Reinstatement Valuations by a Specialist firm of Reinstatement Valuers
Rushton International is an specialist firm of RICS Chartered Surveyor who specializes in the valuation of plant, equipment, machinery and building assets.
A reinstatement valuation for insurance purposes is the estimated cost of replacement for the buildings and site works as at a stated date, excluding any allowance for future inflation.
This basis of valuation will reflect the Day-One Replacement as New Cost for the property and the plant assets, defined as follows:-
- Where property is destroyed, its replacement in modern construction form to a condition equal to but not better or more extensive than its condition when new;
- The repair of the damage and/or the restoration of the damaged portion of the property to a condition substantially the same as but not better or more extensive than its condition when new.
An opinion of value on the above basis is known as the declared day-one value to which insurers apply a loading factor to cover cost increases likely to occur during the period of reinstatement from the time of a total or serious partial loss.
The day-one approach to valuation is recognised for insurance purposes and may be adopted for use where replacement cost is the basis of cover.
For further information on insurance valuations and how we can help please contact us.