Warning on Unqualified Insurance Assessments

Property Institute & Institute of Quantity Surveyors Warn of Unqualified Insurance Assessments

Small businesses claiming to be able to provide "sum insured" values for housing are springing up in New Zealand, and the Property Institute and Institute of Quantity Surveyors are warning kiwis not to take the risk.

"We are concerned that these so-called professionals have no training or qualifications in valuation or quantity surveying" said David Clark, Chief Executive of the Property Institute.

"Worse, they may not carry professional indemnity insurance, giving you virtually no recourse in the event they let you down".

John Granville, Executive Director of the Institute of Quantity Surveyors, agreed, saying "New Zealanders need to have confidence in the amount they are insuring their homes for, and we strongly recommend that they seek guidance from a qualified professional - either a Registered Quantity Surveyor or Registered Valuer".

"These registered professionals adhere to the highest ethical and educational standards, and will give you a sum insured which you can trust. We certainly wouldn't recommend putting your confidence into an unqualified practitioner"

Both institutes are working closely with their membership to ensure that all their professional members nationwide are ready to deal with the demand for insurance valuation services.

Valuers and Quantity Surveyors offer a different approach to calculating rebuild costs, and the Institutes recommend that homeowners do their research to determine what best suits their needs and budget.

ENDS

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