In an era of persistent inflation and volatile construction markets, understanding how claims are truly valued has never been more important. This presentation will examine the practical realities of establishing reinstatement cost following a loss, moving beyond theoretical estimates to explore the evidential foundation of contractor pricing, procurement challenges, supply chain constraints, and market-tested repair and replacement costs. Through the lens of real-world claims adjustment, the session will demonstrate how loss adjusters assess scope, validate quantities, scrutinise competing cost submissions and apply professional judgement in the face of fluctuating material, labour and logistics costs. The session will also consider the critical interaction between policy provision including basis of indemnity, escalation clauses, policy limits and rapidly changing market conditions, highlighting where tensions can arise between insured expectations and policy intent. Ultimately, the presentation will provide valuable insight into how construction claim values are determined in practice through a combination of evidence, negotiation, documentation and expert judgement, rather than simple calculation alone.