Have you thought about the Importance of Asset Valuations?

With disruptive and damaging weather conditions to the Australian Mining industry this year, key mining regions in the country are recovering from torrential rains. Due to the remnants of a tropical cyclone that battered Queensland, the largest coal-producing state, some rail links were shut for parts of February and March after severe flooding from what was the state's heaviest rainfall in two years. The impact of this has caused sever damaged to plants, machinery and equipotent of therefore disrupting numerous mining operations across Australia.

However, exports are now on the rise from major Australian coal terminals from the start of the year, increasing 5 per cent during the month of March, to 27.55 million tonnes, from about 26.24 million tonne, with this figure continuing to rise in April.

During this period of recovery and growth, the managing and maintenance of all business assets, and recouping the figures of lost value are imperative to industry success. The damaging forecasts and results from earlier this year serves as a reminder of the importance of correctly valuating company property and assets, as well as having the relevant knowledge surrounding your personal circumstances.

One way to avoid the problem of not correctly valuing property, business contents and equipment for insurance purposes is to make sure your assets are accurately valued by a reputable valuer every five or six years. It’s also important to update the value of the items covered by your insurance policy on an annual basis.

For more information, visit http://www.hymans.com.au or call 02 8270 4444, about their full list of services, valuations and auctions.