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    • Britain's Prince Andrew Reported to Police After Using False Name on Documents: This is Serious Fraud

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      7th January 2025
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    • Debt Collection in the UK: British Laws, Debt Recovery, and Dispute Resolution

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    • United Kingdom Extends Household Support Scheme Until June

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      15th March 2023
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    • British Prime Minister Creates Two New Ministries, Including One for Energy Security

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      7th February 2023
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    • Fear of Terrorism After Uranium Found at Heathrow Airport in London

      Fear of Terrorism After Uranium Found at Heathrow Airport in London

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    • Liz Truss New Prime Minister of the United Kingdom

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    • United Kingdom Extends Household Support Scheme Until June

      Britain's Worst Rail Strike in 30 Years

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  • US
    • Boeing Reduces Losses and Delivers Significantly More Aircraft

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      23rd April 2025
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    • US May or May Not Exclude Smartphones and Computers from Tariffs

      US May or May Not Exclude Smartphones and Computers from Tariffs

      14th April 2025
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    • Stock Market Antics Earn Musk $36 Billion and Zuckerberg Almost $26 Billion

      Stock Market Antics Earn Musk $36 Billion and Zuckerberg Almost $26 Billion

      10th April 2025
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    • Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      2nd April 2025
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    • Fraudsters Were Able to Intercept Taylor Swift Tickets Through A Backdoor

      Fraudsters Were Able to Intercept Taylor Swift Tickets Through A Backdoor

      10th March 2025
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    • European Commission on Trump Criticism: Ukraine is a Democracy

      European Commission on Trump Criticism: Ukraine is a Democracy

      20th February 2025
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    • MMA Fighter Conor McGregor Charged With Sexual Assault in Miami

      MMA Fighter Conor McGregor Charged With Sexual Assault in Miami

      16th January 2025
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    • Trump Asks Judge to Delay Sentencing Hearing in Hush Money Case

      Trump Asks Judge to Delay Sentencing Hearing in Hush Money Case

      6th January 2025
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    • Newspaper: Trump's Team Weakens Plan for Import Duties

      Newspaper: Trump's Team Weakens Plan for Import Duties

      6th January 2025
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  • Europe
    • Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      2nd April 2025
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    • European Commission on Trump Criticism: Ukraine is a Democracy

      European Commission on Trump Criticism: Ukraine is a Democracy

      20th February 2025
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    • Suspect in Possible Munich Attack Posted Islamic Posts

      Suspect in Possible Munich Attack Posted Islamic Posts

      13th February 2025
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    • Eurozone Inflation Rises Slightly Less Than Expected

      Eurozone Inflation Rises Slightly Less Than Expected

      18th December 2024
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    • Twelve Dead in Georgia Ski Resort Restaurant

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      16th December 2024
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    • Finland will Join NATO on Tuesday

      Finland will Join NATO on Tuesday

      3rd April 2023
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    • Economists: Eurozone Inflation Will Also be Higher Than ECB target in 2025

      Economists: Eurozone Inflation Will Also be Higher Than ECB target in 2025

      13th February 2023
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    • EU Opens Ukrainian Crime Prosecution Centre in The Hague

      EU Opens Ukrainian Crime Prosecution Centre in The Hague

      2nd February 2023
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    • Eurozone Inflation Rises Slightly Less Than Expected

      Disciplinary Committee Banks Again Impose Heavy Punishment

      17th January 2023
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  • International
    • International Court of Justice Orders Myanmar to Take Measures for Rohingya

      International Court of Justice Orders Myanmar to Take Measures for Rohingya

      23rd January 2020
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    • Lebanese Hezbollah Calls for Revenge on the US

      Lebanese Hezbollah Calls for Revenge on the US

      3rd January 2020
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    • Greta's father: I Adjusted My Lifestyle, Not for the Climate, but to Save My Daughter

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      30th December 2019
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    • Pope Francis Speaks Urbi and Orbi and Calls for Guaranteeing Safety in the Middle East

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      25th December 2019
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    • Five of Eleven Death Sentences after Journalist Khashoggi Murder

      Five of Eleven Death Sentences after Journalist Khashoggi Murder

      23rd December 2019
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    • Indian Rape Victim Who was Set On Fire has Now Died

      Indian Rape Victim Who was Set On Fire has Now Died

      7th December 2019
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    • Barnier

      Brexit Conversations Yielded Nothing

      15th October 2019
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    • Juncker Gives Johnson The Last Brexit Plan A Chance

      3rd October 2019
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    • Cristiano News

