Not market value
Rebuild cost is not the same as market value or a mortgage valuation.
RICS-regulated · Reinstatement Cost Assessments · UK
RICS · RCA · UK
Most buildings are insured for the wrong amount.
Too low and a claim can leave you with a large shortfall. Too high and you pay more premium than you need — every year.
A professional Reinstatement Cost Assessment (RCA) sets the right figure. RICS recommends a full assessment every three years, with annual reviews in between.
RICS
Regulated surveying firm
RCA
Primary service line
UK
Offices · industrial · retail
Commercial insurance Assessed · costed · reported
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Why it matters
The right figure, not just any figure.
Rebuild cost is a specialist insurance number. Get it wrong and you either carry a claim shortfall, or pay more premium than you need.
Underinsurance
If the figure is too low, the insurer can reduce any claim — even a partial one. That is the average clause. Try the numbers →
Over-insurance
If the figure is too high, you pay more premium every year. It does not increase what a claim pays out.
The RICS cycle
RICS recommends a full RCA every three years, with an annual review in between.
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How Novum works
A professional RCA, then keep it current.
Scope follows the information. Where records are good, a desktop appraisal can be appropriate. Where they are not, a fuller instruction is discussed first.
Professional RCA
A reinstatement cost assessment to establish a declared value for insurance, scoped to the building and the information available.
Desktop appraisal, where suitable
Where previous assessments and building data are sound, a desktop appraisal can update the figure using current costs and any changes you report — including between full assessments.
Accurate cover, fairer premium
The aim is simple: the right sum insured — not too low for a claim, not too high for the premium.
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Typical RCAs
How the work tends to look.
Anonymised examples. Details are generalised so client confidentiality is protected.
Logistics portfolio for renewal
Out-of-date declared values across a regional warehouse book, compounded by years of blanket indexation. A full professional assessment produced consistent Day One figures for underwriters and the asset manager.
Outcome: Portfolio figures ready for renewal and the governance file.
City office after major works
A multi-storey office had been refurbished; the sum insured had not. The assessment reflected the building as it now stood — not the pre-works figure, indexed.
Outcome: Updated Declared Value aligned to the completed works.
High-street parade for the broker
Mixed retail and upper-floor stock with inconsistent historic figures. One methodology, one report format, written so the broker could place cover without a second round of questions.
Outcome: Underwriter-ready figures across the parade.
The discipline
Judgement first.
Indexation never.
Indexation never.
BasisInsurance
CostSpecialist
Cycle3 years
OutputDefensible
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Approach
Quiet rigour. Insurance clarity.
An RCA is not a valuation, not a guess, and not last year’s number plus a percentage. It is a specialist rebuild-cost judgement that has to hold when an underwriter, a claims handler or a board asks how you got there.
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01
The building decides the figure
A professional assessment uses the best available information on the asset as it now stands. A desktop appraisal is only as sound as the records behind it.
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Insurance basis, not market value
Declared Value and Day One are modelled on a rebuild basis. This is not a Red Book valuation.
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Written for the placement
Reports structured for brokers and underwriters: precise, comparable, usable under pressure.
Also available
Related commercial surveying
The practice can support building surveys and dilapidations where the instruction sits alongside insurance work. RCA remains the core line.
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The practice
A consultancy built around the figure.
Novum Consultancy Ltd is a chartered building surveying practice, regulated by RICS. The work centres on Reinstatement Cost Assessments for commercial buildings insurance, with other commercial surveying available by arrangement.
“Indexation is not an assessment.”
Primary line
Reinstatement Cost Assessments
Focus
Commercial buildings insurance
Clients
Brokers · Insurers · Asset managers
Coverage
United Kingdom
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FAQ
Before you instruct an RCA
Practical answers. If your brief is a portfolio or a tight renewal, email us and we will confirm programme quickly.
How long does an RCA take?
Single commercial assets are typically turned around within one to two weeks from access, depending on size and complexity. Portfolio programmes are scheduled by site count and geography. We confirm programme when we take the brief.
How often should an RCA be refreshed?
RICS recommends a professional assessment at least every three years — sooner after material works or a change of use — with an annual review in between. Where information is good, that review can often be a desktop appraisal. A blanket uplift by the asset manager is not the same thing.
Can a proper RCA bring the Declared Value down?
Yes. After years of index-only uplifts, figures are often overstated. Rebuild costs do not all move together, and some elements may no longer exist. A proper assessment can reduce Declared Value. That is not a problem — it is the figure being put back on a professional basis, and it can save premium.
What do you need to start?
Address and asset type, access arrangements, any floor plans you hold, and prior declared values or rebuild-basis notes where available. For a portfolio, a simple site list is enough to start scoping.
Is this a Red Book valuation?
No. An RCA is a rebuild-cost assessment for insurance. It is not a market valuation and should not be used as one.
Do you handle single assets and portfolios?
Yes. Single-asset instructions and multi-site programmes. Portfolios use a consistent methodology so figures can be compared across the book.
Do you cover residential property?
No. The practice is commercial: offices, industrial, logistics, retail, mixed-use and specialist commercial stock.
Where do you work?
Instructions are accepted UK-wide. Travel and access are confirmed at fee proposal so programme and cost stay clear from the outset.
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Instruct
Request an RCA
Share the asset, access and programme. We respond with availability, scope and next steps — typically within one working day.
Response
Typically within one working day
Instructions
Single assets & multi-site programmes
Enquiry received
Thank you. We will review your details and respond shortly.