This site is intended for health professionals only


25 August 2011

Share this article

Our insurers have asked what sum we would like the buildings to be insured for. How do I calculate the cost of rebuilding the practice?

Our insurers have asked what sum we would like the buildings to be insured for. How do I calculate the cost of rebuilding the practice?

A: My advice on this would be to employ a chartered surveyor to give you an accurate reinstatement cost for your practice. You can base it upon market value, but there are many other aspects to consider when putting in a figure, such as allowances for demolition and site clearance, external works, fees and inflation over the rebuild period.

Some practices have probably maintained the same level of buildings cover for a considerable period of time, not realising the actual cost of reinstating their practice has increased significantly, leaving them in a vulnerable position if there was a total loss. It is better to be safe than sorry, and pay for a chartered surveyor to give an accurate figure, which you can then work from in the
following years.

Category => Ask An Expert


Want news like this straight to your inbox?

LATEST NEWS