A prestigious UK theatre company required an insurance valuation of the content and equipment located at its’ historic London location. The extent of which stretched from both front of house elements, such as seating through to electronic and lighting equipment used back of house for productions.
As the assets included a dynamic mix of items an initial site visit was carried out in order to gain a deeper understanding of what was involved. This included reviewing the technical equipment physically on site and how these systems where installed and located within each area of the theatre. The result of which was that complex audio visual, lighting and broadcasting equipment as well as general furniture and contents were identified.
For insurance valuation purposes, our approach considered the reinstatement cost of new equipment in place, any potential technological obsolescence and any additional costs that would be associated with asset replacement.
For the client, the inspected valuation report provided a comprehensive schedule of the equipment and contents on site. The detail of which included the value of each area. While any high cost assets were carefully individually assessed. As a consequence of this detailed approach the risk of under or over insurance has been mitigated.
Moving forwards these accurate asset valuations will continue to be maintained through periodic revaluations.