1800 767 266
150 Sydney Road Coburg VIC 3058 (Head Office)
Level 50, 120 Collins Street Melbourne VIC 3000
Level 13, 2 Park Street Sydney NSW 2000
The Owners Corporation Act & Regulations places accountability on the Owners Corporations, their elected committee and appointed manager, to ensure that your building is insured for its full replacement value.
Roscon’s Reinstatement & Replacement Insurance Reports are very detailed, unlike most of our competitors who provide only the current insurable amount. Roscon provides the insurable amount for the next 5 years, taking the guess work and responsibility away from Owners Corporations and their managers.
Roscon’s reports are based on real world construction costs backed by other checking mechanisms built into our software. Our reports also take into account and estimates the constraints of the building site for example; is the property on flat land or located in the CBD where additional costs would be allocated to cover such things such as traffic management, parking fees, rent of footpath or road space from the local municipalities etc.
Please take the time to watch this three minute video on Roscon's Reinstatement and Replacement Insurance Reports.
Eliminate the Guesswork
Our report doesn’t just provide one year’s valuation, we forecast 5 years so you can monitor your insurer’s automatic annual increases.
Accurate Rent & Temporary Accommodation
We provide an accurate assessment from rental and comparable sales data available to us, to estimate the Loss of Rent / Temporary Accommodation which can sometimes be much higher than the automatic cover provided by some insurers, normally 15% of the insured sum.
Multiple Owner’s Corporations
Roscon can provide a separate Reinstatement & Replacement valuation for each individual Owner’s Corporation. Our report will also provide a summary showing the status of all OC’s which can be passed on to your current insurer or other insurers, which may be used to obtain a more competitive insurance quote.
Consider the qualifications of the service provider; the assessment of Reinstatement & Replacement Insurance Report requires a broad range of professional skills and experience, such as an appreciation of costs for the construction or supply of assets of a similar size and utility; an appreciation of demand and supply of building materials and labour, professional services and planning and building approval processes which determine the timeframe for rebuilding.
If you are comparing our quote with another service provider ask yourself what qualifications and insurances they hold? Some managers use the services of real estate property estimators, referred in Australia as ‘property valuers’. Property valuers don’t have any construction skills, therefore double check the valuer’s professional indemnity insurance to make sure they are covered specifically to undertake Reinstatement & Replacement Insurance Reports. In the event of a total loss, Roscon has the capability, qualifications and expertise to reinstate your loss, just another way we guarantee our reports.
Other factors we also take into account is the rebuilding time, the time that lapses following a major disaster and the reinstatement of the building to a fully-functional state is often underestimated. Other items which need to be considered include compliance with newly introduced local planning laws and building codes will often mean new and unforeseen additional costs not originally included in the original insured building at the time of the valuation. These items are often missed by property valuers as they aren’t registered builders like Roscon.
As a part of our services we also send Owners Corporations photos of each property we inspect for your records, as we understand managers or investors may not be able to visit each property in their portfolio.
All prescribed Owners Corporations over 100 lots or Owners Corporations who collect more than $200,000 in annual fees must obtain a Reinstatement & Replacement Insurance Report every five years for insurance purposes in compliance with Section 65 of the Owners Corporations Act 2006.
Roscon recommends all Owners Corporations should obtain a Reinstatement & Replacement Insurance Report every five years even if they aren’t prescribed, to ensure they will be fully covered in the event of a major disaster.
Our reports are not completed assuming the building condition and or value of today. We assume the requirements of a new development taking into consideration the National Construction Code (NCC) and relevant planning and building legalisation and requirements. Essentially resulting in the Owners Corporation receiving a far superior development.
Our reports also take into account the escalation of costs, which is the cost of building materials and labour which often outstrips the Consumer Price Index (CPI). Roscon always uses the Building Price Index (BPI) which is much higher than the CPI. In some years the BPI has increased by almost twice the rate of CPI in the last 10 years alone.
The Terrorism Insurance Act 2003 (TI Act) operates by overriding terrorism exclusion clauses in eligible insurance contracts. As part of the TI Act the Australian Reinsurance Pool Corporation (ARPC) was established to provide reinsurance for property damage, associated business interruption and public liability losses related to eligible terrorism events.
Eligible property is considered to be:
Insurance policies for eligible properties must endorse a greater risk and therefore often attract an additional levy. Our insurance reinstatement report service includes a note in assessment details regarding if the Terrorism Insurance Act and associated levy is likely to apply.
For further information download our Terrorism Insurance Brochure.
Below are some Reinstatement & Replacement Insurance High Density report samples:
Below are some Reinstatement & Replacement Insurance Medium Density report samples:
Below are some Reinstatement & Replacement Insurance Commercial report samples:
For further information download our Reinstatement & Replacement Insurance Reports Brochure or call 1800 767 266.