What is included in a Replacement Insurance Valuation?
Our detailed and easy to read reports include the following:
Property description
The basis of how the replacement insurance valuation was calculated
FECA - the fully enclosed covered areas
FECA - The sum of all such areas at all building floor levels, including basements (except unexcavated portions), floored roof spaces and attics, garages, penthouses, enclosed porches and attached enclosed covered ways alongside buildings, equipment rooms, lift shafts, vertical ducts, staircases and any other fully enclosed spaces and usable areas of the building, computed by measuring from the normal inside face of exterior walls but ignoring any projections such as plinths, columns, piers and the like which project from the normal inside face of exterior walls. It shall not include open courts, light wells, connecting or isolated covered ways and net open areas of upper portions of rooms, lobbies, halls, interstitial spaces and the like, which extend through the storey being computed.
UCA – unenclosed covered areas
UCA - The sum of all such areas at all building floor levels, including roofed balconies, open verandahs, porches and porticos, attached open covered ways alongside buildings, undercrofts and usable space under buildings, unenclosed access galleries (including ground floor) and any other traffic-able covered areas of the building which are not totally enclosed by full height walls, computed by measuring the areas between the enclosing walls or balustrade (i.e from the inside face of the UCA excluding the wall or balustrade thickness).
When the covering element (i.e. roof or upper floor) is supported by columns, is cantilevered or is suspended, or any combination of these, the measurements shall be taken to the edge of the paving or to the edge of the cover, whichever is the lesser. UCA shall not include eaves overhangs, sun shadings, awnings and the like where these do not relate to clearly defined traffic-able covered areas, nor shall it include connecting or isolated covered ways.
GFA – Gross floor area
The sum of the "Fully Enclosed Covered Area" (FECA) and "Unenclosed Covered Area" (UCA) as defined.
Cost escalation
This allowance reflects an inflation provision applied to the base reinstatement cost for the period of demolition, re-documentation and re-construction and the likely time lapse between the insurance anniversary date and the date of any happening.
Inclusions
• Present re building cost
• Allowance for cost escalation during the lead time of planning, calling tenders, construction and fit out
• Profession fees
• Removal of debris
• Cost escalation in the likely lapse time between the insurance anniversary date and the date of any happening.
Exclusions
• Loss of income/rent
• Temporary relocation costs
• Legal fees
• Loss of furniture and fittings
• Removal of asbestos
• Removale of contaminated soil.
