Reported Insurance Values
When a loss occurs, it may be discovered that the reported insurance values of the company are inaccurate or out-of-date. This may affect the company’s ability to recover 100% of the losses suffered or impact the ability to accurately assess the loss itself.
Our clients trust us to verify the accuracy of reported insurance values both before and after a loss. They also ask us to work with companies to assist in the preparation of these values.
We’ll take the time to understand the basis of the valuation. Our experts will interview risk management, operations and corporate accounting personnel on the process used to determine the reported values. Additionally, our professionals will obtain and analyze the documentation required to verify the values and will work with other consultants on matters related to building and equipment replacement values.
We can perform the following services for matters dealing with reported values claims:
• Review the business interruption worksheet to ensure it is complete and properly reflects values at risk
• Examine asset values of multinational businesses that have multiple locations
• Investigate the failure to update or provide asset values for new construction
• Record the assets placed into or taken out of service, price inflation and changes in foreign exchange rates
• Identify the key operating critical path assets with long replacement lead times