Under-Insurance: A trap for Commercial Building Owners
Ian
September 07, 2008
Business Insurance, Claims, Insurance Info, Insurance Valuations
3 Comments
Tags: Building Costs, Commercial Building Insurance, Commercial Building Owners, Demolition Costs, Insurance Council, Under Insurance
We are often asked why we encourage commercial building owners to get valuations every two years. Many owners see this as an additional cost that they do not need to have. However, given that the main reason for having insurance is to protect the owner from the big event then it is really important to make sure that your policy covers you for the full replacement of your building.
During the last two years there has been some large increases in building replacement costs because of the rise in labour, compliance and material costs.
According to John
