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REINSTATEMENT ESTIMATES FOR INSURANCE PURPOSES 

“Price is what you pay; value is what you get” – Warren Buffet

Cost and Value are not related, so insuring a property for its market value is erroneous.

 

Consider:

  • you do not insure land, only what is built on it;

  • buildings depreciate, therefore their value decreases over time – but you can’t build an old building;

  • remaining unusable material must be removed from the site before construction can begin;

  • even if it is exactly the same as the old building, the new building must still be designed;

  • reconstruction of the asset should match what existed before the loss, as closely as possible.

  • many buildings were built before today’s rigorous engineering and construction standards or have important design features that are less readily available today.

 

A Registered Quantity Surveyor can provide you with comfort that such considerations are included in a Reinstatement Estimate for Insurance Purposes, used as basis for your insurance sum.

OUR PROJECTS IN REINSTATEMENT ESTIMATES FOR INSURANCE PURPOSES

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