COVID-19’s business ramifications extend well-beyond the more popularly-discussed healthcare and restaurant industries. Throughout 2021 and into -22, the construction industry faces skyrocketing costs, presenting significant challenges for new construction projects as well as property repair and replacement work. This, in turn, creates a dilemma for organizations with large property portfolios. How do you place [...]
When winter weather ravages regions unaccustomed to the icy attentions of Jack Frost (like this past perilous February in Texas) the effects can be devastating and linger well-after the winter fury itself has passed. We’re talking about winter weather-related property damage, and the National Oceanic and Environmental Administration (NOAA) indicates that between 1980 and [...]
In the past, we’ve discussed how architectural details affect earthquake resistance, and how documenting those details for your insurance Statement of Values (SOV) can help you secure the right insurance coverage at the best rates. So today, we’ll talk about the other common way your building can be affected by risk — windstorm. Like [...]
by Sandra Hou, Director of Appraisal Services — West In the insurance industry, replacement cost value (often referred to simply as “replacement cost”) is one of the most common and acceptable values used to insure properties. In my line of work, we are often hired by risk pools to value their members’ properties for [...]
With wildfires blazing across much of the western U.S., and property owners fearing for their families, homes and businesses, having the right insurance coverage before disaster strikes takes on a whole new level of importance. How fire-resistive is your property? For property managers, reinsurers and risk pools, knowing your fire-resistance class and having the [...]
The age-old saying, “The bigger they are the harder they fall” is believed to have originally come from boxing. But for those of us in property risk management, it’s also a fair description of how buildings of certain structural types can react to seismic events. In fact, there are a lot of architectural and [...]
In an ideal, magical land of property risk management, budgets would be limitless and there would be full, thorough, onsite physical inspections of every property in the insurance portfolio, anytime it was needed. Every necessary detail would be expertly verified and documented down to the last roof fastener. And 100% of your total replacement [...]
Modeling contents gives risk managers an effective way to account for what’s inside a building To secure accurate insurance coverage, risk managers must establish replacement costs for both buildings and their contents. Onsite, physical inspections and value trending based on a previously determined replacement cost are two of the methods used to determine a [...]
5 Strategies to Help Ensure Your Buildings and Structures are covered in the Event of a Loss From business continuity planning to insurance policy management, risk managers have their hands full when it comes to being prepared for a potential loss. Time and again, we hear stories of entities filing insurance claims only to find they [...]
Understanding the Value of a Building for Insurance Purposes There are many different approaches to establishing the value of a building or structure. Selecting the best option for you will not only depend on your ultimate goal but also the manner in which the value is determined. Replacement, Reproduction, And Reconstruction Costs… [...]
