£2.2billion building & contents reinstatement cost assessments on British Airways’ largest properties across four countries.
Insurance valuations on British Airways portfolio on properties with a declared value over £10million including Terminal 5 and associated Heathrow hangers in UK, Germany, Italy and India. The timescale was tight with two months delivery from instruction. Part of the challenge was the vast size and specialist nature of this portfolio. The other challenge was that our assessment was to include the contents. This included Heathrow’s worldwide automated cargo handling equipment, plane fuselages on hydraulics within training facilities, de-icing facility and data centres. This instruction required our specialist knowledge in the airports and airline industry to provide accurate assessments.
Step 1: Data collection. We met with British Airways and their insurers to establish exact inclusions and exclusions, and researched available information on each site in their data rooms.
Step 2: Gear up of workforce and site inspections. Given the tight timescale this required a methodical approach to team organisation and inspections coordinated around British Airways occupational requirements and specialist access arrangements made to operate airside.
Step 3: Quality Assurance process and delivery. Given the size of the portfolio and specialist nature of the contents, we obtained a second opinion working with an independent quantity surveying firm as part of the QA process. Reports were delivered on time and a follow up client meeting was arranged to review own findings and answered clients clarifications.
Cushman & Wakefield provided building reinstatement cost assessments on 550,000 sq m, 41 properties, across four countries in two months. Our declared value amounted to over £2.2 billion.