Insurance value estimate
Insure yourself in the event of a claim and optimise your insurance contributions
WHY CARRY OUT AN INSURANCE VALUATION?
- To find out the amount of insurance to be provided in the event of a claim, for buildings, equipment and installations
- To optimise your insurance premiums :
- Underestimating insurance values compromises fair compensation in the event of a claim
- Overvaluation of values leads to artificially high insurance premiums
- To achieve economies of scale
The concomitant realization of a physical inventory and a preliminary estimate in insurance values makes it possible to optimize the costs of intervention.
Using an insurance expert allows the risk to be transferred to a professional.
- To avoid the application of the proportional rule of the insured capital
- Article L.121-5 of the Insurance Code stipulates:
“If the estimates show that the value of the insured object exceeds the sum guaranteed on the day of the damage, the policy-holder shall be deemed to remain his own insurer for the excess and shall consequently bear a proportionate share of the damage, unless otherwise agreed”.
The proportional capital rule is in fact a sanction by the insurance company in the event of a claim when it detects a difference between the risk it has taken on as cover and the risk actually insured. It makes a rule of three between the amount of the claim, what the client has to pay and what he should normally have paid.
An example will better illustrate the mechanism of the proportional rule:
Sum insured: €100m
Insured value on the day of the damage: €120M
Amount of the loss: 15M€ of which :
– 12M€ covered by the insurance company and
– 3M€ supported by the company
How to react in the event of a damage?
In the event of a damage incident, two important elements must be taken into consideration:
To be assisted by an insurance expert
Unlike a company expert, who defends the interests of the insurer, the policyholder’s expert defends the interests of his client who has suffered a loss.
Why choose policyholder expert:
- To establish a balanced business relationship between the insurer and the insured and avoid possible conflicts of interest.
- To gain efficiency in the management of the damage.
- To obtain a second assessment of the damage and its consequences; if the first assessment is questionable, a second assessment may be carried out on the initiative of the policyholder’s expert.
- Last but not least, to ensure that the indemnity obtained is as fair as possible.
At Actidel we are policyholders experts and we are at the service of our clients to advise them throughout the process.
Knowing the steps involved in settling a claim
Actidel accompanies you throughout the procedure, both in assessing the damage and in managing the settlement of your claim.
The different steps in a claim settlement are as follows:
Declaration of the damage
To the police or the insurance company
Review of contracts (insurance, leases, financial leases)
Examination of the causes and circumstances of the damage
Assessment of the economic consequences
Implementation of claims and claims procedures
Estimation and determination of the damage with a view to indemnity
Insurance value estimate : YOUR ESTIMATION PROJECT
The insurance value assessment is used to determine the values to be declared to the insurance company in the event of a claim. When taking out an insurance contract, the client is responsible for the values he declares to his insurer.
The use of an insurance expert allows the risk to be transferred to a professional.
Within the context of this service, Actidel provides the following elements relating to buildings, equipment and installations:
- Legal status of the building (owned, rented)
- Gross and developed areas for each building
- Police plan of the site
- Value of identical reconstruction and deduction of obsolescence for each building
- Legal status of assets (owned, rented, leased, third party)
- Precise inventory of fixed assets physically present on site
- Replacement value as new and depreciation deducted, by location or by cost centre
- Focus on IT equipment
- Summary files of values and areas.
- Expert’s report
Every year we offer a replacement value update with depreciation deducted for buildings, equipment and installations, revaluing existing assets and taking into account new acquisitions and disposals.
Insofar as the insurance valuation is carried out in conjunction with a fixed asset inventory project, the client will benefit from economies of scale because the inventory serves as a common base for both services.