Policyholders need to know ‘how long’ as well as ‘how much’
100% of brokers we questioned at BIBA 2017 agreed that getting a professional assessment of the rebuild cost of a property from a RICS regulated provider was the only reliable way of setting an appropriate building sum insured.
At Insuranceshortfall.com we’ve made it our mission to significantly lower the cost of desktop and site-based independent professional rebuild cost assessments to help tackle the whole issue of underinsurance. However, there is something else we are doing as part of our service that you may not know about.
Every report we produce not only provides an answer to the question HOW MUCH a building might cost to rebuild, but also HOW LONG it may take to rebuild in a worst case scenario.
So why do we do this?
The simple answer is firstly because we can, and secondly because this information can also be incredibly useful in helping to check whether your client’s Business Interruption (BI) cover is suitable.
Just as inadequate buildings sums insured can impact on the amount that can be claimed under the property section, an underestimate of the appropriate indemnity period and adequacy of BI sum insured can have a serious impact on a business interruption claim.
Of course there are a whole range of factors that have to be considered when determining BI indemnity periods. However, having a professional estimate of how long it might take to rebuild a property, taking into account location, clearance of the site, planning and building regulation periods and complexity of the rebuild, can be a very important piece of the overall jigsaw.
At Insuranceshortfall.com we also automatically provide this information for household properties, as this can help to ensure that any alternative accommodation cover is suitable.
To see all of the information we provide in our comprehensive Rebuild Cost Assessment reports, sign up for a broker account today and access our set of sample reports in the Insuranceshortfall.com ’Broker Zone’.