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.
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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