VALUATION CORP. MOSCOW, RUSSIA

E-mail: ocenka-co@mtu-net.ru   phone:+7 495 9993419  fax:+7 495 4666654

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• Purchase and sale of property
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  the territory of Russian Federation
• Insurance

THE VALUATION CORP. OFFERS SURVEY AND AVERAGE COMMISSIONER SERVICES IN MOSCOW, RUSSIA. WE ALSO PROVIDE INSURANCE VALUE APPRAISAL.

When entering in an insurance agreement, it is important to accurately estimate the value of insured property, because according to the Russian Federation Civil Code, Art. 947, par. 2, the sum insured may not exceed the actual value of the property as of the date of the insurance agreement. To the extent that the sum insured exceeds the market value of the property, the agreement is deemed null and void and the extra insurance premium is not refundable. Thus, when concluding an insurance agreement and establishing the insurance value, the parties must proceed exclusively from the real (market) value of the property.

It is necessary to emphasize that a valuation report for the insured property is also very important because an independent valuation divests the insurer of any right to contest the contractual sum insured afterwards, since the Russian Federation Civil Code, Art. 948 explicitly prohibits such contestation:

"The insured value of the property stated in the insurance agreement may not be subsequently contested, except the circumstances when the insurer, who did not exercise the right to valuation of insurance risk before concluding the agreement has been deliberately misled with regard to this value”.

On occurrence of an insured event we will assess the damage caused to the insured property, determine its residual value and issue a complete package of valuation documents.

We also offer surveyor and average commissioner services to insurance companies.