Expert opinions & valuations
An expert for machinery valuation is commissioned when it comes to determining the so-called net asset values for fixed assets in a company. This includes market values, current values or new values. (In our downloadable glossary we have compiled all the important terms used in machinery valuation practice).
EU certification according to DIN EN ISO / IEC 17024 or public swearing-in ensures that the expert’s reports and valuations are recognised by third parties. In particular, the following institutions commission experts with certification or public appointment on the basis of legal and/or internal regulations:
- Banks and financial institutions
- the tax office
- the public sector
- Insurance broker
In the area of industrial and commercial property insurance, you need an expert if the sum insured is updated by means of value adjustments. This is because it ensures that in the event of a claim, the calculated sum insured will be accepted by your insurance company.
Speaking of property insurance: Your insurer is not responsible for the correct sum insured, but you as a company and/or your insurance broker. As experts, we relieve you of this responsibility when we determine your insurance values!
What is the difference between EU certification and the public swearing-in of a machinery valuation expert?
The public appointment and swearing-in is carried out by the Chambers of Commerce or the Chambers of Crafts.
EU certification is carried out by the German Accreditation Body (or by institutes accredited by it).
Both procedures require proof of special expertise and professional liability insurance. Both the professional qualification and the personal suitability must be proven regularly – among other things through further training measures and examinations.
Since the publicly appointed and sworn expert is a highly respected qualification in Germany but less well known internationally, the EU certification is, so to speak, the internationally known counterpart.
Both qualifications are absolutely equivalent.
In July 2021, the legislator even amended the Valuation Act. The amendment now clarifies that expert opinions of certified appraisers are not only recognised by the tax authorities, but also by the tax courts (in this case related to the proof of a lower fair market value of real property).
What is important and decisive for you is that we, as experts, assume full responsibility towards third parties for the machine assessments we carry out. We have taken out professional liability and public liability insurances – which have never been used so far – just in case and for your safety.
Expert for machinery valuation & expert procedures
For us as experts for machinery valuations, the handling of insured industrial claims within the scope of the expert procedure is an important field of activity. This concerns in particular property insurance (fire damage, mains water damage, storm disasters), business interruption damage, damage to goods and stock in companies.
Clients are insurance companies, insurance brokers and the companies concerned.
Here, the reputation, experience and references of the expert are particularly important to the clients.
We will inform you in detail about the expert procedure here (Claims handling) and in this article about the expert procedure.
You can also find highly qualified experts with technical expertise and esteemed colleagues here: TES Technical Experts and Surveyors.