The implications of not insuring your building correctly are very simple:-
- Over-insurance means you could pay too much for your cover.
- Under-insurance means your claim may not be paid in full in the event of a loss. You may have to make up the difference from your own resources.
There are a number of reasons why your current sums insured may be inaccurate:
- You have not had a professional valuation carried out in the last three years.
- Your figures are based on market value instead of reinstatement costs.
- You have relied on rounding up historical figures on a year by year basis but may not have taken into account the increase in raw materials and labour costs.
- You have relied on the building developer’s figures at the time the premises have been handed over to you. These may not include aspects such as debris removal costs, architects and surveyors fees or the cost or meeting local authority requirements in the event of re-build.
Cardinus can provide a building insurance valuation report under BCIS (Building Cost Information Service) guidance applicable for commercial and residential property. We can additionally offer a full Chartered Surveyor rebuilding valuation report, which is additionally suitable for listed buildings or those with unusual features or materials.
