Estates Management record 2012/13 - Insurance replacement valueInsuranceReplacementValue
Estates Management record 2012/13
Insurance replacement value
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The fields in this entity contain data about insurance replacement value (IRV).
|Applicable to||England Northern Ireland Scotland Wales|
All higher education institutions (HEIs).
This is the current cost of re-building the property to a standard similar to that of the existing, subject to appropriate allowances being made for any extra work which may be required as a result of physical conditions or statutory provisions, such as changes in building regulations. It does not record the value for which the property is insured.
The figure should be adjusted to include demolition and site clearance, the effect of special site restrictions, professional fees and VAT. Exclude the value of contents. Exclude leasehold property where the landlord insures.
Areas relating to commercial space should be excluded.
The replacement value must be the actual cost to re-build and will not necessarily be the insured value for insurance purposes When calculating, the HEI must assume the current rate of VAT regardless of the HEIs ability to reclaim. The Building Cost Information Service (BCIS) rebuilding costs should be used when determining IRV but should be adjusted accordingly to reflect local conditions. The evaluation for the cost to re-build should be updated on a regular basis and in any event the figure returned should have been calculated no more than 3 years ago.
Integral fixtures and fittings e.g. chemical fume cupboards should be included in IRV.
Quality rules relating to this entity are displayed here.
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