Reinstatement insurance provides the building Owner with sufficient money to carry out reconstruction of the building to a condition equal to new.
Reinstatement insurance provides the building Owner with sufficient funds to carry out reconstruction of the building to a condition equal to new in accordance with current legislation in the event of damage or destruction from the specified risks or perils.
Under-provision of insurance will lead to a pro-rated indemnity in case an accident occurs and loss is caused. On the other hand, over provision of insurance will attract high premiums but indemnity will still be capped at the actual reinstatement cost. It is the Owner's duty to accurately assess the reinstatement value when taking out reinstatement insurance.
We provide assessments on such reinstatement costs for owners to purchase the appropriate insurance amount to cover their risks.
Countries providing the services:
- China & Hong Kong
- South Korea