When acquiring a new property asset it is vital that adequate insurance is in place when the ownership changes hands. Mansfield Property Advisory can assist with preparation of an insurance reinstatement cost assessment to ensure that the building can be replaced in the event of total destruction.

The types of assessment we prepare are for the building, plant and equipment only, together with allowances for professional fees, site clearance, cost escalation and lead times.  Building owners will need to assess other risks and obtain separate cover as required..

Professional bodies recommend that reinstatement cost assessments are renewed at least every 3 years.  If significant alterations are undertaken to the building (e.g. extending building area or change of use) it is recommended that the insured amount be reviewed prior to accepting handover of the amended property.