VALUATION OF INSURANCE PROPERTY
Insurance is an indispensable trend of society as the economy develops and progresses towards globalization. Besides participating in insurance for individuals and organizations; Currently, valuable assets are also insured to minimize economic losses when the incident occurs.
Insurance classification
Currently, there are types of insurance that are divided into 2 groups as follows:
• State insurance: Health insurance; Social insurance; Deposit insurance
• Commercial insurance: Life insurance; Non-life insurance; Social insurance
In particular, non-life insurance is prescribed for the assets to protect those assets if an unexpected event occurs. Specifically include:
• Property and damage insurance: Insurance for tangible (real) assets, money, valuable papers denominated in money and property rights.
• Cargo insurance by road, sea, inland waterways, rail and air.
• Aviation insurance: is insurance exclusively for the operation of the aircraft and the process of transport by air
• Motor vehicle insurance: is damage insurance for motor vehicles, royalties on the vehicle
When participating in insurance for assets such as ships, means of transport, factories, machinery ... the insurer needs to determine the value of that property to set the premium rates and terms. indemnify. In addition, when an accident occurs to the group of assets that are insured, the insurance agency and the property owner also need a price appraisal unit to accurately determine the value of the property, thereby ensuring that protect legitimate interests of both parties.
So, valuation of insurance property is an estimate of the value of the property converted into a monetary unit at the time of appraisal, serving the insurance and compensation between the related parties. Report and certificate of appraisal of prices is the legal basis for the two parties to refer and agree to compensation and insurance.
Property price appraisal records for insurance purposes
An appraisal dossier for property participating in insurance includes legal papers, papers proving its value, scale, characteristics, origin ... of the property. Specifically:
a. For ships, means of transport
• Inland waterway vehicle registration certificate (for boats) / vehicle registration certificate (for cars and motorbikes)
• Motor vehicle insurance (for car, motorbike)
• Technical safety inspection certificate (for cars)
• Inland waterway vehicle technical safety certificate
• Inland waterway vehicle technical check book
• Ship certificate
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