Are your Fire Insurance Assessments up to date?
Damage to property and buildings by fire and other disasters, natural or otherwise, costs Australians hundreds of millions of dollars every year. In Australia, the most common building disaster is fire, so it is important to be prepared.
Napier & Blakeley’s fire insurance assessments are called reinstatement cost assessments. The function of these assessments is to determine the amount a property needs to be insured, to cover the possibility of damage from a disaster. This can include the demolition of the remaining component of the property followed by reconstruction.
Construction markets nationally have gone through significant upturns in cost in recent years. While the increase in these costs may have slowed, they are still far greater than they were a few years ago.
Financiers Reports – Are you getting what you really need?
Financier and developers, will often shop around to get the cheapest quote in an effort to shave a few hundred dollars off the cost of their reports. The question that remains is: Should they prioritise financial savings, or a quality level of reporting?
Developers often see financiers reports (risk assessments during the construction period of a development) as a necessary evil to get their hands on the financiers cash, so the cheaper the better. However where the drive is towards controlling of costs to maximise return, the saving in a financiers report could leave them exposed to the risk of far greater costs during the life of the project.
Paul Cosker, Manager, Quantity Surveying at Napier and Blakeley says that a well thought-out financier report will provide commentary on the project. However, in order to achieve that, the developer should sometimes be prepared to pay a little extra for a thorough review at the outset.
