As well as public risk insurance, a body corporate must have replacement insurance for:

• common property
• body corporate assets
• every building that contains a lot.

The insurance a body corporate must have is affected by the type of survey plan the scheme is registered under.

The 2 common types of survey plan are:

• building format
• standard format.

If the body corporate has to insure 1 or more buildings, it must get those buildings valued for the full replacement cost. An independent valuation must be done at least every 5 years. For larger buildings this is recommended every 3 years.

We carry out a valuation of the building so that it is insured at full replacement cost, taking into account demolition and removal works, current actual construction costs, changes that have occurred since it was originally built, external works (such as a pool or entertainment area), re-engineering fees, project management costs and GST.

The valuation is not a market valuation and does not take in to account the valuation of the land; it is the full replacement construction cost. Please email us for any clarification or concern you may have.

We back it up with detailed site photographs and explain what is and not included.

When emailing an order through; please remember to send through the survey plans.