      "Not Messi, But Ronaldo Earned This Prize"

      26th September 2019
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  • Technology
    • Apple Considers Price Increase for New iPhones

      Apple Considers Price Increase for New iPhones

      12th May 2025
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    • Boeing Reduces Losses and Delivers Significantly More Aircraft

      Boeing Reduces Losses and Delivers Significantly More Aircraft

      23rd April 2025
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    • US May or May Not Exclude Smartphones and Computers from Tariffs

      US May or May Not Exclude Smartphones and Computers from Tariffs

      14th April 2025
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    • Threads and Instagram Users are Getting Posts About Politics Again

      Threads and Instagram Users are Getting Posts About Politics Again

      10th January 2025
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    • Apple is Working on a Doorbell With Facial Recognition

      Apple is Working on a Doorbell With Facial Recognition

      24th December 2024
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    • AI Predicts Much Faster Warming Than Previously Thought

      AI Predicts Much Faster Warming Than Previously Thought

      12th December 2024
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    • TikTok Founder Becomes China's Richest Man

      TikTok Founder Becomes China's Richest Man

      29th October 2024
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    • The Future of SEO: What Happens If ChatGPT Kills Search Engines?

      The Future of SEO: What Happens If ChatGPT Kills Search Engines?

      16th October 2024
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    • Twitter is Making API Free Again for Public Notifications From Verified Accounts

      Twitter is Making API Free Again for Public Notifications From Verified Accounts

      5th May 2023
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  • Business
    • Apple Considers Price Increase for New iPhones

      Apple Considers Price Increase for New iPhones

      12th May 2025
      0
    • Boeing Reduces Losses and Delivers Significantly More Aircraft

      Boeing Reduces Losses and Delivers Significantly More Aircraft

      23rd April 2025
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    • Stock Market Antics Earn Musk $36 Billion and Zuckerberg Almost $26 Billion

      Stock Market Antics Earn Musk $36 Billion and Zuckerberg Almost $26 Billion

      10th April 2025
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    • Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      Swedish Insurer Pulls Out of Tesla Over Labour Rights Conflict

      2nd April 2025
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    • Aircraft Manufacturer Boeing Falls on Wall Street After Crash in South Korea

      Aircraft Manufacturer Boeing Falls on Wall Street After Crash in South Korea

      30th December 2024
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    • Apple is Working on a Doorbell With Facial Recognition

      Apple is Working on a Doorbell With Facial Recognition

      24th December 2024
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    • Honda and Nissan to Merge in 2026

      Honda and Nissan to Merge in 2026

      23rd December 2024
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    • Eurozone Inflation Rises Slightly Less Than Expected

      Eurozone Inflation Rises Slightly Less Than Expected

      18th December 2024
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    • TikTok Founder Becomes China's Richest Man

      TikTok Founder Becomes China's Richest Man

      29th October 2024
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  • Sports
    • Title: Double Trouble Wrestling: Spotlight on Jamie Lynn

      Double Trouble Wrestling: Spotlight on Jamie Lynn

      20th February 2025
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    • Starting Strength Training? How to Build Muscle

      1st January 2025
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    • MotoGP Driver Bagnaia Apologizes for Drunk Driving

      MotoGP Driver Bagnaia Apologizes for Drunk Driving

      6th July 2022
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    • Djokovic Cancels Cincinnati Tennis Tournament

      Djokovic Cancels Cincinnati Tennis Tournament

      10th August 2021
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    • Japan Extends Corona Emergency Around Tokyo

      Japan Extends Corona Emergency Around Tokyo

      30th July 2021
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    • Andy Murray: Olympics can Offer Hope

      Andy Murray: Olympics can Offer Hope

      21st July 2021
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    • Czech Volleyball Beach Player Tests Positive in Olympic Games

      Czech Volleyball Beach Player Tests Positive in Olympic Games

      19th July 2021
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    • Tokyo Olympic Athletes Village Officially Opens

      Tokyo Olympic Athletes Village Officially Opens

      13th July 2021
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    • Japan Extends Corona Emergency Around Tokyo

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      18th June 2021
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  • Travel
    • Discover the Charm of Camp Chateaugay, New York

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      9th February 2025
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    • Battery Lamps for Camping: The Ultimate Guide for Campers

      8th February 2025
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    • Major Tourist Attractions in Thailand: Explore the Land of Smiles

      23rd December 2024
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    • Beaches to Visit During Summer: The Ultimate Travel Guide

      16th December 2024
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    • Cultural Tour of Italy: 10 Must-Visit Destinations for Art, History, and Architecture

