A jointly owned property should carry comprehensive insurance to an amount equal to the full replacement cost of the whole building. This provides financial protection in the event of a building being partially or totally destroyed. The insured amount should be ascertained through an independent reinstatement cost assessment. This assessment is recommended to be carried out every three years, as a minimum, to ensure the sum is reflective of current construction costs and to avoid the building becoming underinsured.
Download Report

04 Apr 2017 09:08:46
11.73 MB