Our reports assess, consider, and apply re-building costs and formulae to the information we collate whilst on site. A building reinstatement cost assessment involves a site inspection, a measured survey to establish a building’s net/gross area, and an assessment of construction and specialist features. These features could include things such as architectural features, monuments, underground parking, water features, specialist plants or lifting equipment.
During the inspection an assessment is also made of the building's age, the condition of the fabric and finishes, and current or previous building uses. These assessments are used along with current BCIS construction rates to create a detailed numerical assessment.
In our reports we factor in the addition or deduction of costs for specialist factors. This includes the overall site, whether the building is listed or in a conservation area, regional locations, professional fees likely to be incurred, and building cost inflation. We provide professional reinstatement valuations for insurance purposes. Giving clients the assurance that adequate cover is maintained on their buildings, without incurring excessive premiums.
We provide Building reinstatment cost assessements for owners or occupiers of all building types. This includes large buildings, whole property portfolios, blocks of flats, commercial, and industrial premises. We are also able to undertake assessments for large corporate entities, management companies, pension funds, and individuals on mixed use sites or individual buildings.
We understand the importance of thorough research when it comes to understanding a site or building. It is particualrly important when assessing the impact of the complete loss of a building. This allows us to make an early assessment as to whether you will need consultations with local authorities. In some cases you may need a listed building representative and/or a conservation area representative.
Winfields Chartered Surveyors are able to assist owners with the preparation of reinstatement cost assessments and recommend the level of cover appropriate, for insurance purposes. It is important that the estimate of the reinstatement cost is accurate. Too low of a value may result in the property owner not being adequately covered for buildings insurance, and in some cases could see a claim being refused or significantly scaled down. Alternatively, too high of a value may result in a higher premium for buildings insurance cover.
By having a Building reinstatment cost assessments through us we will be able to shine a light on what your building really needs and make sure you are paying the right amount.