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When formulating a valuation assignment, the valuation principle is determined in accordance with the purpose of the valuation. The bases of value can be:

Insurance valuations glossary

New-for-old value

The amount required to obtain new items of the same kind and quality.

This includes the costs of setting up, starting up, adjusting, engineering, project supervision, import duties, etc.

Replacement value

The amount required  to acquire items of the same kind, quality, condition and age.

  • If there is no replacement market, the highest outcome of:
  • the new value after deducting an amount for physical depreciation or
  • the new value after deducting an amount for economic obsolescence taking into account the state of maintenance of the item.

Reinstatement value

The sum needed for the reconstruction of the insured buildings – on the same location and equivalent in terms of construction and lay-out – immediately after the occurrence.

This includes the architect’s and consultant’s fees, cost of drawing and of supervising during construction, municipal fees, etc.

Article 7:960 BW

It is determined by law that after you have suffered damage, you as an insured may not become in a more advantageous position than you were before the damage occurred. In other words, it is provided by law that you will not benefit from a claim.

However, there is an exception built into the legal article whereby you can still receive the new-for-old value or even a higher current value. This only becomes possible with a report drawn up by a valuer. This is stipulated in article 7:960 BW.

Apresa reports in accordance with the highest standards in respect of descriptions and details; our valuation reports comply with article 7:960 of the Dutch civil code as standard, as a result of which our valuation reports are accepted by all insurers.

Economic valuation glossary

Market value

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Equitable Value

The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties.

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