Insurance Reinstatement Valuations in Cayman

Make Sure You Are Insured for the Real Cost to Rebuild

An insurance reinstatement valuation, or rebuild cost assessment, sets the sum your building should be insured for: the full cost of rebuilding it if it is destroyed. It is a different figure from market value, and in Cayman the two can be far apart.

• RICS Chartered Surveyors
• Hands-on knowledge of current Cayman build costs
• Homes, condo buildings and commercial property

Why it matters in Cayman

Building costs here have risen sharply in recent years, while many insurance sums have not kept up. If a building is under-insured and a claim is made, insurers can reduce the payout in proportion to the shortfall, leaving the owner to cover the gap. After a hurricane, when contractors and materials are in short supply, rebuild costs rise further still.

Plum’s founders build in Cayman and manage condo buildings day to day, so our rebuild figures reflect what it actually costs to build here now, including demolition, site clearance, professional fees and the extra cost of building to hurricane standards.

Who we work for

• Homeowners checking their sum insured at renewal.
• Strata corporations insuring a whole condo building, where getting the figure wrong affects every owner.
• Commercial landlords and investors.
• Lenders who need confirmation that their security is properly insured.

What the assessment covers

• Measurement of the building and a review of its construction and specification.
• Current rebuild costs, including demolition and debris removal.
• Professional fees and the cost of meeting current building codes.
• An allowance for cost increases during the rebuild period.

See also: Strata Management.