Kroll makes senior hire to expand heritage property valuation services

Kroll has appointed Lorna Harrington as the new managing director for its UK fixed asset advisory service team.

The firm’s goal is to help property owners receive accurate reinstatement cost assessments (RCA). With the appointment of Harrington, the firm said it was broadening the range of properties it provides RCAs for, to now include historic, listed and complex property portfolios.

Kroll hopes this will reduce underinsurance issues. For example, owners of historic properties may rely on indexation for valuations, a practice that often fails to account for the nature of listed buildings.

Kroll said ”owners and managers of unique properties need to obtain independent and accurate valuations from experts who understand the complexities”.

As a result, demand for expert RCAs is increasing.

Harrington said: “Property owners often rely on indexation for valuation. This approach is particularly risky for historic and listed buildings, where specialised expertise is essential for accurate reinstatement values.

“I am excited to join Kroll’s world-leading FAAS practice and deliver these valued services to our clients.”

Experience

Harrington joins Kroll from Barrett Corp and Harrington (BCH), a specialist provider of insurance valuations she co-founded in 2006.

Previously, she spent more than 10 years in the London market, first as a Lloyd’s broker for Aon, specialising in fine art and historic houses and estates, and subsequently, delivering appraisals and risk management solutions for Chubb, AIG and Cunningham Lindsey.

Rebecca Fuller, managing director and global fixed asset advisory service leader, said: ”Her unique blend of insurance market knowledge, RCA expertise and risk management skills position us to address a critical need in the heritage property market whilst expanding our service offerings in this sector.”