Building restoration contractors differ from many other contractors within the industry. This is due to the fact that building restoration requires a very niche knowledge and expertise. As a result, insurance repair companies are different from others in the general building industry. It has a number of different guidelines that every professional reinstatement contractor should know and understand.
Building restoration companies ideally have to ensure that they reinstate a building back to its condition prior to any damage (fire or water). The insurance repair quotes must reflect that the property will be reinstated with ‘no betterment’, which ensures that the insurance companies are paying the correct amount to reinstate, rather than improving the quality and condition of the property. All parties involved must remember that the insurer is paying for the reinstatement bill, not the property owner. Therefore different motivations are involved. A professional reinstatement contractor will understand how to satisfy both parties involved.
For commercial insurance reinstatement claims such as shop reinstatement in Singapore, the insurer will not cover VAT. The client will be required to pay the government tax, not the insurance company. Confusion regarding VAT and additional industry processes can result in a complex, unpleasant experience. As a result, having a reinstatement contractor that understands all of the processes involved will help to guarantee a simpler, easier and faster reinstatement project.
Any experienced insurance repair contractor will almost always have a fantastic relationship with insurance loss adjusters and surveyors. This allows for a build-up of trust between the reinstatement contractor and the loss adjusters which ensures that the process is smooth. As a result, any negotiation on behalf of the insured can be completed should any unforeseen expenses or variation in costs appear. Loss adjusters know who they trust and who they have worked with before so professional, ethical reinstatement companies will always get the balance right for both the property owner as well as the insurance company paying the bill.
Another benefit of having a good reinstatement contractor is that terms can be extended beyond the expectations of normal building contractors. Insurance reinstatement companies (unless new) will be familiar with the approval and the signing off process that occurs on insurance projects. They will understand the processes that must first occur before final payments are made. In comparison to this, not many general building companies will understand this and may not be willing to wait for insurance companies to settle the accounts. This can cause significant problems towards the end of any project.
Another issue that individuals can run into is understanding insurance excess deductions. With many common policies, an insurance excess is negotiated and agreed during the onset of a policy. The amount of excess that was previously agreed impacts the cost of the policy premiums. An experience reinstatement contractor in Singapore will be aware of the procedures that must be followed when it comes to collecting the excess element from all policyholders. This will then be deducted from any settlement figure.
In every case, it is crucial that all policyholders are absolutely clear what building reinstatement repairs the insurer has agreed to, as well as what they are prepared to authorise before any reinstatement work begins. The policyholder should ensure that they create a complete audit trial of all correspondence relating to any building reinstatement project so every step of the process and agreement is recorded and agreed so there are no surprises during the process.
Fire Damage Claims
Most fire damage claims and repairs are extremely difficult for any inexperienced property owner or building contractor to manage. More often than not, inexperienced individuals will not understand the full importance of decontamination and the soot seal process before the process of building reinstatement. Consequently, repairs can proceed without decontamination which will result in the smell of fire within the property.
Any reputable insurance contractor that wants to build and develop a positive reputation will offer a guarantee on their workmanship. They will be happy to face any problems arising, even after the job has been completed and paid for and will be determined to ensure that both the property owners and insurance companies are happy the work has been completed to the highest possible standard.