Reinstatement Cost Assessment

Resinstatement Cost Assessments for Commercial Property in the UK

When it comes to owning or managing commercial property in the UK, it’s essential to be aware of the concept of reinstatement cost assessments, especially as the duty is now placed on policy holder. These assessments play a vital role in determining the appropriate insurance coverage for your property.

A reinstatement cost assessment is an evaluation carried out by a Chartered Building Surveyors to determine the estimated cost of rebuilding or reinstating a commercial property in the event of total destruction. It takes into account factors such as the size, type, location, and construction of the property. The aim is to ensure that the property is adequately insured to cover the costs of rebuilding in case of a catastrophic event, such as a fire or flood.

Our Building Surveyors will consider the particular requirements and tailor a solution that reflects the perceived risks associated
with the property and your insurer’s requirement, which is likely to include:

Property Inspection:

• Our team of surveyors will visit the property to assess its size, layout, and construction details.
• We will also consider any unique features or factors that may affect the reinstatement cost.
• We will liaise with buildings insurer or asset manager to understand their aims and or requirements.
  
  

Cost Estimation:

• Using industry knowledge, we will calculate an estimated day one cost for rebuilding the property from scratch.
• This cost includes not only the physical structure but also associated expenses, such as demolition, site clearance, and professional fees.

Reporting:

• A comprehensive report detailing the findings of the assessment will be undertaken.
• This report will outline the recommended sum insured for insurance purposes.

Reinstatement cost assessments are a vital aspect of managing commercial property in the UK. By ensuring accurate insurance coverage, property owners can protect their investment and mitigate potential financial risks. It is advisable to consult with NTR Commercial to conduct periodic assessments and update insurance policies accordingly. Remember, being proactive in assessing and updating insurance coverage is key to safeguarding your commercial property in the event of unforeseen circumstances.