Goadsby Knowledge Hub

Reinstatement Cost Assessments for Insurance Purposes

Updated: 20 June 2017

The Royal Institution of Chartered Surveyors consider it prudent to re-assess the sum insured of a commercial building every three years or whenever significant alterations and/or extensions are made to the building.

In the event that the building’s Declared Value is less than the actual cost of re-construction following an insured event, the Landlord risks a shortfall in the claim. Conversely, if the building is over-insured, the Landlord may face claims from Tenants for insurance premium over-payments.

Undertaking Reinstatement Cost Assessments for insurance purposes is a service that Goadsby Building Consultancy offer Landlords and cost is often recoverable from the Tenants under the terms of their lease. Our Building Surveying department has several years of experience in calculating the Declared Value of commercial properties and has access to all relevant cost data and information necessary to provide an accurate assessment.

For further information and advice please contact Goadsby Building Consultancy

Categories:

Commercial

Tags:

Adrian Gilbert , Property

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