When new buildings or equipment are commissioned, a project’s financial data provides valuable information for updating a site’s insured values. However, this requires identifying the different cost items, analysing them and comparing them on a consistent basis.
Equipment costs, associated installations and engineering fees : not all cost items in an industrial project necessarily fall within the same valuation scope for property insurance purposes. Analysing these costs helps determine which elements should be included in the valuation of… replacement cost new and substantiate the insured values determined.
The challenge of keeping insured values up to date.
The commissioning of a new installation also represents an important milestone in monitoring a company’s asset portfolio.
For the Risk Manager, the challenge is to reconcile investment data, equipment specifications and the information used to declare insured values.
Beyond the initial valuation, this approach also raises the question of how to keep valuation reference data up to date. How should new equipment be incorporated? How should modifications to existing installations be accounted for ? And how can insured values remain documented and substantiated over time ?
These questions highlight the importance of having a detailed understanding of each site to ensure reliable insured values.
How to analyse data from a new industrial project ?
In this video, Thomas, Senoee expertexplains his approach to collecting and analysing data from a new project : verifying the scope, comparing it with similar equipment and enhancing valuation reference data.
Analysing data from a new industrial project is part of a broader approach to improving the reliability of insured values. Insurance appraisals enable the identification, assessment and valuation of a site’s buildings and equipment using consistent, technically substantiated methods.
→ Discover SENOEE’s insurance appraisal methodology.
Do you have a new project underway or in the pipeline?
Let’s discuss your asset valuation challenges and how to improve the reliability of your insured values : contact@senoee.com