Foreword
The municipality has set itself the goal of improving the management of its resources, starting with a proper analysis of the current state, which so far has been managed internally.
Since the analysis photographed an inadequate valuation of real estate assets, the Authority therefore decided to turn to independent professionals in the valuation of assets, with the aim of carrying out an objective and thorough evaluation, with the ultimate goal of safeguarding its real estate assets.
The intervention required of PRAXI was developed through close collaboration and interaction with a group of pre-designated resources belonging to different functional areas, so as to ensure a broad and comprehensive representation of municipal assets, both from a technical and regulatory point of view.
This activity took the form of an analysis aimed at determining the valuation of assets susceptible to direct damage, such as fire, natural disasters and claims in general, in order to ensure proper insurance coverage for the Authority.
Project
The project was developed in 3 macro-phases as follows: initiation and setting up with the client and physical inspection, intermediate verifications, and drafting and return of the report.
During the first phase, the meeting with the Client made it possible to survey and verify the perimeter of the intervention, with the related management of critical issues and special cases. Several figures were involved on this occasion: municipal contact persons – administrative officials and internal technicians -, insurance broker and PRAXI consultants.
At the same time, physical inspections were carried out to acquire the timely information of all assets under assessment and, at the same time, to handle special cases, which could not be foreseen at the planning stage, with project stakeholders.
Based on the information gathered and the inspections carried out during the first phase, PRAXI consultants identified the possible presence of listed properties and therefore carried out in-depth investigations at municipal technical offices in order to identify and highlight their presence.
During the last phase of the project, PRAXI involved figures from both the Industrial and Real Estate Valuations Business Unit, based on specific professional skills and experience, in order to:
- Set up a database by grouping the assets being assessed by insurance lot;
- To develop the estimate with the use of estimated metric calculations obtained through market surveys of suppliers and manufacturers in the relevant industry;
- Return the final paper.
Results
Preliminary estimation for insurance purposes resulted in:
- Obtain insurance coverage appropriate to the protection needs of the institution;
- Pay an insurance premium consistent with the value of the company’s assets;
- Reduce the time required to settle damages in the event of a claim;
- Minimizing additional costs in the event of a claim.
The satisfaction expressed by the Client in terms of professionalism, insight, and opportunity involved not only effective project management, but also exceeding the expectations of the mandate.
At the end of the analysis and evaluation activities, in fact, the results that emerged not only confirmed the pre-existing perceptions, but the appropriate investigations carried out were able to provide the Institution with ample evidence of the restricted properties, enabling it to take advantage of the relevant tax reliefs, particularly those provided by Article 5 of Decree Law No. 953 of December 30, 1982, converted into Law No. 53 of February 28, 1983, regarding insurance tax.
This has provided substantial fiscal benefits to the municipality, resulting in increased available cash to be reinvested in projects for the benefit of the citizenry.
One of the success factors of the project was the ability to create synergy and fruitful cooperation between the PRAXI consultants and the municipality’s architects and contact persons.
Future
The findings opened up opportunities to develop further collaborations between the municipality and PRAXI, including a project for the valuation for heritage purposes of one of the previously appraised property complexes.
