Building reinstatement
cost assessment

Accurate Assessements Costs for Rebuilding properties

Property owners must include a provision for reinstatement cost in their financial forecasts in the event of a total loss of a building which occurs as the result of an insured peril. A requirement of most insurers and underwriters, calculating the reinstatement value will ensure that they are protected from future financial risk. It will also form the basis for insurance premiums to be set or adjusted and is recommended to be reviewed every three years to ensure an up to date valuation.

Cardoe Martin provides this service for commercial and residential clients on properties ranging from private dwellings to large scale commercial units and major developments. The majority of our clients instruct us to inspect their portfolio on a cyclical basis. In conjunction with our inspection, measurements and assessment of the construction and property records, we the apply data from the RICS published Building Cost Information Service which provide annually updated construction cost indices.

    The following points will need to be considered when setting the current reinstatement cost:

    • Demolition and the removal of debris including dangerous materials
    • The cost of rebuilding
    • Professional and statutory fees,
    • Historic or listed buildings which require specialised materials and craftsmanship
    • Location such as city centre sites requiring road closures or alterations to  public transport routes
    • Restrictions to access of large scale machinery


    What is a building reinstatement cost assessment (“BRCA”)?

    A BRCA is the calculation of the total sum to be paid to cover the demolition and subsequent rebuilding of a property following a total loss, as a result of an insured peril.

    How does it differ from a fire insurance valuation?

    They are effectively the same. The Royal Institute of Chartered Surveyors (RICS) changed the name to reflect the fact that the majority of building insurances extend to cover many perils, as well as fire.

    What is the declared value and how does it differ from the sum insured?

    The declared value is the cost of rebuilding and all associated costs at commencement of the policy. It includes the cost of construction (on a fixed price, lump sum basis obtained under competitive tender), together with allowances for demolition of the existing building, removal of the debris therefrom and all associated professional and statutory fees applicable to the works. It does not include an allowance for inflation during the term of the policy, however this is typically provided within the ‘Buildings Sum Insured’ under most buildings policies. You will need to check your own policy to see if this applies.

    Does the building reinstatement cost influence market value/selling price?

    The BRCA is purely for insurance purposes and does not affect the sale price or market value of your property.

    Why is a BRCA necessary?

    RICS recommend that a BRCA is undertaken every three years to maintain an up to date declared value. A BRCA is necessary to ensure all factors that may affect the declared value are considered and included. Should underinsurance occur, insurers may reduce claims payments made, even for a partial loss (this is called Average). Any shortfall would need to be made up by you as the insured.



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    Cardoe Martin Limited
    3 Lloyds Avenue
    EC3N 3DS

    020 7563 8900


    4th Floor Davis House
    Robert Street
    Croydon CR0 1QQ

    020 7563 8900


    Aizlewood Business Centre
    Aizlewood’s Mill
    Nursery Street
    Sheffield S3 8GG

    01145 537 800

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    020 7563 8900


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    Graham Cardoe – Chairman

    Cardoe Martin was formed in 2001 by Graham Cardoe and his partner Chris Martin.

    Graham specialised in Commercial Building Surveying and Dilapidations as well at carrying out Building Surveys for private individuals up until taking on the mantle of Chairman in 2017.

    Having sat on RICS APC Panels throughout his career, Graham acts as a mentor and counsellor to our APC candidates, assists with the QA processes and is always ready to communicate/impart his 40 years knowledge and experience to the wider team and our clients alike.

    Alex Hayward MRICS – Managing Director

    Alex joined Cardoe Martin in 2006.

    He has extensive experience in a multitude of surveying disciplines and works closely with, and is highly valued by, the major Investment Funds and Asset Managers for whom he oversees both Commercial and Residential development projects.

    He achieved his MSc in Real Estate from Reading University in 2013 and in 2016 was promoted to the Board as Managing Director.

    Richard Pegman MRICS MFPWS - Director

    Richard qualified in 2005, having joined us from a global surveying consultancy in 2015 he took up his Directorship in 2017.

    His wealth of experience encompasses commercial and residential surveying, contract administration, project management, dilapidations and specialist Party Wall matters where he is a trusted advisor to many clients.

    He leads the company on compliance matters, including health and safety and quality assurance in addition to CPD and training, which are key to the growth and edification of the company.

    Alexandra Redmond MRICS – Director

    Alexandra came from CBRE in January 2018 to commence her directorship.

    Her experience encompassed technical due diligence, commercial building surveys and delivery of major construction projects, which made her the perfect individual to lead the commercial practice team. Her knowledge encompasses Dilapidations for Landlords and Tenants, Commercial and Residential Building Surveys, Planned Maintenance Advice, and Project Management.

    As Director she leads the company IT strategy, security, branding and marketing, and is constantly focusing on the improvement and modernisation of our services, systems and reporting methods.

    Sajid Rehman MRICS – Co-Head of regional building Surveying

    Sajid joined Cardoe Martin in March 2018, tasked with establishing our regional base in Sheffield to service the North of England. Joining us from Allsop Residential Investment Management, where Sajid worked a part of the national Surveying team supporting the portfolio managers with all property condition, maintenance and refurbishment work. Sajid has also worked at RLB and Faithful & Gould working with major commercial assets.

    Sajid specialises in Building Pathology and Contracts Administration working on various types of projects ranging from residential housing to commercial industrial units. Sajid has extensive experience is maintaining and improving assets through life cycle analysis of planned preventative and maintenance involving methodical surveying; accurate data capture techniques and thorough reporting to include accurate budget costs.

