There appears to be a common thread of disastrous fire out breaks over this period of the year in the Western Cape. In 2015, between February and April fires broke out in Muizenberg spreading to Hout Bay, Cape Point & Tokai where over 6 900 hectares of land was destroyed, 13 properties damaged with 3 totally destroyed and worst 1 death. The cause of the fires was confirmed as arson and lightening. In February of the same year fires broke out in Wellington, Porterville and Stellenbosch where 3 fire fighters died. In November 2016 fires broke out on Table Mountain and Sir Lowry’s Pass spreading to Grabouw. Earlier this year we have seen serious fires in Paarl, Stellenbosch & Franschoek and Somerset West with devastating financial consequences and losses to individuals.
Whatever the cause, property owners need to make sure that they are adequately insured. Many people regard insurance cover as a grudge cost and even more so the valuation to ensure that the values to be insured are accurate. Gone are the days where financial managers can simply apply an inflationary percentage increase to assets and hope that if they have a claim this will suffice. Insurers have their loss adjusters and are quick to apply the Average Clause if clients are under insured. Multi task asset valuers like The Valuator Group provide the required services to give clients “peace of mind” that their assets are correctly valued for both insurance and market purpose. The Group offers a cost effective 5 year Long Term Assurance Plan for insurance valuations which benefits clients. They offer a “one stop” valuation service covering all major assets including valuation advisory services. For wine farms, as one example, the Group has experts in Buildings & Improvements including heritage sites, Land including biological assets like vineyards, Plant & Machinery for wineries and farm equipment, Fine Art & Antiques and all other relevant asset on the farm. Once this has been done and recorded on asset registers it makes things easy for updates in years to come.