates, Chartered Loss Adjusters and Claims Specialists, to deliver a fast and efficient independent insurance valuation.
The facility ensures that under insurance penalties are avoided in the event of a claim and that the correct premium is paid thereby avoiding the risk of over insurance.
In every case you will receive a clear report with a brief summary of the risk and a recommended value for insurance purposes. Property portfolios and multi-risk locations of all sizes can be acommodated, the fee refelcting the savings made through reduced travel and geographic clusters.
In the case of buildings insurance, the skills of dual qualified CILA and RICS adjuster/surveyors are applied to establish what the accurate value at risk should be.
Questgates regularly find a building’s value at risk has been incorrectly calculated on the basis of its market value, rather than the actual reinstatement cost, which can be affected by many factors, including: local authority planning, legislation requirements, demolition and debris removal costs, listed status of buildings and VAT.
Plant, Machinery and Contents
Undertaking a full valuation often involves many days on site, compliation of inventories and research into the replacement costs, all of which can be cost-prohibitive. By combining their insurance expertise with your purchase cost knowledge QuestGates pro-actively reach an approximate value at risk, which can then be used as a guide for you at renewal.
Utilising their skilled Chartered Accountants/Adjusters, this service includes a full financial review of the business. QuestGates provide recommendations as to the type of cover required, sums insured, indemnity period and policy extensions.
Fine Art and Antiques
For people who own individual items of high value, unusual pieces of collections, it can be difficult to obtain accurate valuation for insurance purposes. Through their expert valuers, QuestGates ensure valuations for such purposes are provided accurately and cost effectively.
Please call us for further information and prices.