Project brief

Over the last 24 months Rushton International has valued several ports for clients in the UK and overseas, with recent assignments in Wales and Scotland. Due to the historic nature of most ports and how they have been developed over many years, there can be a wide discrepancy in sums insured. Costs are known for small projects such as repairs to civil structures or additional cranage capacity. However, across the whole port certain items are often not included in the current insurance schedule and this can leave clients exposed. Working with our clients we can provide advice on reinstatement values for buildings, civil structures, plant, equipment and general contents items.

Our valuation work is often a mixture of onsite and desktop analysis. The delineation between buildings and plant items needs careful consideration in this sector along with who holds insuring responsibility for occupied areas of the port. When acting for a Port Authority clarity is needed in relation to ownership of assets, together with the curtilage of the port. Typical assets to be included are quays, pontoons, breakwaters, piers, car and passenger facilities together with communication systems and navigational aids. Working to an agreed definition of inclusions and exclusions, together with a port plan, helps to report a summary of value across the plan so that key items are identified and ultimately the correct levels are insured.