Insurable Value

For any business, it goes without saying that it’s important to carry various forms of insurance for things like property and equipment.

Although an insurance company will establish its own value in order to determine the amount of coverage that’s necessary for the assets, it’s also important for the business owner to know the insurable value of his or her assets, including buildings and equipment. Insurable value can be used by businesses and their insurance providers to determine the proper amount of insurance to be carried.

For these purposes, an appraiser can determine the proper amount of insurance to be carried to assist in recovery in the event of loss, and establish a basis for preparing the required proof of loss in the event of a catastrophe.

Understanding the insurable value of a business can also be helpful for a company that’s looking to borrow money to document insurable value because it can give a lender additional peace of mind regarding a loan.

If you’re a business owner and you’re looking to determine insurable value, contact EquipNet today!

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