All About Your Insurance Statement of Values (SOV)2020-10-22T13:31:25-04:00

Property Insurance Statement of Values (SOV)All About Your Property Insurance Statement of Values (SOV)

The accuracy of the information on your property insurance Statement of Values (SOV) is critical to making sure you have the right insurance coverage at the right rates. But collecting and verifying all of the primary and secondary COPE details, ISO construction class information and supporting documentation can seem overwhelming. That's why we've pulled together this resource post, to help you efficiently navigate through it all, from the benefits of auditing your Statement of Values, to the auditing process, auditing resources, and some clever tools to help you get the details you need. Check it all out below!

Are These Common Mistakes on YOUR Property Schedules?

https://www.assetworks.com/7-common-types-of-mistakes-property-schedules-rm20/

No doubt, you’re more than aware of the amount of detail that goes into a property schedule. And your property insurance coverage depends on those details in several important ways. Sharing correct, thorough information with your insurer not only helps you secure the most accurate coverage and the best ratings, it adds transparency, increases confidence in your organization’s data, and makes the underwriting process faster and more efficient. In this post, Justin Deem, AssetWorks’ Vice President of Appraisal Operations, offers his expert insights so you can avoid the common pitfalls found on property schedules and reduce the effect of incorrect or missing data on your premiums.

Why Audit Your Property Insurance Statement of Values

https://www.assetworks.com/statement-of-values-insurance/

This overview discusses the benefits of auditing your property insurance Statement of Values (SOV) and what to look for.

Tips for Auditing Your Insurance Statement of Values (SOV)

https://www.assetworks.com/7-common-types-of-mistakes-property-schedules-rm20/

With so much going on in a property management program, it’s so easy to take existing data and processes for granted. Often, once they’re set up and time is at a premium, organizations tend to make assumptions about their accuracy as they move ahead. This blog post shows that by getting a fresh look at your data, you can target red flags and ultimately strengthen the information you share at renewal time.

Check Out and Check Off our Property Data Quality Checklist

https://www.assetworks.com/resource-items/risk-management-property-data-quality-checklist/?portfolioCats=36%2C38%2C37%2C120%2C39

Just in case you need a little guidance when you’re auditing your Statement of Values (SOV), we at AssetWorks have developed this handy Property Data Quality Checklist to support you. Use it to guide your audit process as you gain a fresh look at your property data and pinpoint any red flags that pop up.

A World of Useful Property Data with Google Earth Pro

https://www.assetworks.com/risk-management-property-data-google-earth-pro-rm20/

When you’re auditing your insurance statement of values, you’re more than likely to find data that doesn’t quite ring true. So how do you verify this information? We’ve found Google Earth Pro is a great way to get some of that data—and without ever leaving your computer. Discover how you can snag property GPS coordinates, property images, distances, sizes and more.

Google Earth Pro

https://www.google.com/earth/versions/

You can download Google Earth Pro for yourself, to nab those pesky errant property details missing from your SOV here!

SnagIt

https://www.techsmith.com/screen-capture.html

Capture property images from Google Earth Pro to add to your Statement of Values with ease using this tool.

Gathering COPE, CAT and ISO Construction Details for Risk Events

https://www.assetworks.com/resource-items/gathering-cope-cat-iso-construction-details-risk-events/

If you’re looking for specific insights about primary and secondary COPE details for your SOV related to various risk events—like earthquakes, fire, hurricanes and convective storms — we’ve gathered them all together on this page to make it quick and easy for you.

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