Replacement Insurance (Insurance Assessment) Critical Check

We noticed that a number of implementations did not appear to correctly implement replacement insurance transfer.

As of 4th July 2010 we'll now be enforcing this for all shortform based reports as a critical check.

The Replacement Insurance field will become a mandatory field within Valuation Exchange. The field will be able to accept a numerical entry (1234.56), or text provided by the valuer. It can no longer be empty.

We propose the following drop down selections that the valuer can choose to select:

  • Body Corporate Responsibility
  • Building Insurance arranged by Strata Corporation
  • Building Insurance arranged by the Body Corporate
  • Refer to Owners Corporation

Valuation Firms will need to ensure that this field is a mandatory field for the valuer to complete, otherwise Valuation Exchange will deliver a LIXI Error Message requesting the field prior to the completion of the report.

See also Replacement Insurance