News

Towergate Coverex

26 Jul 2010

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

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".