IRV ASSESSMENTS

Otherwise known as the ‘Day One’ reinstatement figure, it is imperative the declared IRV of a property is expertly calculated so that, in the event of damage or destruction, sufficient costs will be allowed to rebuild the property to the same, but not better than, condition it was originally in. A thorough acquisition survey will serve as an invaluable resource when it comes to avoiding shortfalls of repair or betterment.

Underestimating the IRV could prevent a building owner receiving enough funds to restore the commercial property to its original state while an overestimation will result in excessive insurance premiums being paid. There really is no substitute for professional, precise and reliable IRV reporting; indeed, an IRV should be carried out regularly, ideally every three years, to ensure valuations remain accurate.

Trinity Rose Chartered Surveyors undertake initial and updated IRV assessments that will take into account a building’s age, size, construction, condition, location, historical merit, specific features and associated services and utilities. Our surveying team is highly experienced in all these areas and will produce a lengthy and scrupulous report that takes all factors into consideration in line with RICS practice standards.