27th July 2010
today announces the launch of a new valuation service to help combat the
dangers of under-insurance for commercial and high net worth owners of
has teamed up with leading valuation surveyors Gleeds Durden who will provide a
professional valuation service at a discounted rate to commercial and high net
worth clients. The service also provides for a range of enhancements
to policy conditions designed to reduce the impact of under-insurance to
The new service
comes at a time when insurance company AVIVA has revealed that under-insurance
is a real risk for property owners. The findings of the research indicate
that 77% of professionally valued buildings are actually under-insured, putting
commercial property owners' investments at risk.
oversights in completing insurance valuations include the costs of removing
debris, architects’ and surveyors’ fees, and the replacement of walls, gates,
fences, garages and other outbuildings. The recession has also
brought its own problems because while property values might have plummeted,
rebuilding costs have not fallen to the same extent, meaning some business
owners may be tempted to cut the cost of their insurance by basing cover on the
lower market value of their property.
Mark Clayton, Managing Director of Towergate Coverex
said, “Under-insurance is a real problem for property owners and cutting the
cost of their insurance can be a false economy. So we have launched this
new valuation service to help property owners achieve peace of mind and avoid
nasty surprises when making a claim".