The Royal Institution of Chartered Surveyors (www.rics.org) in recent articles has highlighted the increasing costs of construction. “Insulation, aggregates, timber and timber products, steel as well as shortages of building materials, higher costs of transport, energy and labour costs/availability remain among the key cost pressures”.
It is also widely reported in the media about the rising cost of goods, generally.
This has an impact on property insurance and the need to ensure that your buildings, contents, machinery etc sums insured remain adequate. Most sums insured are subject to a Condition of Average which has the potential to restrict the amount an insurer will pay in the event of a claim.
It is therefore essential that sums insured are maintained at an adequate level at all times.
In light of the increasing costs we recommend that all our Clients review their sums insured. Please do let your usual contact know if any alterations are required.
If necessary we will recommend the services of a professional valuer.