How to Prepare for Your District’s Fixed Asset Inventory Project
by Jay Shalakho, Valuation Consultant If you’re part of a government entity such as a school district, which must meet both Generally Accepted Accounting Principles (GAAP) and GASB compliance, completing a fixed asset inventory is crucial. Your organization is accountable to State Auditors (and taxpayers!), so having a transparent and accurate record of your fixed […]
Best Practices for Appraising Unique Properties
by Melvin Ngayan, Director of Appraisal Services East When it comes to appraising unique properties for insurance replacement cost —like zoos, historical buildings, arenas, monuments, statues, and one-of-a-kind architectural marvels— the process can be intricate and demanding. As a risk manager for the insured organization, you become a guardian of these historically-, functionally- or architecturally-important […]
Reviewing Property Appraisal Data for Better Quality Control
by Gary Tate, Quality Control Manager Ensuring Appraisal Data Integrity When it comes to determining insurance ratings and rates, having accurate insurance appraisal data is crucial for more informed decision-making — both for insureds and insurers alike. Quality control reviews play a pivotal role in maintaining data integrity, safeguarding against errors, and enhancing data confidence. […]
Features of AMP Property Risk Management Software You Might Not Know About
by Patrick Whitney, Customer Care Manager At Centurisk, we know keeping up with changes in the risk management and insurance industries can spread risk managers a little thin. Following current industry trends while juggling valuation schedules, renewal dates, data updates, new construction data, and property sales can make it hard to feel confident in your […]
Tips for Evaluating Your Upcoming Appraisal Pilot Project
by Justin Deem, Vice President of Appraisal Operations Embarking on a pilot appraisal project is a significant endeavor — one that demands meticulous planning, precise execution, and effective communication. This small starter project becomes such a big deal because your full appraisal will be based on the methods of data collection and the processes finalized […]
Desktop Appraisals vs Full Appraisals for Property Insurance Valuation
As risk management and the insurance industry have grown and shifted, property insurance appraisals have changed along with them. The methods available for assessing property values have evolved with advancing technology, new rising needs, and global challenges like the COVID pandemic. Traditionally, the full appraisal (also called an “onsite appraisal”) has been the gold standard […]
Property Valuation Trend Factors for 2024 and How to Deal with Large Fluctuations
Understanding trend factors and how to manage their impact on property valuation is crucial in today’s dynamic insurance landscape. As organizations navigate through market fluctuations and economic shifts, the replacement cost value of properties can experience significant increases over time, directly influencing insurance premiums and risk exposure. Replacement cost value represents the expense required to […]
Property Condition Vs Quality: What Both Mean and How They Impact Valuations
by Greg Friz, Director An insurance appraisal is an assessment to determine the value of an insured item or property. It helps insurance companies determine coverage for the insured and set the appropriate premiums. Property condition and property quality are two factors that can impact the valuation of an insured property. What is Property Condition? […]
AMP’s Role in Your Risk Software Ecosystem
by Tyler Stuber, Director of Professional Services/Operations These days, risk management has evolved beyond merely preventing and reducing losses. It’s also about maximizing areas that are within the organization’s control and minimizing the areas outside of it. This growing enterprise risk management (ERM) perspective takes a holistic look at all functions of an organization, working […]
Defining the Scope of Your Property Insurance Appraisal Project: Key Questions to Answer
by Ryan Tate, Centurisk Director, U.S. East When it comes to risk management and property insurance, having a clear understanding of the scope of your property insurance appraisal project is essential. Whether you’re a seasoned professional or new to the process, gathering the right information upfront can help streamline the appraisal process, ensure you receive […]