Regardless of the chosen reinstatement option, it is necessary to determine the actual costs of returning the insured to pre-loss condition. This requires a complete understanding of the technical aspects of the loss and the property involved, as well as professional awareness of the marketplace.
Our expertise has been instrumental in returning complex properties to pre-loss conditions after fire and flood losses that impacted the operations of leading companies, including mobile phone operators, printing houses, large conference centres and massive food warehouses.
Our experts have the technical knowledge and practical experience necessary to determine the cost of reinstatement options. Relying on our practical industry involvement and many years of experience working on multiple types of equipment, we have been able to assist our clients including (re)insurers with cost analysis following major losses so they are able to settle claims fairly and accurately.
While evaluating the cost of various reinstatement options, there are many factors relevant to the claim that we consider. These factors include:
- Replacement of any building or equipment must be of like kind and quality (LKQ) for residential, commercial, or industrial use.
- Improvements may be required to comply with building codes or advancements in technology.
- Conduct structural assessments to evaluate the impact of proposed changes.
- Consider depreciation, warranties, service contracts, and the availability of replacement parts.
- Ensure compatibility with existing systems.
