The reason we bring this up today is because of us leaving the EU.
When dealing with fluctuation in labour and goods cost, measuring the value of sums insured is incredibly hard, often leaving businesses vastly under-insured. Thus, creating shortfalls in claims settlements.
If the past cost increase was due to the 2008 recession and brick manufacturing folding, then a further economical disruption (and perhaps more devastating) could release even more scarcity into the pool of resources we use for manufacturing and production.
What does that mean for you?
For you, it means that the sums insured on your buildings is actually a volatile figure, where old evaluations could leave you being under-insured.
For this reason, BCIS “suggest regular reviews of rebuild costs given the fact that index-linking cannot be solely relied upon.” Given that is the current advice from RICS, we thought it made sense to supply a surveyor to clients.
If you are not confident of your building valuation, then get in touch.
