Building insurance valuation

Reinstatement Cost Assessment or Building Insurance Valuation, fire insurance

These valuations are prepared to advise on the anticipated cost of reconstructing or reinstating a building in the event of damage by an insured risk (fire, collapse, explosion, flood etc.,) and will have no direct relationship to the market value of the property. The valuation usually requires a site visit or access to detailed design drawings and specifications.

Usually a Reinstatement Cost Assessment will be made by reference to current figures published by the Royal Institution of Chartered Surveyors Building Cost Information Service (RICS BCIS). Where this is not appropriate, for example in the case of a Listed or non-standard building, it may only be possible to assess the reconstruction cost by the preparation of approximate building quantities and costing them. In such cases the method of assessment will be agreed beforehand with our client.

We endeavour to establish with our client the extent of what is to be insured. This may be straightforward in the case of a domestic dwelling but can be more complex in the case of commercial property. For example a landlord may only be responsible for insuring the basic shell of the building - as originally constructed - and the tenant or other occupiers may be liable for insuring any alterations, extensions and fitting-out works. If necessary, we will endeavour to check liabilities against any lease documents or property records that the client holds.

Tel: 01635 872000

Mursell & Company (Newbury) Limited
Bank House, 13 - 15 High Street, Thatcham, RG19 3JG