At CCI we're always looking for ways to improve and enhance our services to ensure we continue to meet your needs. Supporting you to make informed decisions around the adequacy of your sums insured is an important part of our role, and is why we're making some changes to the way we help you determine appropriate insurance valuations of your buildings.
Since 2008 CCI has engaged the services of AssetVal to undertake insurance valuations. These valuations have typically been based on physical asset data collated and provided by CCI's Client Relationship Executives.
In an effort to ensure a more accurate and consistent approach to the assessment of building assets, CCI undertook an extensive review process which has resulted in the appointment of a new property valuations provider, JLT Valuations.
JLT Valuations brings a wealth of insurance valuation expertise, especially in valuing ecclesiastical buildings, together with other building types that form part of the Catholic community in Australia. With their significant expertise and reach across Australia, including through their involvement in valuing municipal council properties across metropolitan, regional and rural Australia, JLT are well placed to serve our broad client base.
Over the next 3 years, JLT Valuations' experienced professional valuers will undertake a programme of inspections encompassing approximately 11,000 buildings nationwide.
The new process with JLT Valuations will draw on detailed construction costs using Rawlinsons, Cordells and CostWeb construction cost analysis. In addition, given the often very specialist 'nature' of the properties, JLT Valuations' Quantity Surveyors will also be drawing on builder and supplier data across the church, education and healthcare sectors, including CCI's own data in construction insurance. This will ensure insurance valuations are built up using relevant and elemental data, rather than any generic "rate per metre" guide.
A GeoValu system will be used by JLT valuers as the primary data collection, valuation and reporting tool. This system will provide greater accuracy and allow for further analysis, if necessary, of property values. It also allows for real time uploads and updating of data.
In order to complete the valuation, JLT valuers will also collect data on the physical construction of each building such as size, height, building materials, complexity and other site and geographical factors.
Each property valued by JLT Valuations will have a separate valuation report. In addition to a glossary of terms, the report will include information such as; occupancy, building size, security, roof type, number of levels, heritage listing, fit out details, services information such as electricity, fire and plumbing.
The portfolio of assets to be valued has been classified into three groups; metropolitan, regional and rural or remote regions. JLT Valuations will liaise with your Client Relationship Executive to arrange and conduct inspections. To minimise disruptions, and to conduct the valuations in the most economical way, JLT Valuations will provide anticipated inspection locations to CCI quarterly. Your Client Relationship Executive or a representative of JLT valuations will be in contact with you to confirm an agreed date and time for your inspection.
To prepare for property valuations and to ensure the process is as efficient as possible, where possible any site information and building plans should be collated and provided to your Client Relationship Executive prior to the inspection. This will reduce the time required for each valuation and assist with accuracy.
It's important to note JLT valuers do not always require accompanying on an inspection; it could be just as easy to provide the valuer with appropriate access.
Your Client Relationship Executive will provide you with a copy of the valuation report, along with recommendations. This insurance valuations service is provided at no cost and is part of CCI's overall service to our clients in order to assist you in determing the most appropriate sum insured for your properties.
We are aware that many of our clients also require market or financial valuations to be undertaken from time to time.
JLT can provide a range of additional services including Market and Financial Reporting valuations, acquisition and disposal advice and asset condition and capital expenditure reporting. If you are interested in finding out more about any of these services please discuss directly with the JLT valuer or contact your Client Relationship Executive.
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