By Mashe Umaru Gwamna
Insurance is a practice of paying premium on an insured property in order to have indemnity for any loss/damage to the property.
In relation to valuation, it is essential to know that value (monetary worth) of the property has to be known before compensation can be determined and paid if there is any loss/damages.
It is the duty of an Estate Surveyor & Valuer to carry out the valuation exercise. Because he is trained and knowledgeable in the assignment.
According to the relevant laws in Nigeria, it is only an Estate Surveyor & Valuer that can perform this job, due to his vast knowledge in the assignment.
Estate Surveyors & Valuers Registration Board of Nigeria (ESVARBON) gives license and guides the practice of Estate Surveying and Valuation in Nigeria.
It is to be noted that when carrying out Insurance Valuation, Land is not included because Land cannot be destroyed nor damaged.
In property insurance, the Estate Surveyor & Valuer:
Determines the monetary worth of property in order to ascertain the premium to be paid against any loss/damages.
Guides insurance policy maker on what indemnity to be paid on any loss/damages.
Advises on what to be insured in respect of Property Insurance.
In conclusion, Estate Surveyors & Valuers plays a key role in Insurance Valuation and he guides the policy maker in insurance industries to determine the indemnity in term of replacement of loss.
Therefore, Insurance policy makers need the services of an Estate Surveyor & Valuer in order to have a formidable policy as related to Property Insurance.
