Unless you have an independent insurance valuation within the last three years, you will likely have no credible evidence that your current sums insured are correct. Commercial policies usually contain penalty provisions for under insurance. Unless you have skills in estimating construction and building costs, in accordance with the basis of stipulated in the insurance policy, it is quite likely you will not have correctly assessed the values to rebuild or replace, remediate site damage, remove  debris, and allow for new constructions codes and or council regulations.

These insurance penalties may be exacerbated when claims are delayed. Sometimes insurers do not admit liability quickly, delays in loss assessments occur or when natural disasters occur, or there are shortages of materials and tradespersons.  All these issue can compound and  increase the cost of reconstruction.

If you have not done so some years, we can assure you will save far more than the cost of your valuation should there a loss.

Valuations may be provided for Buildings, Site Improvements, Plant, Equipment, Mobile Plant, Contents, Fine Arts, and Antiques and Heritage risks.

These insurance valuations cover you for three years, with free desktop updates for years 2 and 3.

Current world tensions, the ongoing impact of COVID-19, and the recent devastating floods in Queensland and New South Wales all make one thing certain -we will continue to see a significant variance in building and asset costs this year.  

2022 has already brought some significant price increases including:

• Steel costs have risen by almost 50% over the recent months – was $1,100 per ton now approx. $2,000 
  
  for structural steel products with a wait lead time for steel is up to 18 months.

• Framing timber costs have increased from $3.20 a metre in January 2021 to $8 a metre in November 2021.

• Treated pine timber costs have increased from $2.20 a metre to $5.70 if you can get a supply.

• Shipping container freight costs from Asia have risen by approx. 300% since early 2020

• New mobile plant/earthmoving assets and motor vehicles wait lead time is now approx. between 3 to 12 months hence a huge increase in second-hand prices.

Why the increases in costs so far?

The increase in cost variances, including those above, is due to four main reasons.

1.    Low product supply 

2.    Shipping delays 

3.    National dwelling commencements up 50% 

4.    Labour shortages due to border closures. 

Our clients enjoy discounted rates for valuations.

With insurance you get what you pay for right?

Get it right and with the full replacement value at the time of loss,  you will get more than what you pay for, you will get new for old