Through our many years of experience in the insurance industry, AppraisAll has built up a vast understanding of what clients require to support their insurance tender or renewal. We can assist you in the core field of Insurable Value Analysis and in the neighboring field of insurance information, such as Business Interruption analysis and the collection of Construction, Occupancy, Protection, and Exposure (“COPE”) information. Based on your specific requirements, AppraisAll will provide you a solution either in-house or by engaging partners from our network.
Insurable Value Analysis
A company’s record of insurable values is often a static document that does not reflect the latest situation of the ever changing landscape of business. It may hold legacy information on businesses and assets long out of service while the latest developments and newly acquired assets are not yet represented. In any case, it is good practice to have a thorough review of insurable values on a regular basis, especially a few months before renewing your insurance policies or before tendering for a new insurance provider.
It is important for a company to to be sure that the information in their insurable values register truly reflects insurable replacement or rebuild costs and is not clouded by other bases such as original cost, book value or others. If a loss event occurs and the declared value is too low, the insurance company may claim underinsurance and the damage may not be compensated in full. The difference will go straight to the bottom line. If the declared value is too high, the insured will not be compensated in excess of the actual damage and paid insurance premiums will have been too high.
AppraisAll has a wealth of experience when it comes to the field of insurable value. We assist our clients on a regular basis with establishing values and what to insure. We also assist our clients in focusing efforts by prioritizing their insurable objects by risk of underinsurance. This portfolio analysis tool is based on our many years of experience and current knowledge of replacement cost values in various industries.
The Business Interruption component of your insurance is based on both damage and indemnity period.
Business interruption damages need to be calculated from your Profit and Loss projection and may be subject to significant change in line with your business. AppraisAll has the right tools and experience to calculate these potential damages. AppraisAll can call on the most prominent industry experts for support in estimating the indemnity period.
These calculations can be complex when there are multiple locations and suppliers with significant interdependencies. AppraisAll can assist you with a scenario analysis to determine the highest exposure.
Knowing the right value gives you peace of mind and allows you to more effectively focus on specific areas when developing emergency response plans or considering improvement measures.