Valuation for fire insurance can have significant financial implications for those responsible for insuring buildings. Over-insurance results in unnecessarily high premiums whilst under-insurance can lead to insurers refusing to meet the full cost of reinstatement works.

Fluctuations in the building trade have resulted in rapid increases in building costs over short time periods and equally rapid decline in costs in times of recession. 

It is important therefore to review insured amounts on a regular basis. Periodic inspections allow regard to be had to Values may be adjusted either upwards or downwards to reflect changes in economic circumstances as well as changes to layout and improvements and other factors which may affect the insured sum.

An under-assessment of re-instatement costs can result in . averaging. - the insurer applies an average reflecting the level of under-assessment to any payment in respect of a claim . the insured having to meet the balance between this and the full cost of the re-instatement works undertaken.

CT +G have wide experience in dealing with re-instatement cost assessments for fire insurance, we will be happy to advise on:-

 

assessment of fire insurance valuations

 

inspection of properties to advise on issues relating to insurance

 

handling insurance claims and negotiations with loss adjusters and insurers

 

arranging and supervising re-instatement works