Property insurance is based on the reinstatement cost of the property. This is the amount it would cost to completely rebuild the property from scratch if it was totally destroyed, by fire, for example. It includes the costs of clearing the site, materials, labour and professional fees…
Adler Fairways has seen a marked increase in the use of reinstatement valuations for insurance purposes, as owners of both commercial and residential properties seek the certainty and reassurance they provide. We work with a specialist reinstatement valuer to provide these assessments.
The cost of rebuilding your premises or replacing equipment after a major incident can be more than you think. Worryingly, a survey by valuer Barrett Corp & Harrington revealed that 81% of properties across the UK are only insured for 61% of their actual value. These buildings are usually insured for their market value, when they should in fact be insured for the cost to rebuild the property.
Most assessments require an on-site inspection to note the building materials, take measurements and evaluate specific location factors. However, it may be possible to prepare a desk-based review using data from the web and information provided by the property owner.
Main policy features *
Being underinsured can affect a number of parties:
Commercial – Company Directors can be sued by shareholders. It can also lead to businesses going under and employees losing jobs. Reinstatement assessments can be used to value all types of commercial buildings including factories, warehouses, industrial units, office, shops, hotels, farms and estates, historic and listed buildings.
Blocks of Flats – We can arrange reinstatement assessments for anything from individual blocks of flats to large portfolios. In the event of a claim, being correctly insured enables all to focus on rebuilding people’s homes as quickly as possible. As managing agents or portfolio owners you do not want to have to face questions about underinsurance and your professional advice.
Private Homes – If you live in a large house, one which has undergone several extensions or expensive refurbishment, is listed or constructed of materials other than brick, you could well be underinsured. Owners may have guessed the rebuilding costs based on market value, or relied on an inappropriate mortgage valuation. If you need to claim and are underinsured, the financial impact can be catastrophic.
Risk Assessments – Our reinstatement valuer provides risk surveys for high net worth clients, and in the main, are intended for larger, unique homes. These surveys can cover an assessment of reinstatement costs, security, and fire protection as well as a review of the current level of general contents cover and commentary on storm, flood and subsidence risk.
* This information is a general guide only. Adler Fairways will assess your requirements and recommend a bespoke range of insurance solutions to meet your needs. As part of the quotation process, we will provide full details of the specific coverage, benefits, limits, premiums, exclusions, excesses payable, and any other policy conditions that would apply to the insurance we recommend for you. We currently only offer cover to businesses registered in England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man.
Words from our clients…
Elwood & Co Ltd,
“Having dealt with Adler Fairways over the past few years I would like to say how efficient the company is regarding quoting and claims. All the staff are very helpful and excellent to deal with. We manage a large portfolio of property in the Oxford area and their response for claims is second to none. They respond to every question within a short space of time and keep me updated with every claim. Without doubt, the best broker I have dealt in recent years.”
“Demma Group are existing clients of Adler Fairways and we have remained with them since 2013 due to the ultimate service we have received. Their professional manner on all levels and in every area of Insurance is faultless and I have never been given less than 100% commitment from all employees within this company. I would not hesitate to recommend their services to any company we are associated with. Looking forward to our next renewal with Adler Fairways.”
“Knowing that your insurance company are always available to discuss any issues that may arise and that they are then prepared to take over and deal with everything is a real bonus.”
“Adler Fairways are experts when it comes to insurance. We have been with Adler Fairways for the last couple of years in a personal and business capacity. Nothing is too much trouble and their knowledge of the insurance industry is truly outstanding. It is always pleasure doing business with them.”
Reirse Ryan Ltd,
“Since 2012, as a company, we have gradually transferred all of our Insurance business across to Adler Fairways. This strategy was primarily a commercial, cost based decision and continues to be so, but equally important is the personal relationship that has developed since, together with the specialist advice that has always been provided when requested.”
“We have worked with Adler Fairways for over five years and they have always offered comprehensive advice and have a very good understanding of our company requirements. We have an excellent working relationship with Adler Fairways and any claims or advice are dealt with in a timely and efficient manner.”
Salter Rex LLP,
“Adler Fairways have supported Salter Rex for over ten years for all our property and commercial insurance needs and always on hand when we have needed them most. We have always been impressed with their approach and manner in dealing with us and our customers from a day to day servicing point of view and also in dealing with our clients’ claims. We continue to have a healthy working relationship and anticipate a strong and successful future with Adler Fairways as our Broker.”
“Our business moved across to Adler Fairways several years ago and to be honest we have not looked back. We have been very impressed with their no nonsense approach along with the company’s initiative in making an extra effort for its customers. We can be nothing other than complimentary on the services they provide. Their commitment to providing an exceptional service has been second to none and we anticipate a long working relationship in the future. ”
TES Environmental Services Ltd,
“We have worked closely with Adler Fairways for over the last 10 years and trust their professionalism and excellent knowledge in the insurance field. At no point have we been failed on services provided and a particular thank you goes to Darren Hunt and his attention to details that is invaluable and key to the progression of our company.”