Reinstatement Cost Assessments

In order to ensure that the appropriate reinstatement insurances and subsequent benefits could be procured, the preparation of estate wide reinstatement cost assessments was necessary, in a timely manner. Extending across the UK, the estate comprises showroom, garage, storage and wider property types, requiring detailed consideration in order to appropriately quantify and cost estimate for reinstatement activity, whilst seeking to mitigate the associated risks of over or under insurance.  

Providing Accuracy in Volume with Breadth 

The existing estate data room yielded a variety of information to differing extents and quality. Previous estate reinstatement cost assessment exercise information existed in part, but was otherwise incomplete and with newly constructed or acquired sites not having been quantified for these purposes previously. 

With as built information and previous assessment data collated, the extent of the necessity to gather new data was determined, yielding a the need to inspect multiple sites nationwide, both to measure new and complete existing data sets where that data was deemed to be insufficient. 

Data Capture by Standardisation

The capture of data from the available site and property particular information, as must align with the data sets available from published cost data third parties, dictated that a uniform approach must be adopted. This uniform collection of data was further necessary in order to ensure overall estate assessment continuity and parallel comparison.

Enabling the applicable timescales to be achieved, whilst ensuring reduced exposure to the potential for disproportionate assessment costs, a hybrid data gathering and assessment basis was employed. Where sufficiently detailed as built and wider site existing data was available, a desktop assessment solution was carried forward. Those remaining sites and properties scheduled for and subject to detailed inspection, enabling detailed assessment and quantification.

Reliable Data to Generate Trusted Outcomes

The standardised approach to quantification of site and property data, extending over a period of months, enabled detailed assessment of each component part of each site. Covering all applicable building use types, relative to any given site, as well as external site particulars such as hard standings, boundary treatments, drainage and mechanical and electrical provisions, both third party published cost data and Node Building Consultancy's own construction cost data bank were employed in the estimation of the site-by-site reinstatement costs.

Recognised as the leading source of cost data, Building Cost Information Service (BCIS) elemental and average price data was duly considered and applied to complete the overall assessments. Where BCIS cost data was not available or sufficiently detailed, estimated costs were also procured from similarly recognised, authoritative, third party publishers such as Spons and Wessex pricing publications. Node Building Consultancy's own cost data bank was primarily utilised for acute specialist cost application, particularly in instances relative to which recent tender activities and construction project costs were known and current.

Finalisation of the estate wide reinstatement cost assessments afforded the benefit of accurate individual site data, presented in a manner enabling whole estate consideration with ease. Owned and tenanted property data sets were presented separately also, allowing further  consideration and differentiation.

Enablement Through Transparency

Having acted to formalise the quantification of existing data, whether previously incomplete, requiring measurement via as built information or detailed site inspection, the reinstatement cost assessment information provided was complete and reliable. The standardisation of the data sets recorded relative to each and every site, having regard for the granular output parameters of published cost data third party providers, both ensured continuity capable of direct comparison and forward revaluation exercise attendance with increased ease. The gathering, collation and presentation of the reinstatement cost assessment component part data in this manner acts to safeguard the interests of the client in the face of challenge should a claim scenario arise, whilst ensuring reduced costs for future estate assessments can be obtained.

The identification of a pragmatic, accurate, cost effective and forward future assessment focussed approach ensured client satisfaction, piece of mind through sufficient policy procurement and added value. The outcome of the reinstatement cost assessments for insurance purposes, as provided by Node Building Consultancy during 2021, yielded further instructions to 're-value' the Sytner Group estate to the same end again during the course of 2022 and 2023.