007 Improving risk management using asset valuations
In John Foord’s latest whitepaper installment, we address the common myths about insurance valuations and how regular independent valuations makes a difference during claims and settlements.
- Are insurance appraisals not important to senior management?
- Insurance valuations are too expensive and hence ignorable
- Are insurance brokers experienced enough to arrive at asset replacement costs?
- Surely, index of historical costs are accurate enough to arrive at replacement cost
- Asset valuations can be done in-house and thus professional valuations are not necessary
- Assets are brand new and thus I can exclude valuation effort
- Asset valuations do not significantly affect insurance premiums
- A professional valuation will be too disruptive to my business
- There is limited value in an insurance valuation exercise