ABSTRACT
The assessment or valuation of buildings and plant and machinery for insurance purposes is a skill that is not regarded with sufficient importance. The most problematical valuations for insurance tend to be those where the subject-matter is in the commercial or industrial sector. A Standard Fire Policy allows the insurer to: Pay to the insured the value of the property at the time of the happening of its destruction or the amount of such damage or at its option reinstate or replace such property or any part thereof. The Guide to House Rebuilding Costs published by the Building Cost Information Service and by the Association of British Insurers is a useful guide to the cost of domestic construction costs. All property whether material, or represented as a right, is insurable provided that the party seeking insurance has an insurable interest in the property or right for which insurance is sought.
