Unique online service to help prevent business ‘underinsurance’
November 15, 2016
PRESS RELEASE - Business, United Kingdom:
A unique new online service to help businesses avoid the potentially devastating consequences of ‘underinsurance’ has been launched today.
Insuranceshortfall.com offers a low-cost way of calculating how much a commercial property would cost to rebuild from scratch if it was damaged by fire or some other disaster.
Underinsurance happens when a property is not insured for the right amount. In the event of a claim, insurance companies can quite legitimately reduce their payout if a property is not fully covered. In some cases this can lead to less than half the amount needed to repair or reinstate a building being paid to the business. Underinsurance has led to some firms going bust following a fire or flood.
What’s clever about Insuranceshortfall.com is that no one has to visit the property to make a reliable assessment. The website’s Chartered Surveyor (RICS) led team of professional assessors use a range of specialist tools and other resources to carry out their remote ‘rebuild cost assessment’. This keeps costs down and means an assessment can be provided within 3 to 6 working days.
“It has been estimated that a staggering 80% of commercial properties are at risk from underinsurance,” said Trevor Smith of Insuranceshortfall.com. “The last thing a business wants to discover following a fire or other disaster is the double impact of no property and not receiving enough to put things back to the way they were.”
Trevor added: “Many businesses do not realise it is their responsibility to determine the correct amount their building should be insured for, but they may not have access to the relevant professional advice. Independent guidance from a RICS Registered Valuer is always the best source of information.”
Insuranceshortfall.com clients can also request a site visit if they would prefer a face-to-face assessment.
Notes 1. Insuranceshortfall.com is a service provided by Rebuild Cost Assessment Ltd. 2. Rebuild Cost Assessment Ltd is a RICS Registered Valuer and is a joint venture between RiskSTOP and Scott Brown Risk Management Surveyors (SBRMS), which provides rebuild cost assessments for commercial and household buildings in the UK.
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