Building Reinstatement
Cost Assessments
Owners of property often require reinstatement cost assessments of their property portfolios for insurance services. This is known as a Reinstatement Cost Assessment (RCA) and its calculation provides a figure representing the cost to reinstate a property in the event of it being destroyed.
This assessment involves an inspection of the building or property portfolio to understand the age, accommodation and construction, take measurements and run a calculation to industry standards. Often it can include externals areas like carparks etc.., The value is then calculated using the external floor area of the existing building and the latest construction costs provided by the Building Cost Information Service (BCIS), often using a Day 1 policy that is based on the reinstatement cost that makes an automatic allowance for inflation during a reasonably anticipated rebuild period.
It is generally recommended that a Reinstatement Cost Assessment is updated every three years or more frequently if a property has been extended or altered. We are well versed in carrying out such assessments.
“Our project involved a complex party wall negotiation on both sides of our house. Danielle was able to secure party wall agreements, was very knowledgable, always knew how best to proceed and available to discuss specifics of the process for our project to go forward in a timely fashion. As post design Contract Administrator (CA), Danielle left negotiations with the contractor in a very efficient and collegial way. We did not have to rely on the architects on the administration of our project, allowing them to address design issues only, as Danielle had plenty of experience and expertise to support us as clients. Highly recommended.”
Mr Frederic Lucenet
& Ms Cynthia Cheung
