Today’s reinsurance market is riddled with unexpected pitfalls, putting unprepared organizations at risk for significant loss. This shift was spawned by a combination of factors, including an uptick in catastrophic weather events, changes to the way reinsurance carriers manage their portfolios, worldwide inflation, and economic fluctuations. Fortunately, wise risk pool members and other organizations [...]
Every organization is exposed to a variety of risks. This includes the potential for damage from events like fires or windstorms, making it important to be prepared. Property appraisals that provide accurate insurable values and detailed exposure data can help reduce the impact felt by a risk occurrence and increase the resilience of your [...]
Historic properties stand as an important reminder of, and glimpse into, bygone days. But maintaining these structures may present some challenges that leave you longing for a user-friendly time machine to hire some talented craftsmen from the past. Federal rules, like the Standards for the Treatment of Historic Properties, mean you can’t simply tear [...]
A perfect storm of high construction demands, increasing labor and materials costs, labor shortages, supply chain interruptions, inflation, lessening COVID restrictions, and the war in Ukraine have combined to affect the factors that ultimately help determine 2022 property valuations. Let's take a closer look at these trends and where they're headed for 2023 and [...]
Once upon a time (or before 2008), when an organization wanted to insure their full property portfolio, they could streamline their insuring process and secure more complete coverage by getting a true blanket insurance policy. This blanket policy was a single property insurance policy that either covered multiple locations, different types of property at [...]
Underinsurance has always been a concern for organizations striving to mitigate their risk — particularly those with large property portfolios and unique structures, where lots of very specific data must be collected to ensure valuation accuracy. But increasingly, the underinsurance gap has been made even wider by the volatile cost shifts and supply chain [...]
The continuing aftershocks of COVID-19 and their effect on business — particularly in construction and property valuations — is resulting in higher construction costs. Supply chains have been disrupted and the cost for materials in certain areas have skyrocketed. While we can’t predict with any level of certainty what will happen next, it is [...]
We're coming to the end of 2021, and a quick review of the past months shows the emerging pattern for the year may be found in its lack of pattern: that is, it’s a year in flux. So far, it’s been a rollercoaster ride for those of us in the property risk management industry. [...]