    Lee Rhodes MRICS - Co-Head of regional building Surveying 

    Lee gained his RICS membership in 2007 and joined Sajid in our Sheffield office in early 2019 to jointly lead and develop the practice in the north of England.

    Lee brings a great depth of experience and expertise to Cardoe Martin, having spent his formative career with some of the top international commercial consultancies, latterly Lambert Smith Hampton.

    Whilst his professional surveying skills are focussed in the areas of Dilapidations for Landlords and Tenants, project management and development monitoring, he drives process improvement across the business and relationship cultivation and stabilisation.

    Craig White MCIOB - Co-Head of Residential Building Surveying

    Craig became chartered with the CIOB in July 2014 and joined Cardoe Martin in 2016 having gleaned a wealth of experience leading the surveying team at Shepherds Bush Housing Association.

    In addition to co-heading the residential building surveying department, Craig oversees the defects and maintenance, repair and refurbishment projects of the business with heavy focus on timely and efficient project delivery.

    Alan Sanchez – Co-Head of Residential Building Surveying

    Alan joined Cardoe Martin in January 2019 to work alongside Craig White.

    Alan’s building surveying knowledge is deeply established from his time in commercial practice and the environs of housing associations.

    His wealth of experience in leading repair and maintenance projects, cyclical refurbishment, and his efficiency in attending to reactive repair and maintenance matters, strengthens the group’s ability to provide quality, commercially viable results, without delay.

    Michael McAleer MCIOB – Senior Building Surveyor 

    Michael joined Cardoe Martin in March 2019, joining the Residential Surveying team.

    Michael brings a wealth of experience and wide knowledge on cyclical and reactive maintenance work, technical advice for Licence to Alter, and defect investigation and remedy.

    He is skilled in managing major complex projects, where he utilises his project management and contract administration experience.

    Liam Keating – Building Surveyor

    Liam graduated from Aberdeen University in 1999 and joined Cardoe Martin in 2006.

    He is an expert on Licence to Alter and Party Wall Matters and brings wide ranging knowledge on rehabilitation and maintenance of large property portfolios for commercial clients. He has a keen interest in architecture and the built environment.

    Lewis Pope – Building Surveyor

    Lewis achieved the accolade of the RICS “Best Residential Property Management Apprentice 2014” whilst working for Rendall and Rittner, the same year he joined Cardoe Martin to commence his career in Building Surveying.

    Having gained his degree in Building Surveying in 2017, Lewis excels in delivering CAD services, is responsible for managing the role of principal designer,  reports on defect diagnosis investigations and prepares specification of works.

    Lewis assists the senior team in more complex instructions as part of his development towards gaining RICS Chartered Status in 2019.

    Odiri Itoje – Building Surveyor

    Joining us in October 2014 as a trainee Building Surveyor, Odiri gained her degree in Building Surveying in 2017.

    Odiri has played a key role in developing our Croydon office and has amassed a loyal client base who value her professionalism, work ethic and dedication to providing excellent delivery.

    Dealing with a mix of residential and commercial projects, dilapidations and project management, Odiri supports the senior team and gains experience in order to complete her RICS APC programme in Spring of 2019.

    Di Spong – PA to Alexander Hayward MD

    Di joined Cardoe Martin in 2013 and has worked in the property sector for over 30 years. As the PA to our MD, she is responsible for assisting in company and business matters.

    A member of Heart of The City, Di manages our CSR working closely with the local community to deliver educational projects and charity events. 

    Corinne Holmes – Surveying Coordinator

    Corinne joined Cardoe Martin in 2018.

    Her role as Surveying Coordinator is crucial to the business in order to uphold our specialist service offerings in relation to fibre optic installations, expert defect diagnosis, major development monitoring and record keeping.

    She is highly skilled in the maintenance of our vital tracker databases, which provide 24 hour updates for our London and Regional offices.

    Gina Reeves – Business and Marketing Manager

    Gina has been on the team since 2014, working internally with the business to build key client relationships, support the growth and development of the business and working closely with the company directors to assist on business change and drive initiatives forward.

    As Business and Marketing Manager, Gina is responsible for arranging training and networking events, managing social media output, website and data management and promoting the business at conferences, events and client pitches.

    Michael Kemp FRICS - Consultant

    Michael's personal specialist areas include litigation and he regularly acts as an expert, in connection with Landlord and Tenant, disrepair and building dilapidations disputes. He also has extensive experience of the Party Wall Act 1996 and defects analysis.

    Michael is involved in the development of junior surveyors in preparation for professional qualification and has acted as an assessor for the RICS in determining the suitability of other candidates for professional election.

    Michael is Chairman of the London Branch of The Pyramus and Thisbe Club, a club for party wall specialists, and sits on its National Council. Michael is responsible for the instigation and development of the London Branches hugely successful programme of evening seminars and is widely selected as a Third Surveyor.

    Michael graduated from the University of Reading in 1978 and qualified as a Chartered Surveyor in 1982. Michael established his own practice, Kemp & Co. in 1989 operating mainly in the residential sector providing a wide range of building surveying services to private clients. In 2005 the building surveying practice of Kemp & Co. and Cardoe Martin Limited merged to create a broadly based practice offering a wider range of specialist Building Surveying Services.

    Michael is retained as a Consultant Building Surveyor for Cardoe Martin Limited.

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