Towergate Coverex launches new valuation service to combat the dangers of under-insurance

27th July 2010

Towergate Coverex

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

property.

Towergate Coverex

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

property owners.

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. 

Typical

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".