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Case Study - Under Insurance
A listed building under insured by €3,656,000
The property
Chubb sent an appraiser to evaluate the rebuild cost of a grade II 18th century
period house in County Kildare. The property is listed, legally obliging
the owner to rebuild to a similar quality. Chubb's insurance would cover
the cost of this - even if it cost more to rebuild the property than our
rebuild valuation. Most other insurers would not. In fact they might apply
an 'average clause' and proportionately reduce the amount of the settlement
so that the owners would have to rebuild to the standards demanded by Irish
planning authorities- from their own pockets.
Valuation from previous insurer/owner
€2,120,000
Chubb's rebuild valuation
When Chubb became the insurer, our appraiser valued the rebuild cost to be €5,776,000
- meaning the property was formerly under-insured by €3,656,000.
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