Information & Client Feedback:
Recently we did an Insurance Valuation for a client and received the following feedback which is a timely reminder the need for Insurance Valuations to have the correct amount:
I built a building in the early 80's and insurance values have increased yearly (as insurance companies generally do ... )
This year a large Insurance Company sacked all its business consultants and allocated their jobs to a call Center In the Philippines. BUT I eventually tracked my old rep. down - I found out he was Working for a broker - I told him I would rather deal locally .... This is when he dropped the BOMB... "You are so under insured - you would never consider our quote, he said"
"Please Explain" I said ..... Well you are insured for $400k - if you ever have a total loss -they say your cover should have been $800k so they give you $200k - goodby!
I thought I could rebuild myself for 4-500k - but he explained I would only get a portion of my insured value - depending on REAL REPLACEMENT value....
So I decided since the "point of insurance is so you can sleep nights", I better get a proper valuation on file...
It came in at $1.25m
So the broker was REALY a FRIEND - because he alerted me to the fact I was Under Insured- and that isn't smart.
The small cost of the valuation has given me peace of mind that I have the correct insurance cover!