Client: Doncasters Group Limited
Service: Insurance Cost Assessment
Scope: Property, production plant and equipment, tooling inventory
Doncasters manufactures precision components and assemblies for the aerospace, industrial gas turbine, turbo charger component, petrochemical, construction, industrial, transportation and super alloy markets. The group has 30 manufacturing sites across the UK, Continental Europe, the USA, Mexico and China
Our instruction was to provide a cost effective service to annually maintain and update the declared values and to report figures in accordance with the information requirements of the company and their brokers. In addition, Doncasters required detailed insurance registers of the buildings and principal plant and equipment to serve as an audit platform for asset quantum in the event of a loss.
Following the provision of the initial insurance cost assessments, which covered the property, plant and equipment and tooling inventory, the objective of the annual service was to track changes and costs, which was achieved by liaising with Doncasters’ finance and production personnel to obtain schedules of assets acquired, disposed of or transferred since the previous survey, which was then followed by an inspection of each location to physically verify the asset inventory. This enabled us to update our records to reflect changes and to maintain the asset register held in our database. We then updated the insurance values to reflect any costs inflation and exchange rate movements. From the updated registers, we provided a certified insurance assessment for each location in time for pre-renewal discussions.
We were able to provide Doncasters with a cost-effective solution to maintaining the accuracy of their declared values, producing a high-quality result with no requirement for Doncasters to take responsibility for the figures, as Charterfields independently audited the asset changes and costs. The approach provided insurers with comprehensive data at pre-renewal and was backed up by our ability to provide immediate support of asset quantum, should a loss occur.
Following a strategic review of their insurance needs, the programme was modified so that the physical inspections and updating of the insurance registers was undertaken as part of a rolling programme of visits, rather than annually, with an annual desktop cost monitoring service providing suitable indices to enable the values reported for the sites not inspected to be updated prior to renewal.