Browsing: Reinstatement Cost Assessments

Chris Cooper MRICS MCIArb, Partner at Hamilton Darcey looks at the importance of a reinstatement cost assessment for your building.

All Residents’ Management Companies need to ensure that the requirements set out in their Lease are covered by their blocks insurance policy.

Your Policy schedule will often show two values one referred to as the Declared Value and the other as the Sum Insured.

Paul Robertson looks at who is responsible for setting the sum insured and the impact of the average clause in the event of underinsurance.

The quality of your insurance cover is paramount, but the next most important matter is the accuracy of the buildings sum insured.

A Reinstatement Cost Assessment (RCA) is a professional assessment of what it would cost to rebuild a property if it were destroyed.

There are two main methods used by Insurers to protect policyholders from the effect of inflation during the period of cover.

Of all the valuations involving billions of pounds worth of property, more than 75% of properties are found to be underinsured.

Martin Barsley MRICS MBIFM AaPS of Earl Kendrick Insurance Services advises us on Reinstatement Cost Assessments.

In excess of 77% of all the cases BCH handle, involving billions of pounds worth of property, are found to be underinsured.