Quantity Surveying at IUM

Underinsurance and inadequate reinstatement values have been growing concerns within the insurance industry for over a decade. Many property sum insured values remain static at renewal or are often adjusted by the Consumer Price Index (CPI) rather than the Construction Materials Price Index (CMPI), which is typically higher. This discrepancy can lead to significant risks for brokers and their clients. Ensuring that a property is insured for the correct sum insured, rather than being underinsured, offers several key benefits:

For the Client:

Full coverage for potential losses
Avoidance of the average clause at claims stage
Protection against inflation
Compliance with loan requirements

For the Broker:

Reduced legal liability and fewer Errors and Omissions (E&O) claims
Enhanced credibility and professionalism
Improved client relationships and retention
Compliance with professional standards and regulations

To address these concerns, IUM has launched its in-house Quantity Surveying Department, providing a proactive approach to risk management and client protection. Properties with a sum insured value exceeding R350,000,000 (three hundred and fifty million rand) are eligible for a complimentary Value At Risk (VAR) assessment conducted by one of our certified quantity surveyors. This assessment includes a comprehensive property evaluation and the compilation of a detailed Bill of Quantities (BOQ).