Why is a valuation important? with Rachel Doerr from Doerr Dallas Valuations

Summary: In this episode, we talk about the importance of valuations to understand the value of assets and keeping them up to date, especially in the current market conditions where material and manufacturing costs are constantly fluctuating. The valuation provides clients with a detailed report on their assets to support them in agreeing the correct sums insured and for the insurer in the event of a claim. Clients may be reluctant to get a valuation due to the cost, but they are important to establish the assets’ true value to avoid underinsurance and sometimes, over insurance. A professional valuation is often accompanied by additional benefits including expert advice on how to care for precious items and how to help them retain their maximum value over time. When choosing a valuer clients should practice necessary due diligence and ensure they select professionals that operate in the relevant field.

Quote: “Any luxury watch valued more than a year ago, or jewellery valued more than two years ago will most likely be underinsured. Your client’s items may also be over-valued, so it’s really important to have an accurate and up-to-date valuation.”

What's the value of a valuation?

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Sarah Willoughby LinkedIn profile

Run time: 14.40

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About the guest:

Rachel Doerr, Founder and Managing Director of Doerr Dallas Valuations, an independent bespoke valuation company of fine art, antiques, jewellery, watches, and more.

About the host:

Sarah Willoughby, Art & Private Client Business Director at Ecclesiastical, leads the Art & Private Clients team and brings over 28 years’ experience in the high net worth sector. Sarah joined Ecclesiastical in 2016 after 16 years with Oak Underwriting where she was Deputy Managing Director and over the years has been involved in all aspects of the business bringing a wealth of high net worth expertise and knowledge.

This guidance is provided for information purposes and is general and educational in nature and does not constitute legal advice. You are free to choose whether or not to use it and it should not be considered a substitute for seeking professional help in specific circumstances.

Accordingly, Ecclesiastical Insurance Office plc and its group companies (“Ecclesiastical”) and Doerr Dallas Valuations, shall not be liable for any losses, damages, charges or expenses, whether direct, indirect, or consequential and howsoever arising, that you or any third party suffer or incur as a result of or in connection with your use or reliance on or action taken (or not taken) by any other party, caused by that or any other person’s use of or reliance on the information provided in this guidance, except for those which cannot be excluded by law.

In viewing the guidance, you acknowledge that over time the information provided may become out of date and may not constitute best market practice, that it is subject to change and new editions may be issued to incorporate such changes and that Ecclesiastical and Doerr Dallas Valuations have no duty to provide such changes.