We are committed to making sure our members get the best coverage possible for municipalities. As part of this commitment, SUMAssure has partnered with Suncorp Valuations to provide Replacement Cost Valuations of buildings, site improvements, furnishings, and unlicensed mobile equipment for all municipalities. This program will occur over the course of three years.
What is a Replacement Cost Valuation?
On average, at the time of valuation properties have been found to be 30-40% underinsured, meaning that when a municipality experiences a loss to a property, they may not have the building properly valued leading to a claim payout that may not cover the full cost of replacement. Alternatively, some properties are overinsured, meaning that municipalities might be paying higher premiums for their assets. Also, most valuations can cost anywhere from $3,000-$12,000, but SUMAssure members receive this service at no additional cost.
Replacement Cost Valuations ensure your municipality is covered for what it’s worth. This keeps the claims process efficient and fair for you and allows SUMAssure to properly document insured assets, transfer risk, prevent underinsured loss scenarios, and ensure members pay accurate premiums for the best coverage possible.
FAQs
Who is Suncorp Valuations?
Suncorp Valuations began in 1960 with its head office in Saskatoon and has grown into an international appraisal and risk management firm providing services for all industries throughout Saskatchewan, Canada, and around the world.
Suncorp has the largest and most experienced public sector valuation practice in Canada and has completed insurance appraisal mandates for hundreds of municipalities, school divisions, universities, and colleges.
Is this program mandatory or optional?
Yes, this program is mandatory and included as a value-added service for all SUMAssure members.
How much will this cost?
Nothing! This service is free to all SUMAssure members.
Will premiums increase?
Potentially. However, Replacement Cost Valuations ensure that insurance of your assets is based on current data rather than historical cost, market, net book, liquidation value, or allocated purchase price.
How long will this take?
One onsite valuation of all SUMAssure member municipalities will happen over the span of three years.
What do I need to do?
Our CEO, Tania Wending will send you an email introducing the Suncorp team. The Suncorp team will then reach out to set up a meeting to introduce themselves, discuss the process, answer any questions you may have, schedule their visit, and outline any documents they need ahead of time, such as:
- Electronic drawings of sites Suncorp will inspect, including the years built, additions, etc.
- Capacity of all water reservoirs, lift stations, etc., including operating details of all water treatment and wastewater treatment plants.