Insurance Companies are for the most part unable to price a policy and do not have the
expertise to repair historic buildings in the event of a claim as these facilities
need specialized materials, workmanship, and nay not to meet building code
standards.
Cost Factors include geographic
location, age of the structure, proximity to a fire station or fire hydrant,
construction style and materials used in building the structure, most recent
updates to the roof, HVAC, electrical, and plumbing. Also, current labor and
material costs.
Historic Building Coverage Experts
Historic Replacement
Cost coverage is defined as the cost to
repair or replace with the same materials, workmanship, and architectural
features without depreciation, provided are reasonably available.
Knowing what your Historic Property is
Worth
The Hidden Cost
of Historic Reconstruction historic
buildings aren't like other properties. If damaged, they're likely to require highly
skilled craftsmen, hard to match materials, extra time to rebuild because of
the labor-intensive process of historic renovation and professional services to
assist in areas like recertification and recovery of tax benefits. In the event
of loss or damage, there's only one policy in the insurance industry that will
restore your commercial building to its former grandeur.
The Historic
Property Policy includes
groundbreaking coverage and flexible valuations, including the cost of
replacing a hand-carved door and hiring an expert able to document your
rebuilding.
Historic Replacement Cost Coverage is the Cost to Repair or Replace the
Original Building’s Materials Workmanship and Architectural Features
If not reasonably available, the insurance carrier
will pay to replace or repair with materials, workmanship, and architectural
features that most closely resemble those present before the loss. Also,
- Increased cost of construction due to
landmark as well as other building ordinances or laws
- Increased time to restore your property due
to operation of landmark and other building laws
- Historic certification expenses
- Loss of federal, state, and local tax
benefits
- Increased building assessments
- Green building upgrades to enhance the
energy efficiency of your property where possible
Certification
is Not Required to qualify for Historic Coverage
All currently certified historic buildings are
eligible, as well as buildings that could be certified and located in a
historic district. However, just about any building that exhibits
historical character, materials, and workmanship can be covered by this policy,
whether certified or not.
Specialty Insurance
Coverages includes D&O, Volunteer Accident,
Special Events, Collections and Fine Arts, Vacant & Builders Risk and
Historic Tax Credit.
Classes of
Business include main street organizations,
historic hotels and inns, historic theatres, museums, historic homeowner
insurance, preservation and religious organizations.
To Know More About It
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