Insurance valuers throughout Australia
All of PM Valuations valuers have had industry leading experience in conducting insurance valuations of property, plant and machinery throughout Australia. This experience ranges from small manufacturing factories to Australia’s largest infrastructure assets including mining process plants, power stations and water treatment plants. Our in depth knowledge of both buildings and site improvements and plant and equipment is integral to our service. Ensuring that all tangible assets are accounted for but not double valued is essential. We want to ensure our clients have the information they need to be appropriately insured not under-insured with a large risk or over-insured with unnecessary premiums.
Valuations for assets insured with ISR policies is our main focus. Consideration of concepts such as Replacement with ‘like with like’ where possible, modern equivalent when it isn’t, or issues of betterment are regularly being considered by our valuers. PM Valuations adopts a consultative approach to all our valuations. We encourage clients and insurance advisers to get involved in the process, ensure you understand the valuation report we provide and discuss any queries you may have from inception to completion and beyond.
PM Valuations offers the option of ongoing desk-update valuation reviews on an annual basis. These aim to be a cost effective method of ensuring correct sums insured throughout the policy periods following the full valuation. Although a three year valuation cycle is common the revaluation cycle appropriate for your assets may vary due to such factors as the new building works, the amount of changes to your process lines, changes in the construction sector or technological changes within your industry.
PM Valuations insurance valuations include demolition and removal of debris values for all buildings and site improvements and if required plant and machinery. PM Valuations is keen to see an end to demolition and removal of debris estimates being provided as a percentage of replacement cost which is surprisingly common within the insurance industry. Our research indicates that factors such as quantity and type of material that requires removal from site is much more important to determining demolition and removal of debris calculations than how much a building would cost to build.
Engaging an independent asset valuation firm to complete your insurance valuations of property, plant and machinery has become an increasingly important consideration. A number of insurance underwriting firms sell insurance products and valuations for insurance purposes raising issues of conflict of interest. These valuations are sometimes sold under different brand names that may not clearly be identifiable as an insurance company. Should you wish to shop around for your insurance provider whether straight away or in the years following, having an independent insurance valuation report such as one prepared by PM Valuations offers a number of clear advantages.
So if you are not totally confident with the current sums insured of your property, plant and equipment assets and would like to discuss your insurance valuation needs please feel free to contact us.