Our Company Functions



The Goal

 To assist all parties involved, Brokers, Insurers, Underwriters, Property owners /Tenants to give;

  •  An unbiased estimate on the damages occurred in case of an insurance claim,
  • Ensure that Risk in question is adequality insured to value

  • Ensure the current Building code or CSA standards are up to date and report on any possible liability  exposures



PROPERTY LOSS CLAIMS


 Time is of the essence when it comes to Property Loss assignments. We make it possible to get accurate Damage Assessment Estimates and a detailed Scope of Repairs in the shortest possible time frame.

The detailed scope of repairs is essential to ensure that all the damages are noted to put the property back to pre-loss condition using current building code and to ensure that if contractors bid, (if requested) cost is broken down by trade, based on the prepared scope of repairs and then the PQS can do a cost analyze based on trade breakdown and make recommendations

Then provide guidance throughout the repairs, assessing scope and methods, from initial Construction Cost Audits to final negotiations involved.

If Time is of the essence, to prevent further costs and expenses, occurring i.e. loss of rent, Business interruption

etc. The Quantity Surveyor  should be able to complete their own cost estimate showing full replacement value and actual cash value of the damages (ACV)


BUILDER'S RISK/COURSE OF CONSTRUCTION


QS have a deep understanding and possess the expertise in Course of Construction claims. Their knowledge assists stakeholders in establishing project progress at the Time of Loss, and in Cost Management, Scheduling and Construction Management through to project completion.


LIABILITY CLAIMS


Professional Quantity Surveyors can assist in the various forms of Liability Claims. Our work includes Real Estate Development, Financing, Environmental Claims, Property Damage, Professional Liability, and Product Liability / Class Actions.

The PQS understands the complexity of these claims and the roles of the various stakeholders, and work with Legal Counsel, Insurers, Re-insurers, and Adjusters through all phases of these claims to provide a detailed understanding of construction cost and schedule assessments.


DISPUTE RESOLUTION


Quantity Surveyors  are qualified to act and represent as Appraisers and Umpires when parties exercise their rights under Dispute Resolution Process set out in section 519 of the Insurance Act for complex property damage claims, when there is a dispute between the insured and Insurer on matters on,

  • value of the insured property
  • value of the property saved
  •  nature and extent of the repairs or replacements required
  • amount of the loss or damage

While having thorough technical knowledge, to provide founded outcomes in the dispute, compared to possible legal expenses


RISK / LOSS CONTROL INSPECTION

a loss control inspection is a survey of the property, surrounding area and safety operations you have in place to reduce the chance of an accident. The goal is to find possible risks and correct them before any accidents take place.

This Inspection is to assist the owner of the building and also assist the underwriter to determine if the insurer should insure the Risk prior to issuing the policy and also during the policy term to ensure no fire, safety and liability exposures have changed.

The following are just a few of the common exposures during a Risk/ Loss control Inspection,


·       Trip hazards like uneven sidewalks or stairs in disrepair

·       Exit and emergency lighting not working properly

·       Missing handrailing on stairs

·       Out of date fire extinguishers

·       Roof conditions, like missing shingles or over-due roof replacement

·       General maintenance concerns like peeling paint, water on the basement floor, or other out of date inspections like a boiler

·       Hazardous materials

·       Building and fire code infractions

 

insurance Valuation


It is important to be appropriately insured, especially in this day and age when co-insurance clauses (averaging provisions) is typical in a large number of commercial, condominium and residential insurance policies. Co-insurance clauses provide that, if at the time of the loss, the cost to replace the asset insured exceeds the amount of cover, the insured is self-insuring for the difference in value. The Co-Insurance Clause is written into policies principally to encourage clients to make sure they have a sum insured that is adequate to obtain the maximum protection from the policy.

 

What's involved

Market Value vs Insurance to Value 

The purpose of an insurance valuation (also commonly known as a reinstatement valuation or replacement cost assessment) is to provide an opinion of value regarding re-construction costs in the event of total or partial property damage. Insurance premiums are based on an insurable value and this opinion of value is prepared by a suitably qualified Quantity Surveyor who provides expert advice on construction and related development costs. An insurance valuation will not tell you what your building (or your lot) is worth.

 This is a totally separate exercise known as a property or market valuation. This considers the value of the improvements on the subject property, the value of the land itself and the expected value the property realises on the open market. There are many different bases of a property valuation  and they can also be undertaken for many different purposes, whether that be; mortgage security, family law, resumptions, stamp duty or capital gains tax. Registered Property Valuers are the professionals who can provide you with this advice and not construction Quantity Surveyors

 

Insurance / Reinstatement Valuations

 

Quantity Surveyors are experts in construction costs. This expertise allows them to be recognised as the most suitably qualified profession to provide advice on the insurable value of a property. Quantity Surveyors have a broad range of professional skills and must have suitable experience, knowledge and an understanding of the following to provide insurable value advice:

 

  • Costs for the construction or supply of assets of a similar size and utility to the subject, including applicable Tax’s and Builders overhead and profit
  • Demand and supply of building materials and labour, professional services and planning and building approval processes which determine the timeframe for rebuilding.
  • Installation and commissioning costs and timeframes for plant and machinery insurance valuations.
  • Planning scheme provisions which could affect whether a building can be rebuilt in its present form.
  • Heritage issues.
  • Escalation of anticipated building costs.
  • The size and extent of all improvements including building structures and ancillary improvements.
  • Taking a new property for example, insuring a new strata titled property, or any property for that matter, is not as simple as using the construction cost. No matter the original construction cost, to be appropriately insured for an insurable event the estimate must include.
  •  Building construction costs,
  •  Locality factors,
  •  Additional / updated statutory requirements as at the date of preparation,
  •  Professional fees (for example, Cadastral Surveyor, Architect, Structural Engineer, Civil Engineer, Hydraulics Consultant, Quantity Surveyor and Project Manager)
  • Demolition / removal of debris/ hazardous materials costs
  •  Application fees,
  • Cost escalation through the duration of the rebuild and during the insured period.
  • Understanding of Building and Fire Code

 

Final Insurance to Value Document 

 

The final Insurance to value/ Reinstatement valuation report should show an Elemental breakdown of how the valuation was calculated

The Royal Institution of Chartered Surveyors (RICS) is a professional organization that establishes and enforces standards for the valuation, operation, and development of assorted types of property, have implemented, an International Construction Measurement Standard (ICMS) aims to provide global consistency in classifying, defining, measuring, analyzing and presenting entire construction costs at a project, regional, state, national or international level. It is a cost classification system.