Our aim is to determine and optimise the right sum insured for your machinery. This means that we ensure that your company neither runs the high risk of underinsurance nor pays unnecessarily high insurance premiums due to overinsurance.
In order to determine the correct sum insured for your property insurance for your machinery and operating equipment, you usually need the new values – in individual cases the current values of your property assets.
On the basis of our business valuation, we calculate the sum insured for machinery, plant and all technical and commercial equipment precisely and to the point for you.
For our clients, we review the insured values annually and adjust the sum insured. To do this, we calculate the correct value adjustment for the individual insured values. Usually, these value adjustment clauses may be used to determine the sum insured if the value supplements are determined by a recognised expert.
Experience has shown that this considerably reduces the time and financial effort for you. And you always have the security of being adequately insured.
Depending on the operational circumstances, our clients receive an individual recommendation regarding a reassessment of the sum insured. As a rule of thumb, we recommend a review approximately every 5 years in view of continuously changing conditions (purchases and sales of machinery, wear and tear, inflation trends, etc.).
By the way: If we draw up an insurance value appraisal for you on your insured values, we assume responsibility – naturally also towards third parties – that the sum insured for your machinery and material assets is correct!
At a glance – sum insured for machinery and equipment
- Determination of the new values and, if applicable, the current values
- Derivation of the correct sum insured
- Annual review and adjustment
- Determination and application of the correct valuation adjustments
- Assumption of responsibility for the correctness of the insured values
The aim of the new value determination is first and foremost the determination of your correct insured sum. On the basis of our reports we calculate for you precisely the correct sum insured for all of your technical and commercial equipment.
This ensures that your company does not run the risk of underinsurance or pay unnecessarily high insurance premiums due to overinsurance.
We advise our clients to review their insurance amount every 5 years in view of continuously changing conditions (purchase / sale of machinery, wear and tear, inflation development etc.).
“Especially assembly costs and in-house services are often forgotten when valuing facilities. This can lead to substantial deficits in coverage.”
Machinery breakdown insurance covers property damage to machinery that is not covered by “normal” property insurance. These are, for example, human error, manufacturer’s defect, short circuit and general internal operational damage.
In the event of damage, your insurer will reimburse the costs of repair, but in the case of total loss – in contrast to property insurance – usually only the current value of the machine is compensated, with some insurers the replacement value for machines up to 24 months old.
Caution: The insurance cover for machines is often limited by age – for example, no machines older than ten years are insured. Theft is also often excluded – read the clauses carefully!
Insurance claims in industry are usually settled by way of an expert procedure. As experts, we are commissioned to determine the amount of damage and record it in a damage report. This is then the basis for the compensation payments by the insurance company.
As a company, you should familiarise yourself with the expert procedure so that you are prepared if the worst comes to the worst. Here we have compiled the most important information on the expert procedure.
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