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Established in 1881


Why take the risk of underinsurance

Why take the risk of underinsurance?

It is believed that in excess of 70% of all commercial buildings are underinsured, many are at least 50% underinsured!

Quite often Property Owners insure their buildings on the basis of market value.  The amount should however be based on the total rebuild cost as per the policy definition including allowance for current building regulations, demolitions, debris removal and fees.  Even if a building is believed to be insured on the correct basis, where did the figure come from, when was it last revised and was everything taken into account including VAT?  Although tender prices have reduced during the recession, cost prices to contractors has continued to increase.  Is this reflected in the current valuation?

In the event of a claim, if the building is found to be underinsured, the Condition of Average may apply and the amount payable reduced in proportion to the degree of underinsurance – in short, there may be insufficient funds to reinstate.

Although it is the Property Owners responsibility to correctly set the buildings sum insured, we have a strategic partnership in place with Barrett Corp & Harrington Ltd (BCH), specialists in insurance reinstatement cost assessments.  BCH value all types of commercial and residential buildings for insurance purposes, no matter how large or small; including property portfolios, historic and listed buildings.

BCH offer very competitive and fixed fees on a national basis.  They are Regulated by RICS and the leading and preferred supplier of reinstatement cost assessments to the UK insurance market.

If you are interested in having your buildings valued, please contact us

Why take the risk?

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For expert advice, call us today on 0115 798 0786


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