It is not simply a case of being insured, but whether you may be under-insured and highly exposed or over insured with unnecessarily high premiums. We are here to help.
Our Dilapidation Process
Our dilapidation framework has been developed through thousands of hours of experience, our processes identify the right mix of skills to ensure success.
We have it covered. Managed by leading RICS dilapidation specialists we continually review our practises with our legal partners.
Our Project Process
Our Project framework has been developed through collaboration with our partners and clients, applying a value centric process.
Unsure how to get the right result? We have it covered. Managed by experienced project managers we work hard to get you the result needed to meet budget time and quality.
Todays world is unpredictable, increasingly complex and inter-connected. Being able to manage existing and emerging risks has never been more important. Vantage offer customised insurance valuation solutions and services for businesses of all shapes and sizes. We can help identify, evaluate and quantify the risks you face, to create a safer more robust business.
As RICS members and Chartered Surveyors, Vantage utilises consistent methods for inspecting buildings and creating Reinstatement Cost Assessments. We maintain best practice for assessing what the sums insured should be, by calculating the full reinstatement cost for insurance purposes on a day one basis.
In order to do this accurately we adhere to the latest guidance, the RICS Reinstatement Cost Assessment of Buildings 3rd Edition, February 2018, and perform an onsite inspection. We investigate the history of the property as is necessary to ensure we gather all the relevant facts. A report would then be produced with the correct sums insured.
In compiling assessments, the benefit of accurate plans cannot be underestimated. We can take relevant measurement to facilitate a valuation but up to date measured surveys and floor plans are best used. If you do not have a measured survey of your building, you should consider having one performed.
This should be reassessed on a regular basis with a major review and reassessment made every three years or earlier if significant changes have occurred. Failure to do so could result in underinsurance, which could result in you receiving a claims payment of less value than what your property is worth, and insurers can apply a term known as ‘average’.
An average clause will be on all property owners ’policies, but the good news is, you can ask for the average clause to be removed from your policy if you have had an approved RICS reinstatement cost assessment. Vantage can provide you with this.
There are different types of reinstatement including reinstatement plus inflation provisions, known as day one reinstatement, and reinstatement minus wear and tear. Of course, if there are no plans for a building to be repaired following damage or, the cost to do so would not be economically viable then a different type of indemnity could beconsidered, for example if the building has no tenant with no prospect offinding one or, is no longer in a desirable area.
In these circumstances, an indemnity cost with siteclearance, debris removal and ‘making safe’ costs only could be a betteroption. Your premiums can reflect the different options available to you, soit’s important to get it right based on your plans for the future.