With storm-force winds and heavy precipitation forecast for Thursday, 28th January,
we advise that you secure your property and take all necessary precautions.
We encourage all boat owners to check on their vessels.
Please note our online Marine Quote and Buy service is suspended at this time
Call us on 295 5566/Option 4 for assistance.
For customer service and all business inquiries, call +1 441 295 5566  ◦  For website support or to set up an online account, call +1 441 298 0301

The application process for a one-time Pension refund per the Covid-19 Pension Act Amendment is NOW OPEN.  Click here to apply

Back to FAQs

How do I know how much to insure my commercial building and assets for?

When establishing the value of your company's real property, you might be inclined to insure it for the market value. However, insurance policies generally insure on a replacement cost value basis, not the market value. This is because we do not insure the land, we only insure the structures and personal property.

Replacement cost value basis is calculated using the exterior square footage of the property multiplied by current square footage construction costs. Additional amounts, generally 15% of the Sum Insured, are also included for surveyors’ and architects’ fees and debris removal costs in the event of damage.

It is wise to consider reviewing your property values each year as your building and assets may change.

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