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Case Study Reinstatement Cost Assessment for Insurance Purposes

Reinstatement Cost Assessment for
Insurance Purposes

+ Scope of the 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 specialized 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 specialized 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 specialized 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.

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