FINANCE
The value computed should determine the sum insured that can be claimed against the insurance company . In this regard , the square metre rate of estimating is probably the least reliable and the elemental cost estimating method the most accurate .
ROLE OF THE QUANTITY SURVEYOR
The professional quantity surveyor is best qualified to advise and prepare a replacement cost valuation . Also known as Chartered Surveyors in other countries , quantity surveyors are responsible for managing all aspects of the contractual and financial side of construction projects .
Therefore , as the expert in quantifying and managing costs on building projects , the quantity surveyor is able to provide a valuation report that clearly shows what the sum
insured should be at the policy renewal date . Such valuation should include for all aspects of reinstatement including the provision for demolitions and escalation up to the completion stage .
Often referred to as the accountant in the construction industry with expert knowledge
102 SEPTEMBER 2022 SA Real Estate Investor Magazine