Insurance replacement A sum insured, built up.
Valufield drafts an insurance replacement cost assessment for a strata scheme from a template with a cost build-up. The checker reads it for a missing build-up and for market value wording.
Cost to rebuild, not market value.
It is a reinstatement cost estimate on a new for old basis.
The sum to insure
It states the sum an owners corporation should insure its building for under its damage policy. It is not a market valuation.
Who instructs it
The owners corporation is the client. Its strata manager and insurance broker rely on it to set the sum insured. It is current for the following 12 months and should be reviewed each year.
What it must show
The template follows the cost heads in the NSW strata rules: replacement cost, debris removal, professional fees and cost escalation, with GST included.
Facts, then the build-up.
The template is filled from firm settings and the facts the valuer confirms at inspection.
Confirm the building
The valuer confirms the strata plan number, address, instruction and inspection dates, and whether this is a full inspection or a desktop re-assessment. A short description names the cost drivers.
Build up the sum
The template has a cost build-up with the area, the rate and where the rate came from, and a figure for each cost head. The valuer enters them.
AI stays on the wording
AI may suggest wording for descriptive sections only. The sum, the rates, the basis and the certificate are refused to AI in the database.
Checked for the common gaps.
The checker says BLOCK or WARN and where to fix it. It checks wording and consistency, not the sum itself.
No market value wording
It flags market valuation language in a report that is meant to be a cost estimate.
Build-up that adds up
It looks for a cost build-up that adds up, a named rate source, and a figure for every cost head. A sum in figures must match the sum in words.
Cases that need care
It looks for loss of rent and temporary accommodation, heritage, mixed use and multi-scheme buildings to be dealt with where they apply.
Review and release
A second valuer peer-reviews the recorded file. Release is a separate gated step and never emails the client.
Straight answers.
Is this a market valuation?
No. It is a reinstatement cost estimate. The checker flags market valuation wording in the report.
Does Valufield work out the rebuilding rates?
No. The valuer enters the area, the rates and the sum. AI is refused those fields in the database, and the checker only reads what the valuer wrote.
Does this meet our insurer’s requirements?
The template is a starting point from a working NSW firm’s practice. Keeping the report in line with your professional standards and your insurer’s requirements stays with your firm.
See it on a job like yours.
Tell us about your firm and we will show you Valufield on your kind of work, including what is released today and what is still in build. The form takes about a minute, and a person replies.
- We reply to arrange a time.
- We walk through the product on your kind of work.
- You decide, with no obligation.
Rather email? support@valufield.com.au