Client: Swift Group
Service: Insurance Cost Assessment
Scope: Tenant’s improvements, plant and equipment
Swift Group is the UK’s largest manufacturer of touring Caravans, Motorhomes and Holiday Homes. The Group has a turnover of over GBP 200m and recently celebrated its 50th anniversary. The Group’s head office and main manufacturing site are based in Cottingham, East Yorkshire, with further manufacturing sites in Hull and Mexborough, South Yorkshire.
Our instruction was to provide a 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, Swift required detailed insurance registers of the insurable assets to serve as an audit platform for asset quantum in the event of a loss.
Following the provision of initial insurance cost assessments in 1994, which covered the tenant’s improvements, plant and equipment and tooling inventory, the objective of the annual service was to track changes and costs, which was achieved by liaising with Swifts’ 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, together with an electronic version of the registers.
We were able to provide Swift with a cost effective solution to maintaining the accuracy of their declared values, producing a high quality result with no requirement for Swift 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 the end of the current contract, Swift have engaged Charterfields for a further three years to ensure that the declared values are maintained during a continued period of expansion and investment at the Cottingham site.