In association with SA Faughnan (Brokers) Ltd. and their continuing advice and tips for IPOA members on Property Insurance related topics.     The following article has been provided by Build Cost Chartered Quantity Surveyors.  Click HERE.       A property reinstatement cost assessment calculates the anticipated cost of reinstating the property to its original specification in the event of total destruction. It is vitally important to note that the market value of the property and the reinstatement costs of the property are in no way linked. The reinstatement costs assessment should typically include the following: The reinstatement
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Covid-19 Insurer Update for XL Insurance Company SE (AxaXL) – Property Owners (IPOA Scheme) – Policyholders with policy number prefix – BS0432-POI-xxxx ‘via S.A. Faughnan (Brokers) Ltd.’   Businesses and Property Owners are now facing unprecedented challenges posed by measures to counter Coronavirus (Covid-19) as many premises are temporarily closed due to public health quarantines. It is our intention for situations where insured buildings are temporarily closed solely due to the Covid-19 outbreak, that any Unoccupied Building Conditions in your AxaXL policy(ies) will not apply and no additional premium or amended terms will apply until 31st May 2020. If Covid-19
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  If you own commercial property, you need to ensure that it is adequately covered with a comprehensive and competitive property insurance package. Commercial Property Insurance protects your organisation against physical damage to, or loss of, your property assets. In the case of catastrophes like fire, explosion, theft, or vandalism, Property Insurance helps cover the costs of repairing or replacing damaged business property to allow your organisation to continue to function as normal. Whether you are a freeholder, leaseholder, mortgagee or owner, your premises represent a substantial investment that should be adequately protected. A Commercial Property Insurance policy will help you
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  A Property Owners policy is designed to meet the insurance needs of a range of Property Owners involved in Residential, Commercial or Industrial investment property risks. The key areas of cover required for investment property include the following: Material Property Damage The buildings sum insured should be equal to the cost of rebuilding the property from scratch if it is completely destroyed.  (You should allow for the cost of debris removal as well as architect and surveyors fees and other planning & development fees) This is known as the reinstatement value. Note:  This is not the same as the
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  If your entire property is / has been unoccupied for whatever reason for over 30 days make sure you notify your insurer / broker now. If your property is undergoing renovation / structural alteration other than routine casual maintenance & repairs, notify your insurer/ broker now with details. If the tenancy of your property has changed from that which is noted on your policy document / renewal notice, make changes to your policy now! It is your duty to notify them! If you have not notified your insurer of any non-standard flat roof section to your property, do so
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    Buildings are an asset and like any asset should be adequately protected. A property reinstatement valuation assesses the cost of reinstating the property to its original condition in the event of total destruction. It is extremely important to note that the market value of the property and the reinstatement valuation of the property are in no way linked. The reinstatement valuation should typically include the following:     The reinstatement valuation should be carried out by a chartered quantity surveyor who has experience in the type of building sector that the reinstatement valuation is being calculated on. The
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