Insurance Valuations
Our valuations in the insurance marketplace cover the following services:
- Reinstatement and Total Limit of Liability
- Market Value Appraisals
- Income Approach for commercial and retail properties relating to business disruption insurance
Our assessment of insurance valuations utilise a broad range of professional skills and experience and follow the Australian Property Institute (API) Guidance Papers for Insurance Valuations. Accordingly, our valuations consider (where appropriate):
- An appreciation of costs for the construction or supply of assets of a similar size and utility
- An appreciation of demand and supply of building materials and labour, professional services and planning and building approval processes
- An appreciation of installation and commissioning costs and time frames for plant and machinery insurance valuations
- Planning scheme provisions which could affect whether a building can be rebuilt in its present form
- Heritage issues
- General insurance policy terms (including difference between reinstatement and indemnity, inclusions and exclusions, co-insurance, and averaging provision)
- Market rental values (for loss of rent or allowance for alternative accommodation)
- The size and extent of all improvements including building structures and ancillary improvements
Our valuations for insurance purposes are completed in accordance with the following Australian and international Standards:
- Australian Property Institute’s (API) ANZVGP 104 Valuations for Insurance Purposes
- International Valuation Standards (IVS)