Premiums start from as little as £1,575 including Insurance Premium Tax to provide cover for 10 years on a commercial property with a rebuilding cost of up to £250,000. The premium equates to around £6,000 per £1 million of rebuild costs.
Cost savings result from using LABC to carry out the building control function as, where the rebuilding cost of the property is less than £10 million, no further independent inspections are normally required by insurers.
Additionally, for properties valued over £10 million and up to £15 million, LABC's involvement during construction means insurers requirements for additional inspections can be reduced from those usually required, thereby delivering significant savings on inspection costs.
Ideally, before work has started on site. Cover can be arranged where construction has already commenced or recently completed (in the last 6 months) subject to full details being acceptable to insurers. The cost of the cover however increases the further the building work has progressed.