      2nd December 2024
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    • The 4 Best UK Tours to Embark On This Autumn 2022

      The 4 Best UK Tours to Embark On This Autumn 2022

      16th August 2022
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    • Discover the Charm of Camp Chateaugay, New York

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      18th December 2018
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    • Alberta-Canada

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      3rd May 2018
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    • HuaShanChina

      Hua Shan Trail In China

      1st May 2018
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  • Why a Rustic Table Outdoor Is the Best Addition to Your Garden or Patio

  • Apple Considers Price Increase for New iPhones

  • Big Pampas Grass: Beauty, Benefits, and Backyard Impact

  • Boeing Reduces Losses and Delivers Significantly More Aircraft

  • КРАКЕН САЙТ/ KRAKEN DARKNET/ KRAKEN ONION

Finance
Home›Finance›How Much Does Commercial Building Insurance Cost?

How Much Does Commercial Building Insurance Cost?

By James Anderson
3rd June 2021
543
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How Much Does Commercial Building Insurance Cost?

How Much Does Commercial Building Insurance Cost?

Commercial building insurance costs differ greatly because commercial buildings come in all shapes and sizes. According to insurance expert NimbleFins, commercial building insurance costs are largely dependent on the rebuild cost of the structure. Smaller commercial buildings with a £200,000 rebuild value, for example, could cost around £200 to insure with buildings and liability coverage. Larger buildings cost an appropriate amount more. But a building with a rebuild cost that is 5X higher will likely not see an uptick of 5X in their buildings insurance premium.

In addition to the rebuild cost, many factors are at play when calculating commercial building insurance premiums.

How is commercial building insurance calculated?         

Commercial building insurance is calculated using several factors, but the primary factor will be the rebuild cost in most cases. Also known as reinstatement value, this includes the costs to demolish and then rebuild a building. In addition to the building costs (e.g., materials and labour), professional costs will be included to reflect fees paid, for example, to architects, surveyors and local authorities.

Rebuild costs are usually lower than the market value of a property—in many cases, rebuild costs are significantly lower than market values. This is because the market value includes the value of the land. Rebuild costs don’t reflect the land value because land does not get destroyed in events covered by insurance like fire or burglary.

To get an estimate for the rebuild cost of a property, commercial building owners have several options. Usually, a chartered surveyor who is an RICS member will be called upon to estimate rebuild cost. They can have access to tools like the RICS Commercial Reinstatement Tool to help determine how much it would cost for a property to be reinstated should it be destroyed. This tool calculates reinstatement costs using a historical database that spans more than 50 years of construction project data in the UK.

Cheaper surveys that can be performed from afar may be possible for less valuable properties. However, more valuable properties typically would require an in-person survey that would be more expensive but more accurate. 

Having an accurate rebuild cost is important to avoid over or to underinsure a property. Overinsuring means the property owner pays a higher premium for their insurance than is necessary. Underinsuring means that any claims would not be paid out to the level expected.

In addition to the rebuild cost, other factors will contribute to the calculation of commercial building insurance premiums. These can include the location of the building. A building located in a higher crime area might cost more to insure due to the higher likelihood of damage from a burglary or vandalism.

The local area is also a very important consideration when it comes to getting flood insurance. Buildings located in areas thought or known to have a higher risk of flooding will come with a higher premium if they can be covered against floods at all.

The previous claims history of the policyholder is also a factor. Those with a history of claims, especially recent claims, are likely to pay higher insurance premiums than someone who has not made any claims or had any incidents for which they could have claimed.

Building security is another factor. When filling out a quote, the building owner will be asked about what types of locks, gates, cameras, alarms and such are present at the property, including an assessment of both door and window access. The more secure a property, the less likely it is to be burgled or vandalised. The risk of fire can even be lower, as burlers sometimes set buildings on fire.

The type of business occupying the building will also be taken into consideration by the insurance underwriter pricing a policy. This is because some businesses may be more at risk of a fire, flood or even a liability claim from a third party. For example, it is usually more expensive to insure a commercial property housing a restaurant than an office—restaurants house lots of dangerous equipment that could overheat or otherwise start a fire or flood. In addition, they see a regular flow of members of the public, any of which could slip and fall, which could result in a bodily injury lawsuit against the building owner.

Summary

In conclusion, commercial building insurance costs depend on many factors, and premiums will be very different from one property to the next. The only way to truly understand how much commercial building insurance will cost for a specific property is to get quotes in the marketplace. It’s generally advisable to get multiple quotes before buying to avoid overpaying.

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