Insurance Valuations

The Replacement Insurance Value is the sum of money it would take to construct a building with the same functional use and of the same useable area as the original building. The new building would also have to conform to regulations and bylaws since the original date of construction.

Loss of Rent and Emergency Accommodation

An Allowance for The loss of Rent and for the provision of Emergency Accommodation is included in our reports.

It can sometimes be up to 2 years before the completion of the building following an event.

We have been monitoring a building that had a major fire and the time taken just to demolish the old building was 6 months, which surprised us on the legnth of time.

Elements used in the Calculated Value of the Building Replacement

The calculated value of the building comprises of several elements:

• Present Building Costs.
• Allowance for Cost Escalation during the lead time of planning, calling tenders, and fitout.
• Professional Fees.
• Removal of Debris.

Cost Escalation in the likely time lapse between the anniversary date and the date of any happening.

For more information on Insurance Valuations please click here