The Role of Estate Surveyors and Valuers in Building Insurance Valuation (BIV) for Nigerian Universities and Their Environs

International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue VIII, August 2019 | ISSN 2454–6186

The Role of Estate Surveyors and Valuers in Building Insurance Valuation (BIV) for Nigerian Universities and Their Environs

Njungbwen, Ernest^1*, Oke, Abimbola Adeoluwa^2
1Department of Estate Management, Faculty of Environmental Studies, University of Uyo, Nigeria
²Department of Architecture, Faculty of Environmental Studies, University of Uyo, Nigeria
*Corresponding Author

Abstract: – This research sought to determine therole of estate surveyors and valuers in Building Insurance Valuation (BIV) and insurance policy to the selected universities and their environs.The survey design was used to collect the experienced opinion of estate surveyors andstaff of asset and insurance units of some Universities with the use of questionnaires. Data collected for the study was processed through theStatistical Packages for the Social Science(SPSS) and analysed using both descriptive and inferential statistics such as mean score, relative importance index, and Mann-Whitney U test in order to answer the research questions and the formulated hypotheses.The results revealed that It can be seen that all the variables except one scored above the 0.60 R.I.I score which means that the respondents accepted that the variables are the roles they perform as it relates to BIV policy. The only variable that was not accepted by the respondents as the role they perform is the plate glass insurance (0.44 score). On the benefits of BIV, the outcome revealed that Accurate record on the existence and value of building coverage (Ranked 1st), Independent professional value opinion of organization building (Ranked 2nd), Evidence of existence of building for insurance underwriters and adjusters (Ranked 3rd), and Addresses the fair premium to be paid on the building (Ranked 3rd) were the benefits of BIV to the estate surveyors and valuers’ profession and the universities as perceived by the respondents.

Key words: Estate Surveyors and Valuers, Building Insurance, Valuation, Building Insurance Valuation (BIV), Nigerian Universities.

I. BACKGROUND OF THE STUDY

Undertaking a correct and an accurate building valuation policy is the cornerstone for the adoption and establishment of efficient property insurance in real estate business. Bolwidt (1997) stated that insurance valuation is a type of valuation conducted for the purpose of determining the cost of restoring a property (building) back to its initial state in case of any loss suffered resulting from accident that may lead to partial or whole damage of the property.

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