This is an assessment of property to provide a Building Reinstatement Cost for insurance purposes. The assessment is to ensure that an individual or portfolio of properties is adequately insured.
The valuation assessment is defined as the cost of reinstating the existing structure, at the date of assessment, taking into account; cost of reconstructing adjacent property, demolition, debris removal, temporary shoring and professional fees likely to be incurred during reconstruction. If your building’s insurance cover is too low this could result in you having to meet the cost of the reinstatement works in the event of a loss. Conversely, if a building’s insurance cover has been increased through a method of indexation over several years, it is possible that the property may be over-insured resulting in excessive and unwarranted policy premiums.
The Wonnacott Partnership is experienced in providing accurate reinstatement cost assessments for insurance purposes tailored to individual buildings or substantial mixed property portfolios.
Our team undertakes an inspection of the buildings involved and provides a reinstatement cost assessment utilizing information provided through the industry recognized BCIS cost indices and various cost published information. We also have a team of consultants to enable inspections to be carried out over a diverse geographical area.
Our reports provide a Day One figure and can be used to arrange adequate insurance cover for buildings and also ensure that portfolios are accurately insured.
Once the initial inspections and data collection have been undertaken, we can also provide a rolling valuation programme, utilizing the information we hold, to ensure that the ongoing level of insurance remains accurate throughout the portfolio. This ensures our client’s have accurate information which does not slide through annual indexation and we are able to provide an ongoing efficient accurate service with cost saving benefits for our clients.