Buildings and/or Tenants Improvements

Cover is on a Reinstatement basis and you should insure for the full rebuilding cost, not the market value. This should take into account any possible increase in cost due to delays in rebuilding and/or alterations in rebuilding design. The sum insured should also include the cost of clearing the site, fees for lawyers, architects, surveyors and consulting engineers (as a guide, this is usually 10-15% of the rebuilding cost), walls, gates, fences, outbuildings and annexes, and any signs and nameplates.

The most effective way of achieving an accurate sum insured is to obtain a professional re-building valuation.