Charity Commission quote about trustee responsibility for under-insurance
Charity Commission quote about trustee responsibility for under-insurance
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Village Hall Rebuild Valuation Report - Frequently Asked Questions

FAQs - Village Hall Rebuild Valuation Report - Frequently Asked Questions

We've included some popular questions below but feel free to call us for a chat on 01937 845245, or email us via our Contact Page.

A Rebuild Valuation allows an accurate sum insured to be set, so that the Hall can be rebuilt in the event of total loss. It includes costs for things like site clearance, professional fees, demolition, fences, all materials, etc.

Furthermore, in the event of a claim an accurate sum insured means the claim will not be subjected to Averaging (see FAQ ‘What is meant by Averaging?). Averaging can mean that a claim may not be paid in full.

A key point for Trustees to remember is that the Charity Commission has stated that Trustees are responsible for insuring their charity’s assets. Should assets be found to be underinsured at the time of claim, Trustees may be asked to make good the shortfall from their own pockets. This possibility can be avoided altogether by setting an accurate sum insured.

N.B. The Rebuild Value of a Village Hall is not its current market value. It's likely to be higher because it will include the costs noted above as well as allowances for key architectural features, any listed building consent, or specific building difficulties relating to access, permissions, etc. A professional valuation takes all factors into account and produces figures you can rely on. Policies with Sums Insured based on professiional valuations are processed faster at time of claim.

The Report is FREE to all clients who enter a Long-Term Undertaking (see FAQ – ‘What is an LTU?’) with us to get discounts on premiums. It is heavily subsidised for all other Halls, including Halls which are not yet insured with us. The current subsidised cost is between £50 – 75, a substantial saving on the normal cost of £160.

Full details on costs and conditions are available on 01937 845245.

No. Those Halls which are not yet insured with us can apply for the Report at the same time as requesting a Quotation. If they go on to become clients and enter a Long-Term Undertaking (see FAQ – ‘What is an LTU?’) to get discounts on premiums, then the report will be FREE. If they choose not to enter an LTU the report will be available to them at a heavily subsidised rate.

You complete a form and send it to us, either by email or by post. For speed, email is preferred. The forms are available as downloadable PDFs and can be printed (for posting back) or completed on your computer, saved and then emailed back to us.

There are two forms to chose from, one for existing clients of Allied Westminster and one for new clients requesting a quotation.

1. Existing VillageGuard Clients: Download this Rebuild Cost Assessment Request Form, complete it on your computer and then save the file. You can then either email it to us at insurance@alliedwestminster.com (the preferred method) or print it out and post it to us. You can find our postal address on our Contact Page.

2. New Pospective Clients: Download our Quotation Form, complete all of it, including the Rebuild Cost Assessment Request Form at the end. You can then either email it to us at insurance@alliedwestminster.com (the preferred method) or print it out and post it to us. You can find our postal address on our Contact Page.

Those unable to download either form can call us on 01937 845245 and we’ll post you the appropriate form.

We would always recommend that you obtain professional advice from an accountant or local VAT office before making a decision to include or not include VAT within the sums insured. The Rebuild Valuation Report includes a VAT breakdown – valuations are shown both with and without VAT – and you can include or remove any element of VAT as appropriate, depending on the advice you receive.

We send an explanatory document (‘Should VAT be Included in Rebuild Costs’) along with each Valuation Report to help you decide what to do.

It depends on whether supplementary information is requested by the surveyor, but usually within 7-10 working days.

LTU stands for ‘Long-Term Undertaking’. It’s an arrangement into which you can enter to get discounts on premiums if you decide to sign up to our VillageGuard policy for longer than the standard 12-month period.

We offer two types of LTU: a 3-year LTU and a 5-year LTU. The first provides a discount of 5% on your annual premium and the second provides a discount of 7%.

In addition to reducing premium costs, an LTU can also provide other benefits. For example, clients in an LTU with our VillageGuard policy are entitled to a highly detailed Property Rebuild Valuation Report FREE of charge, allowing them to set their sum insured with great accuracy.

Clients who remain in LTUs with VillageGuard can repeat these Rebuild Valuations FREE of charge every 5 years.

The term 'Averaging' means that if the sum insured at the time of a loss is less than the insurable value of the insured property, the amount claimed under the policy will be reduced in proportion to the under-insurance. In simple terms, if your Village Hall were insured for only half of its actual rebuild value, then any claim would be reduced by 50%.

Concerns about Averaging are easily removed by setting accurate sums insured.

Clients of VillageGuard who set their sums insured based on our Rebuild Valuation Report will find that Averaging doesn’t apply, because AVIVA (the underwriter of VillageGuard) waives Averaging for five years if the sum insured is set based on the Report and then Index Linked (which all VillageGuard policies are).

Surveyors use the latest technology to value property assets so the Report should be very accurate. Indeed, it’s guaranteed for five years by AVIVA for clients of our VillageGuard policy, meaning that in the event of total loss AVIVA will guarantee to provide the rebuild costs for the Hall provided the Sum Insured was set accurately based on the figures contained in the Report. At each subsequent renewal, sums insured will then be subject to index linking, as with all VillageGuard policies.

In addition, because this is not a full on-site RICS Survey, to cater for any potential inaccuracy AVIVA also warrants a 25% uplift to the base Sum Insured at no additional premium for five years.

Our interactive PDF forms can either be:

  1. filled in on your computer and emailed back to us, or...
  2. filled in on your computer, printed out and posted back to us, or...
  3. printed out, filled in by hand and then posted back to us.

To complete steps 1 or 2 without problems:

a. Download the form by clicking the download link for the form you want.

b. Open it with Adobe Acrobat Reader (not in your browser! See note below). Other PDF readers will work but Acrobat gives the most predicatable results.

c. Fill in the form as fully as you can. For speed, you can use your TAB key to jump from one form field to the next.

d. Save the form by going to File -> Save As...

e. It can be helpful if you add the name of your Village Hall to the existing file name, but it's not essential.

f. Either email the file to:

insurance@alliedwestminster.com

or print it out and post it to:

Allied Westminster, Allied House, Holgate Lane, Boston Spa, LS23 6BN

 

Handy Tip: Sometimes when we click a PDF it opens in our browser. If we then fill in the form and save it, often our data is lost, which is frustrating on a long form. Be sure to open the PDF in Adobe Acrobat Reader (or a PDF reader with similar functionality) to ensure the file is saved with the field data intact. To be sure this is happening it's worth saving as you go and checkinf that your entered data is still visible.

 

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Allied Westminster is the principal supporter of ACRE's Advice Service for VIllage Halls.