An accurate insurance valuation ensures your commercial property is fully protected

Insurance Valuations for Commercial Property

Insurance valuations for commercial property are part of our core services – we value all types of commercial buildings, providing accurate reinstatement cost assessments.

A Reinstatement Cost Assessment (RCA) is the basis adopted by the Royal Institution of Chartered Surveyors (RICS) for undertaking an assessment of the commercial property for insurance purposes.

The term “reinstatement” indicates to repair, reconstruct or renew assets to a condition equal to but not better than when new.

This assessment 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.

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.

Extensive experience.

Barrett Corp Harrington have extensive experience in assessing commercial properties – including factories, warehouses, industrial units, offices, shops, hotels, farms and general agricultural structures.

This experience ensures we can provide our customers with highly accurate insurance valuations – executed with high standards of professionalism.

Most assessments for commercial property insurance valuations require an on-site inspection to note the building materials, take measurements and evaluate specific location factors.

However, it may be possible to prepare a desk based review using web based data and information provided by the property owner.

Methodology for accurate valuations of Commercial Property

Insurance Valuations for Commercial Property
How many party walls are there at the property?
Insurance Valuations for Commercial Property
Are we to include the tenant fit out or just the shell and core?
Insurance Valuations for Commercial Property
Is the owner of the property registered for VAT?
Example of a building for Insurance Valuations for Commercial Property
What impact does the compact site have on the value?

Most assessments for commercial property insurance valuations require an on-site inspection to note the building materials, take measurements and evaluate specific location factors.

In our experience it is usually location factors that make assessing an accurate valuation of Commercial Property unique — which isn't always reflected in the market value of the property.

Desk based valuations for Commercial Property

It may also be possible to prepare a desk based review using web based data and information provided by the property owner.

BCH has extensive experience and knowledge of assessing Commercial Property and based on the insights we have gained we can offer this service.

Please contact our office on 01455 293510 to discuss the viability of this service for your property.

Any questions?
Are you looking for further information regarding the insurance of your commercial property? You are welcome to call or send an email via the contact page — with no obligation.