The IRS rules require that you to use the lower of the adjusted basis at date of conversion or the fair market value (FMV) of the property at conversion. (biggerpockets.com)
Academies, however, are responsible for making their own insurance arrangements and converting academies must ensure they are insured from midnight of the date of their conversion. (educationbusinessuk.net)
You must ensure you are adequately covered from midnight of the date of conversion. (gov.uk)