Insurance Reinstatement Valuations
 We
are happy to provide advice as to Insurance Valuations in
respect of both residential and commercial properties.
The sum insured under a buildings insurance policy must be
the full rebuilding cost of the property. The sum insured is
the amount of money for which your property is covered. It
is the most your insurers will pay under any circumstances.
You must calculate an adequate sum insured to avoid claim
payments being reduced because of under-insurance and is
your responsibility to get the sum insured right.
Cost of rebuilding should be accurately calculated to
prevent penalties in the event of claims and it is
particularly relevant to commercial policies of insurance
where, in a number of cases, clauses such as Average can be
implemented by insurers if sums insured are low.
A Rebuilding Cost Assessment will normally be carried out by
taking detailed measurements of the property and using the
rebuilding cost information provided by BCIS. However, this
may not be appropriate in certain circumstances where the
method of Rebuilding Cost Assessment will need to be
specially determined. The market value of your property has
no direct relationship to the rebuilding cost of your
building.
We prepare professional Valuations / Rebuilding Cost
Assessments for insurance purposes on a daily basis and we
have access to Rebuilding Costs information under the
Building Cost Information Service (BCIS) of the Royal
Institution of Chartered Surveyors (RICS).
If you would like to have an informal discussion as to the
question of insurance values we would be only too happy to
discuss
these matters with you..
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