We value all types of buildings for insurance purpose.
We wish to draw attention that according to Section 93 of the Strata Management Act 2013 (Act 757), any person or body who has a duty or is responsible under the Act to maintain and manage any building, shall insure such building under a damage policy with a licensed insurer. In the event of the building being destroyed or damaged by fire, lightning, explosion, bursting or overflowing of water tanks or pipes, windstorms, etc, such policy shall provide for the following: -
1) the rebuilding of the building or its replacement by a similar building.
2) the repair of damage or the restoration of the damaged portion of the building.
3) the payment of expenses incurred in the removal of debris, and
4) the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration.
Section 94 of the Act further states that any building shall be insured for at least the reinstatement value of the building indicated by the last valuation obtained for the building. For the purpose of determining the reinstatement value of the building, a reinstatement valuation of the building shall be obtained from a registered valuer at least once every 5 years. The cost of such valuation shall be paid out from the maintenance account.
When was your building last valued? Isn't it time to conduct a fresh valuation to determine the sum insured so as to comply with the law?
Talk to us. As registered valuers and property managers, we can be of assistance to you. All you have to do now is to complete the form below. We will get back to you soon. Thank you.