Scope of Survey: Clarke & Watt Building Consultancy (CWBC) was engaged to conduct a Reinstatement Cost Assessment for the owner of a large mixed-use building constructed in 1932, located in Leicester City Centre. The property had a gross external area of 9,300 sq ft.
Survey Findings: During the assessment, CWBC encountered several key issues that required careful consideration to determine an accurate valuation for insurance purposes:
a) Period Property: The building's architectural elements included intricate period features, Art Deco facade, and unique craftsmanship, requiring a meticulous assessment to capture the intricacies of reinstatement costs accurately.
b) Construction Material Inflation: The valuation needed to account for the impact of construction material inflation, as prices for specialised materials and techniques used in period properties tend to escalate over time.
c) Detailed Measurement and Assessment: CWBC conducted a thorough measurement and assessment of the property's structure, taking into account the various components, including the exterior facade, internal finishes, roof, walls, floors, and specialised architectural features.
Conclusion: CWBC's Reinstatement Cost Assessment provided the client with a comprehensive and accurate valuation for insurance purposes, addressing the challenges posed by the ornate period property and construction material inflation. By considering the unique features and specialised materials involved, CWBC ensured that the valuation reflected the true reinstatement costs to avoid any potential future claims being dismissed due to the property being underinsured.
If you are looking for support in a Reinstatement Cost Assessment for Insurance Purposes then please do not hesitate to contact www.cwbc.co.uk