Over the last couple of months, Grantley Lowe has been carrying out a range insurance reinstatement cost assessments (IRCA’s) at properties around the UK. This includes commercial / retail premises on Old Hall Street, Liverpool, the Coal Exchange Hotel in Cardiff and the popular Caldy Swimming Pool in West Kirby.
An IRCA involves physically visiting a property to measure and assess the reinstatement costs. They are usually made based on a total loss or of such substantial damage that the entire building will require demolition and rebuilding. Grantley Lowe subscribes to and uses the Building Cost Information Service (BCIS) to help obtain up to date cost data within this area.
The Royal Institution of Chartered Surveyors (RICS) recommends that an IRCA is carried out on your property every 2-3 years. There are huge risks associated with not having your property properly insured and we will deal with these pitfalls in a separate article!
We are experts in undertaking insurance reinstatement cost assessments. We also operate nationwide. If you would like assistance with an IRCA – please contact us today.
