For some years the mutual has been able to provide Property Damage cover without an ‘Average' condition in the wording, so long as Member Institutions have professional re-valuations at 5 year intervals.
This is an important cover differentiator and in order to ensure that each Member has this advantage, which avoids potential reductions in claims settlements, the cost of these valuations for Members will be borne by UMAL.
This service will apply to buildings only initially, and will help to ensure that each Member's Contribution to the Mutual in respect of this class of cover and which is partially based on these valuations is equitable.
Our experience is that historic valuations, which have been merely inflation factored over several years, can result in an over-valuation, and not necessarily an under valuation.
Webb Valuations are engaged to carry out this service on behalf of UMAL.