Insurance Replacement

Insurance Replacement from Herron Todd White

By: Herron Todd White  20-Jun-2012
Keywords: Insurance, Property, Tax

A service that can best be provided by a Quantity Surveyor is the preparation of a Replacement Cost Assessment setting out the estimated cost of Reinstatement or Replacement should a building be irreparably damaged during a period of insurance. The assessment is used by the building’s insurer to calculate the premium for defined risks and to set the limit of indemnity on which the insurance is based. It is important that this insured value is correctly calculated. The sum insured should therefore include all costs incurred in replacing the building including:

Cost of making the damaged building safe, demolition and site clearance. Professional and authorities fees relating to the demolition.
Estimated cost of constructing a similar building on the same site.
Professional and authorities fees relating to the new building.
Allowance for escalation in costs up to the "Disaster Date".
Allowance for escalation in costs up to the completion of the new building.

Keywords: Capital Gains, Capital Gains Tax, Capital Gains Tax Valuation, Depreciation, Depreciation Schedule, Insurance, Insurance Replacement Valuation, Insurance Valuation, Investment Property, Property, Property Inspection Brokers, Property Value, Quantity Surveyors, Registered Tax Agents, Replacement Estimate, Tax, Tax Depreciation Report, Tax Depreciation Schedule, Value,

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