BCIS launches the new commercial rebuilding calculator to allow organisations within the insurance industry to determine if a building is correctly insured or ‘at risk’ from under or over insurance. A ‘pay as you go’ service with no annual fee, RiskCheck will benefit insurers, brokers, risk surveyors and loss adjusters when assessing cover, quoting and placing risks.
Currently the only way to check if a commercial property is ‘at risk’ of over or underinsurance, is to commission an on-site survey but a full rebuilding cost assessment of a commercial building can be expensive. Many property owners are reluctant to commit to this expense without evidence to suggest they are ‘at risk’, particularly if they have a portfolio of commercial properties.
RiskCheck is a web based solution making it quick and easy to access and takes just a matter of minutes to complete and gain a PDF report. The results are presented in a “traffic light” format to show the level of risk. RiskCheck includes costs for external works, professional fees, demolition and inflation.
The data powering the solution incorporates costs from over 17,500 actual building projects and BCIS’ residential rebuilding cost models are already accepted as standard by surveyors and insurance loss adjusters.
Andrew Thompson, BCIS Director, explains: Our residential rebuilding cost services, launched in 2008, have delivered real value to the industry and it was a natural progression for us to apply our expertise to the commercial property sector, where we could see the industry was very exposed.
Under insurance of commercial properties is an age old issue for the industry.
RiskCheck provides a significant step towards solving the problem and ensuring that the right level of cover is in place and the appropriate premiums collected.”
