The Truth About Building Replacement Value
When KBI are asked to provide insurance options for a Commercial Property, perhaps the most important aspect of the policy is getting the Building Sum Insured correct.
Under-insuring a property can trigger a co-insurance clause which can leave the Owner seriously exposed and out of pocket, should they incur a major loss.
There is often a misconception that this figure is provided from the Market Value of the property, when in fact an Insurance Replacement Valuation by a qualified professional is required to provide the correct figure.
The following article gives a brief rundown on this subject.