We were delighted to receive instructions from a Property Manager to review the reinstatement cost of a period Listed building property in Reigate, Surrey. The reinstatement cost was required in preparation of the renewal of the buildings insurance.
The property was formerly a residential dwelling that had since been converted into offices, retaining many original period features. The building was set over a number of floors, including a basement to 2nd floors. The basement was a store area, and the roof construction was a mansard structure which housed the second floor accommodation. The building occupied a prominent site in Reigate and included car parking and garden areas which were surrounded by boundary structures.
Due to the nature of the building, and the fact it had been a number of years since the reinstatement cost had been calculated, the Property Manager was concerned the sum insured was inaccurate. The reinstatement cost had been index-linked for several years and the Property Manager wanted to ensure the building was correctly insured.
We undertook a site inspection, during which measurements and notes on the construction were taken. These notes also included details of external elements to include the car parking, planting and boundary structures. We prepared a Reinstatement Cost Assessment in anticipation of the renewal of the building insurance policy to ensure the sum insured reflected the current reinstatement cost. The reinstatement cost included the cost of rebuilding the property in the event of a total loss and also included other relevant costs to include professional fees and statutory obligations.
We work with Property Managers and Freehold owners to ensure their buildings are appropriately insured.
