The Building Cost Information Service (BCIS) is the leading provider of cost and carbon data to the UK built environment. Over 4,000 subscribing consultants, clients and contractors use BCIS products to control costs, manage budgets, mitigate risk and improve project performance. If you would like to speak with the team call us +44 0330 341 1000, email contactbcis@bcis.co.uk or fill in our demonstration form
Published: 13/05/2024
Cases of underinsurance soar
Skyrocketing materials costs in the last few years, coupled with more recent rises in labour costs, have contributed to a significant increase in underinsurance – BCH, which provides building insurance rebuilding cost valuations, found underinsurance in 67% of the cases it reviewed for reinstatement in 2023.
Changes to legislation
Complaints from consumers are also on the rise – in the latest quarterly data from the Financial Ombudsman Service, building insurance was the fifth most complained about financial product, with complaints up almost 30% on the previous year. With the Consumer Duty setting a higher standard of consumer protection in financial services, there is a clear onus on insurance professionals to make certain they’ve done everything they reasonably can to ensure customers are appropriately covered.
What factors do you need to consider in reinstatement valuations?
For this webinar, our panel of reinstatement valuation experts will discuss the sector’s ever-changing landscape and answer your submitted questions. Want to know more about what goes into a reinstatement valuation and our latest forecasts for building costs? Or find out what constitutes best practice when managing a portfolio of commercial or residential properties? What implications might using greener building materials have for future premiums and what role might automation and AI have in the industry?
Date: 6th June, 2024
Time: 11am
Register for the webinar below
