Building Valuation Service
Why Take The Risk of Under-Insurance?
It's estimated that half of the commercial properties in the UK are underinsured with the average property in the UK is under-insured by 40%.
In the event of this under-insurance, insurers will proportionally reduce a claim by the amount of under-insurance.
Quite often Property Owners insure their buildings on the basis of market value. However, the insurance amount should be based on the total rebuild cost, including allowance for current building regulations, demolitions, debris removal and fees. Even if a building is believed to be insured on the correct basis, it should be regularly revised, especially when legislative and governmental changes can have such an impact (VAT increase was one such example). Although tender prices have reduced during the recession, cost prices to contractors has continued to increase - and will affect the valuation.
In the event of a claim, if a building is found to be underinsured, the Condition of Average may apply and the amount payable reduced in proportion to the degree of underinsurance – in short, there may be insufficient funds to reinstate.
How Can We Help?
Russell Scanlan have partnered with Barrett, Corp, Harrington (BCH) to provide a cost effective insurance reinstatement valuation service.
BCH are a leading supplier in this field, BCH have experience working with countless managing agents, property owners and managers across the UK. BCH value all types of commercial and residential buildings for insurance purposes, no matter how large or small; including property portfolios, historic and listed buildings.They are regulated by RICS and are the leading and preferred supplier of reinstatement cost assessments to the UK insurance market.
Want to avoid the problems of under-insurance on your buildings?