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ServicesFire Insurance Valuations / Reinstatement Cost Assessments (RCA's)The consequence of fire or structural damage to any building cannot be overstated. Therefore, it is essential to ensure that the reinstatement cost is accurately assessed for insurance purposes and reflects local market conditions. Factors to be considered in a Day 1 valuation would include a site measurement to establish the gross internal area; an assessment of demolition and site clearance costs; support and protection costs; current rebuilding costs; together with statutory costs and professional fees. An assessment of the statutory approval period is also required in conjunction with the rebuilding period and inflation over the term. Tenant's fixtures and fittings do not form part of the valuation as these should be covered by tenants' insurance policies. Fitzpatrick Property Consultants recommend that annual desktop assessments be carried out in conjunction with full Day 1 re-assessments at four year cycles to reflect annual variations in building costs. |