Valuation of property for insurance

Determining the actual value of property and the amount of loss in an insured event

We value buildings and premises, machinery and equipment, vehicles and other property being insured or damaged in an insured event.

Property is valued for insurance when the contract is concluded and when an insured event occurs. As a general rule, the sum insured does not exceed the actual value of the property on the day the contract is concluded, and if the sum insured is understated, compensation is paid proportionally (Articles 947 and 949 of the Civil Code of the Russian Federation).

The actual value is determined on the basis of an analysis of the characteristics and technical condition of the assets, the costs of restoring or replacing them, and market data. The valuation report sets out a reasoned conclusion of the insurable value or the amount of loss with supporting analysis for the policyholder and the insurer.