Both under and over-insurance can result in significant problems with many companies not recognising the full economic impact of inadequate cover. XL has joined forces with American Appraisal, a world leader in insurance valuations, to offer independent and unbiased valuations to XL customers.
American Appraisal’s international network coupled with XL’s global reach and extensive product range offers additional assurance to XL clients. This innovative solution provides clients with an assessment of the insurable value for any tangible asset – not only the building, but also the building’s equipment and contents. The services cover: • calculation of insurable values to support asset replacement cost, • primary construction, occupancy, protection and exposure (COPE) data analysis, • assistance in calculation of loss estimates, • anticipated rebuilding time to assist selection of indemnity periods.
Matthias Horntrich, Chief Underwriting Officer, Property, International P&C, XL, said “In today’s difficult economic environment it is essential to ensure that property portfolios have adequate cover. Under-declared values are a significant issue which can result in unexpected costs. The Global Property Valuation Service eliminates any element of surprise due to unforeseen occurrences. This product further enhances our existing range of property insurance services, including our class leading risk engineering, both bundled and unbundled, giving our clients an even greater choice of XL service capabilities.”
Ian Gough, Managing Director, American Appraisal, said: “We are delighted to be working with XL to offer this valuation product. We can offer onsite valuations combined with a range of desktop valuation options – based on a client’s data – and will draw up a detailed appraisal program to ensure organisations have the necessary data to meet the needs of all stakeholders.”
About XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin2, Ireland. To learn more, visit www.xlgroup.com
About American Appraisal American Appraisal is an independent global valuation specialist offering a range of valuation services across all major industry sectors, from hotels to petrochemicals; high-tech to steel manufacturing. The firm provides valuations of individual property assets such as buildings, plant and machinery through to complex business enterprises and intangible assets including trademarks, patents, copyrights and goodwill.
Since 1896, American Appraisal has combined worldwide consulting experience with local expertise and today the firm comprises a team of over 800 employees strategically situated in more than 50 offices throughout Asia-Pacific, Europe, North and South America. The firm’s clientele includes leading corporate, governmental, institutional, educational, and health care decision makers worldwide. Each year the firm serves in excess of 7,500 clients and issues reports on assets worth more than $300 billion.
American Appraisal’s principal offices are located at 411 East Wisconsin Avenue, Milwaukee, Wisconsin, USA.