Insurance valuations for commercial property are part of our core services – we value all types of commercial buildings, providing accurate reinstatement cost assessments.
Commercial properties differ hugely, which is why most require an on-site inspection to accurately take note of the building materials, measurements and evaluate specifics.
A Reinstatement Cost Assessment (RCA) is the basis adopted by the Royal Institution of Chartered Surveyors (RICS) for undertaking an assessment of commercial property for insurance purposes. It is all-encompassing and can often include inspection and reporting on a wide range of properties of differing size, type and use, incorporating complex structures and installations.
The term “reinstatement” indicates to repair, reconstruct or renew assets to a condition equal to but not better than when new. On each commercial property valuation, we take 95 factors into account and tailor our service to every individual property and policy.
We can also offer our desk-based Benchmark e-Valuation service for commercial properties with a Declared Value up to £5M.
An accurate Reinstatement Cost Assessment is critical
It is critical that reinstatement cost assessments take into account the overall cost of demolition and rebuilding the property, together with any other allowances required by the lease terms. This will allow the property owner to implement an appropriate level of insurance cover. Failure to do so could have far reaching results – including legal action .
In the event that the building is under-insured, the insurance provider may invoke the Condition of Average Clause where the total claim is reduced proportionally to the value of under-insurance. This could have devastating effects, with the policy holder liable for the shortfall in the payout.
Barrett Corp Harrington have extensive experience in assessing commercial properties – including factories, warehouses, industrial units, offices, shops and hotels.
This experience ensures we can provide our customers with highly accurate insurance valuations – executed with high standards of professionalism.