In order to provide customers with best accuracy, Benchmark by BCH is only available for appraisal of single buildings with a maximum listing of Grade II (where applicable) and a maximum Current Declared Value of £5m for commercial buildings and £2m for residential properties.
If you are an insurer or insurance intermediary, click here for more information on how to work with BCH.
How are Benchmark by BCH desk-based appraisals conducted?
A Benchmark instruction begins with the customer identifying the building that is to be appraised. They also provide details on internal features, number of storeys and any basements or usable space within eaves.
The individual building pathology of the instructed property is confirmed using several online data sources including satellite imagery, planning and market particulars.
The area is confirmed by cross referencing several online data sources. These are remotely calibrated and measured by BCH surveyors. These same surveyors apply the knowledge and experience gained from also conducting on site Reinstatement Cost Assessments to these Benchmark eValuations.
An elemental valuation is then conducted, in line with the BCH process for an RICS compliant attended Reinstatement Cost Assessment.
The elemental rates used in a Benchmark eValuation are those also used in RICS compliant attended Reinstatement Cost Assessments including QS data, and are cross referenced with industry data sources such as BCIS and Spons. Furthermore, each Benchmark surveyor is presented with case studies of a minimum of three BCH Reinstatement Cost Assessments of buildings of similar size.
A recommended Declared Value is calculated.
This includes all demolition, site clearance and remediation that would be required in a total loss. Additional inclusions are for external structures and landscaping such as boundary markings, drives and parking areas and small structures such as outbuildings.
The report is populated and includes relevant data points and supporting imaging. To offer best accuracy and confidence in the Declared Values issued in Benchmark eValuations, BCH limit buildings that are suitable for this service. Buildings holding a listed status greater than Grade II or more complex buildings require an attended appraisal to ensure all internal fittings and finishes are appropriately catalogued and valued.
Understanding the needs of the customers for a lower cost, more responsive assessment, BCH developed Benchmark maintaining the high standards and processes used in an RICS compliant Reinstatement Cost Assessment. Desktop assessments cannot offer the same accuracy as an attended appraisal, in both measurement and cataloguing of building pathology, but still need to provide an accurate result for the customer. Considering the limitations of desktop assessments, Benchmark by BCH addresses the likelihood of inaccurate insurance by reviewing a building remotely, against industry information and BCH substantial database of reinstatement valuation information, without the requirement to attend site.