UK-based general insurance organization British Insurance Brokers' Association (BIBA) has selected chartered loss adjusters and claims specialist, QuestGates, to manage its new valuation facility.
The new BIBA valuation facility will not only provide valuation service for single buildings, but also for plant, machinery and contents, fine art and antiques, and engineering and technology.
The facility will also provide the QuestGates business interruption (BI) survey service, under which it will review the client’s current BI service and accordingly give recommendations.
BIBA technical services head Steve Foulsham said brokers need to provide quality advice on sums insured to their clients to avoid the pitfalls of under insurance and the risk of paying too much premium for over-insurance.
QuestGates director Alistair Steward commented having previously managed the Institute of Insurance Brokers (IIB) Valuation Service for a number of years, they are delighted that BIBA has selected QuestGates to manage its new valuation facility.
"We are finding more businesses fail to calculate appropriate sums insured and indeed our data indicates that the level of under-insurance is actually increasing," Steward added.
"There is mounting pressure on insurance brokers to provide quality advice to their clients, and this BIBA facility will assist them by providing access to a team of professionals with day to day knowledge of the real cost of reinstating businesses after an insured event."