Your PolicY


aPProPriate Buildings suminsured


Reinstatementofaheritagebuilding will be significantlymoreexpensive than other types of flats and it is vitally important to ensure that the suminsured is adequate. Under-insuranceismorecommonin heritage flats and as such, specialist advice is essentialalong with periodic revaluation.


Typicallywhere properties areconstructed of traditionalmaterials such as stone, slate andtimberthe valuationwillbebased on rebuilding usingsimilarmaterialsbut not necessarily original identicalmaterials. Forexample,stonemayhavetobefreshly quarried andrecentlyseasonedtimbermay have to be used.Where appropriate the use ofmodern building techniques should be allowedfor,ratherthantraditional methods; e.g. timber that has been sawn mechanicallyratherthanbyhand.


Thebuilding suminsured should include provision for demolition, site clearance and professional fees alongwithprovision for unrecoverableVAT in respectofthese items.


Whenselecting asuitableprofessional to assist youitisworth checkingthat they have experience in valuing heritage buildingsasitisaveryspecialisedarea.


6 Flat Living GUIDETO HeritageFlats


unexPected reBuildingcosts


Your buildingsvaluation should include provisionfor anyadditionalrequirements that becomenecessary undercurrent building regulations. However, there are anumberofother factorsthatcould cause thereinstatement cost to be greaterthan expected. As such it is importanttoensure that in additiontothe Heritage Insurance Optionsyou also consider includingthe following protections in your block policy:


nA policy extension to cover the cost of complyingwiththe requirements of the EU or the Local Authority in rebuilding in a different form.


nAlarge dayone uplift to protect against the cost of unexpected inflation over and abovethe normalbuildingscost index. This canbecommonin heritage properties wherethe cost of specialistmaterialscan inflate rapidly.


nAn unrecoverableVAT clausewhich protectsagainst additionalVAT costsnot included in your buildings suminsured.


nAwaiverofaverage clausethus preventingapartial loss claim being reducedifthe buildingssuminsuredis discovered to be inadequate.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24