Film Studio Improves Insurance Coverage While Lowering Premiums
Client: Hollywood Animation Studio
Challenge: Prepare Insurance Appraisal for Specialized Property without Access to Source Documentation
A world-renowned Hollywood animation studio asked AccuVal to conduct an appraisal for insurance purposes. The engagement provided some unusual obstacles: The owners did not have copies of the original blueprints and site plans, and information pertaining to personal property was limited, at best. Since the industry is highly competitive and secretive, it was essential that AccuVal conduct the inspection and research of the real and personal property in a manner that would not bring attention to the company or any of its trade secrets. This required detailed knowledge of unique building and site improvements as well as one-of-a-kind equipment and processes. The studio's insurance coverage was scheduled to expire soon so AccuVal had the added challenge of completing the massive project in two months. This required an around-the-clock commitment.
AccuVal Approach
From waterfalls to custom furniture to computer centers rivaled only by clandestine government agencies and large research facilities, AccuVal meticulously prepared the first formal valuation ever engaged by the company. Since the investment in technology was a key concern, AccuVal not only addressed the cost to replace the assets but also considered the company's substantial technological advantage and the time it would take to fully recover from business interruption. This included the strategic preparation of a disaster matrix that specified names of suppliers, asset specifications and cost, and the time required for replacement. This not only helped provide the studio with a comprehensive recovery plan, but also allowed the insurance company to better assess its risk and, as a result, reduce the cost of premiums.
Bottom Line: Studio Reduces Insurance Premiums While Improving Coverage
The studio received comprehensive information regarding the real and personal property and a strategic plan to help recover from business interruption rapidly. This enabled the studio to secure better insurance coverage while benefiting from substantial premium savings.
The AccuVal AdVantage™
The ability to accurately value highly specialized and technical assets, in stealth mode, when necessary. The willingness to work 24/7 to help customers achieve their goals. That's The AccuVal AdVantage™ at work.
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