Waikato-Tainui needed to accurately establish the reinstatement values of a number of property assets to ensure sufficient insurance cover in the event of a loss. Thanks to our team’s experience in valuing religious and community buildings, as well as our renowned commercial valuations expertise, we were engaged to carry out valuations on 18 marae owned by the iwi.
With no industry standard valuation methodologies for marae and specialised assets like carvings, this was a challenging project. But we were able to rely on our in-house expertise and extensive database of comparable properties and past projects, as well as consulting with relevant professionals, to develop effective bespoke methodologies for valuing these assets. In this case our approach included liaising with professional Māori carvers to establish accurate reinstatement costs for specific features and assets.
Our valuers were also aware that while an insurance valuation is intended to provide an accurate estimate of the reinstatement cost of a physical asset, it does not consider the mana and depth of cultural significance of the assets. Treating this issue with sensitivity and respect, we liaised closely with the client to both understand and assuage their concerns.
Of utmost importance to our team were cultural considerations around both visiting and valuing marae and iwi assets. Our valuers already have well established protocols for inspecting operational sites, considering health and safety, privacy and diplomacy, and were also well briefed in protocols for marae access. Our deep in-house knowledge in tikanga, particularly around pōhiri, whakatau and even simply harirū with haukāinga, made the inspection process easier for everyone.
Our understanding of tikanga became especially important with the passing of King Tūheitia during our engagement. This put an immediate and unexpected halt to our work, and we treated the unanticipated delays with sensitivity. The subsequent arrival of Kuīni Ngā Wai Hono i te Pō further impacted the planned timeline, but we were able to adapt readily to our client’s needs with updated schedules, keeping as close to the initial timeline as possible, while remaining on budget.
What’s more, our whole team recognised the importance of this kaupapa, and a Prendos representative went to Turangawaewae to pay their respects to Te Kāhui Ariki. A live stream of the tangihanga was also shown at our head office so that our people could hear some of the pertinent korero from each ope.
With valuations reports that not only include relevant and up-to-date reinstatement cost assessments, but also scheduling of key improvements, depreciation and demolition assessments, Waikato-Tainui can now be assured their assets are sufficiently covered by insurance in the event of a loss. We have been specifically thanked by the iwi for our respectful approach, and an extension of scope to include additional properties is testament to the client’s satisfaction with our work.
Our Valuations team has significant experience in providing insurance valuations on specialised assets, including marae and other cultural and religious buildings. Contact us today to discuss your requirements.