ANDREW NOCK VALUERS IS PROUD TO BE A STEADFAST GROUP … · 2015-12-01 · supply of similar...

COPYRIGHT © 2014 ANDREW NOCK VALUERSCOPYRIGHT © 2014 ANDREW NOCK VALUERS

ANDREW NOCK VALUERS

IS PROUD TO BE A

STEADFAST GROUP

PREFERRED SUPPLIER

OF INDEPENDENT

VALUATIONS FOR 12

YEARS.

COPYRIGHT © 2014 ANDREW NOCK VALUERS

Over 70%

of Australian

businesses are

underinsured.

Is YOUR client one of them?

DID YOU KNOW?


Despite you attempting otherwise, do your Clients:

� Decline getting an independent valuation done?

� Or perhaps they don’t want to update their last outdated valuation?

We outline where things usually go

wrong from here…

SOUND FAMILIAR?


Don’t understand underinsurance

Are scared of insurance

Are worried they’ll have to pay higher premiums

Don’t consider the length & cost incurred during the rebuild project

Have the ‘It won’t happen to me’ syndrome

Don’t want to pay for an independent valuation

Think they know the values of their assets

Don’t allow for a partial loss

CLIENTS WHO GET IT WRONG:

COPYRIGHT © 2014 ANDREW NOCK VALUERSCOPYRIGHT © 2014 ANDREW NOCK VALUERS


BUILDING VALUATION FACTORS CLIENTS

OFTEN FORGET…

AccessExternal services outside 3 metres

Fixed furniture & furnishings

Heritage issues Hoardings Topography

Lead time for demolition, design, approvals, tender

& rebuilding

Site conditionsSpecial fixtures,

fittings & finishes


WILL YOUR CLIENTS’ BUSINESS SURVIVE A LOSS?WILL YOUR CLIENTS’ BUSINESS SURVIVE A LOSS?



BUILDING VALUATION FACTORS

CLIENTS OFTEN FORGET…

Demolition costs External structuresGoods & Services

Tax (GST)

Legal & professional fees

Local Authority requirements e.g.

car parking

Plant & Equipment integral to the

building

Regional locationsSpecial design

featuresRelated zoning

restrictions


OUR EXPERIENCE WITH UNDERINSURED

CLIENTS

PRE-VALUATION = $1,500,000

POST VALUATION = $2,725,000

-82%



CLIENTS

PRE-VALUATION = $300,000

POST VALUATION = $710,000

-137%



CLIENTS



-177%



CLIENTS



-567%


Relying on online calculators and estimates? ASIC states they should be

used as a GUIDE ONLY.

Using Market and Bank Valuations for insurance? THEY DO NOT RELATE TO

INSURANCE.

Forgetting that the BPI (Building Price Index) is usually higher than the

annual CPI?

ARE YOUR CLIENTS…


HAVE YOUR CLIENTS ALLOWED FOR

THE LEAD TIME & COSTS FOR:

HAVE YOUR CLIENTS ALLOWED FOR

THE LEAD TIME & COSTS FOR:

�DEMOLITION

�DESIGN�DESIGN

�APPROVALS

�TENDER

�RE-BUILDING



Do you use 10% to

estimate your client’s

Removal of Debris?

NOT ALWAYS ACCURATE…


Protecting your Clients’ business

means being ADEQUATELY insured.



Transport & freight costs

Fluctuation & impact of the AUD$

Import & duty costs

Installation & labour costs

Lead up time in the event of a loss

Technology

European vs. Chinese

manufactured

machine costs

PLANT, EQUIPMENT & CONTENTS

FACTORS TO CONSIDER:


Market Value can be very volatile, subject to the demand and

supply of similar second-hand equipment at the time of valuation.

AGREED VALUE

2008 CLARK OMEGA 54E CONTAINER HANDLER


1997 CLARK OMEGA 44C FORKLIFT


PRE-VALUATION = $275,000 PRE-VALUATION = $217,000


FINE ARTS AND ANTIQUES

PRE-VALUATION = $3,000


YIKES!


HIDDEN WEALTH TO UNCOVER

THIS VASE WAS FOUND IN AN ATTIC OF A DECEASED ESTATE

AN INSURANCE VALUE OF $1,300 WAS PLACED ON THE VASE

THE VASE WAS LATER SOLD AT AUCTION FOR

$70,000,000!


YEAR 1:

Site inspection and valuation

YEARS 2 & 3:

Insurance Desktop Review

(IDR)

HOW TO AVOID UNDERINSURANCE…

Our 3 year Insurance Valuation Program:


Purpose of Report

Methodology

Buildings and site improvements descriptions consisting of:

Construction, age and condition

Accommodation and services

Any special factors

Photographs

OUR BUILDING VALUATION REPORTS

INCLUDE:


INSURANCE COVER ASSESSMENTS:

Reinstatement

with new

value

Escalation cost

Demolition

and removal

of debris cost

Building sum

insured

OUR BUILDING INSURANCE COVER

ASSESSMENTS INCLUDE:


Date and location

Location of asset - area, room and or building

Asset description

Manufacturer

Model of Machine

Serial number

New cost

OUR ASSET REGISTERS INCLUDE:


An independent valuation

Insurance desktop reviews automatically scheduled and sent

Correct level of insurance risk

Proof of asset identification in the event of a loss

Peace of mind

OUR 3 YEAR INSURANCE VALUATION PROGRAM

GIVES YOUR CLIENTS:


DECADES OF EXPERIENCE

WE VALUE IT ALL -NATIONWIDE

FRIENDLY, RELIABLE, PROFESSIONAL

SERVICE

COMPREHENSIVE 3 YEAR VALUATION

PROGRAM

NO PROJECT TOO LARGE OR SMALL

WHY ANDREW NOCK VALUERS?


WE’RE A NICHE, SPECIALISED TEAM OF VALUERS

CONCENTRATING IN VALUATIONS OF:

PLANT, EQUIPMENT, MACHINERY & CONTENTS

BUILDINGS & SITE IMPROVEMENTS

FINE ARTS & ANTIQUES


LMI GROUP

WE’RE PROUD TO HAVE A

STRATEGIC PARTNERSHIP WITH

LMI GROUP. TOGETHER, WE

PROVIDE EXPERT ADVICE, PEACE

OF MIND AND CERTAINTY OF

COVER.


Please contact us on

02 9262 1533 or

[email protected]

Or visit us online

andrewnock.com.au

where you can request a quote, request a call back or send us an enquiry.

Please contact us on

02 9262 1533 or

[email protected]

Or visit us online

andrewnock.com.au

where you can request a quote, request a call back or send us an enquiry.

GET IN TOUCH


We’re always available to offer you and your

clients’ initial advice, obligation and cost free on

their current sums insured.

It’s the first step to exposing any potential under

and or over insurance.

Thank you.

THANK YOU

Date post:	06-Jun-2020
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ANDREW NOCK VALUERS IS PROUD TO BE A STEADFAST GROUP … · 2015-12-01 · supply of similar...

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