Accurate rebuild cost assessments
Whether your business owns residential property, a commercial asset, a manufacturing site, or a listed building, you need to know you’re adequately covered should your property suffer damage.
Your property damage policy is designed to cover the cost of rebuilding your property and putting your business back to where it was before the damage occurred. But if the rebuild or ‘reinstatement’ costs you set in your policy, known as ‘declared values’, are lower than the true costs, you could be facing potentially significant shortfalls.
While inadequate declared values in your property damage policy can prove disastrous in the event of a loss, inflated declared values can see you paying higher than necessary premiums.
Our wealth of insurance broking knowledge, combined with expertise powered by sophisticated analytics, can give you confidence your business is both properly protected and not overpaying for cover.
Why review your rebuild costs?
If you haven’t checked the rebuild costs set in your property damage cover recently you could be at risk of underinsurance, even if the declared values in your policy are index-linked. That’s because rebuild costs have been rising beyond inflation, driven by issues such supply chain disruption, increased materials, and labour costs.
Insurance valuations and market valuations are not the same. The insurance value, or rebuild cost, includes not only building materials and labour, but also the costs arising from making the site safe, clearing debris and the rebuild costs of the property's surrounding regions, such as restoring car parks, security fencing or replacing trees. These costs can also include fees from specialist legal support and other professional services you may need in the event of property damage recovery.