National Conference for Insurance Managers in Higher Education April 2008 Joseph Higgins Head of...

National Conference for Insurance Managers in Higher Education

April 2008 Joseph HigginsHead of Corporate Valuations

AGENDA King Sturge – an Overview Our Services to Higher Education Experience

KING STURGE:

AN OVERVIEW

King Sturge King Sturge

– Locations– Business Groups

UK & Ireland 27 offices 2 associations in Ireland 1451 staff

GROUPS

Plant, Machinery and Contents Rating Valuation Lease Consultancy Building Consultancy Residential Public Sector Corporate Real Estate Investment

SERVICES TO INSURANCE MANAGERS IN HIGHER EDUCATION

Services to Insurance Managers in Higher Education

Services – Insurance Valuation– Buildings– Contents

– Asset Management– Inventories (see example in your hand out)– Asset tracking– Reconciliations

Benefits of Valuation Accurate assessment of value at risk Avoid over insurance and wasted premiums Frees up management time Professional approach

Benefits of Asset Management Accurate recording of the assets

– Labelling– Interface with maintenance– Interface with accounting records– Proof of asset in event of loss

Asset reconciliation Audit trail Interface with Financial Accounting Software Packages Disposals

EXPERIENCE

Experience List of Higher Education clients in the ‘hand out’ Clients who have recently utilised our insurance valuation

services:– University of Bradford– Leeds Metropolitan University– Edge Hill University– Manchester Metropolitan University

Common themes arising from our recent experiences……….

Insurers’ requirements are changing– Individual values are required for each area– ‘Blanket cover’ is now a thing of the past

Not an urgent requirement Budgetary constraints

…………common themes arising from our recent experiences ( cont’d)……….

Under- insurance is regularly found– Major problem when claims are submitted - Average

Concern over methodology when you calculate values eg– Indices/ Book Values/ Ad Hoc– Treatment of third party assets– Recording of assets– Following policy requirements

………….but your requirements are specific We always treat each client’s needs on a bespoke basis We recognise that therefore individual solutions will need to be

provided Therefore, we provide individually – tailored quotations following

a personal visit

SUMMARY

Summary King Sturge

– Multi-disciplinary skills available– Geographical coverage– Large organisation– Specific services to Higher Education

Services to Insurance Managers in Higher Education– Valuation expertise– Asset reconciliation– Audit, Financial and Accounting Assessments– Bespoke Requirements need bespoke solutions

QUESTIONS?

Question for you to consider How do you calculate your sums insured?

– Indices?– Uplift from your predecessors figures?– Informal chats with departmental heads?– Net Book Values?– Original Costs or Gross Book Values?!– Any other suggestions?

Any questions for us?

National Conference for Insurance Managers in Higher Education

April 2008

Joseph HigginsHead of Corporate Valuations