Desktop Valuations: Don’t Judge a Pump House by Its Cover
We’ve heard story after story of entities getting stuck with the bill after a catastrophe due to property values gone awry. These unfortunate instances expose how differences between an assumed property value and one attained on foot, by a trained professional, aren’t always noticed until it’s far too late. How did it happen? It often […]
How Simple Property Data Spreadsheets Can Lead to Complex Problems
Challenges to Consider when Relying on Spreadsheets to Manage Property Data For years, organizations have gotten by managing property insurance-related data in multiple, complex spreadsheets. While this may seem like a quick and simple solution, it also presents many risks. Risks like: 1. An Unwieldy Volume of Data Increases Chance of Error As organizations grow […]
Help Prevent the Deobligation of FEMA Funds with the Right Documentation
The key to loss recovery funding is: “Documentation, documentation, documentation!” Think about it as building a case for your loss. In order to prove your case, you’ll need evidence, and that means for both pre- and post-loss. Below are five types of documentation we suggest your organization maintain to help ensure that funding obligated through […]
Property Insurance Appraisals: There’s No Substitute for a Physical Inspection
Managing the risk of property exposure requires values that are both current and accurate. Desktop appraisal methods and multiple years of value trending depend solely on the accuracy and completeness of the data provided at the time the structure was added to your statement of values. These methods can potentially result in inconsistent values and […]
Catastrophe Modeling (CAT Modeling): A Benchmark for Determining Risk
Increasingly, complex software programs for catastrophe (CAT) modeling are serving as a benchmark for insurers to determine risk across various geographical areas of the United States. While not all property and casualty insurers initially rushed to adopt this approach, dramatic rises in loss estimates and other challenges led to catastrophe modeling’s rapid, widespread adoption. As […]
Property Risk Management at the Movies
If life were a movie, risk managers would have to plan accordingly. Here are a few movies to challenge the skills, nerves, and patience of even the best property risk managers. Ghostbusters The scene: In 1984, director Ivan Reitman introduced the world to the Ghostbusters, the paranormal investigators and eliminators who work to save New York […]
Three Common Post-Loss Property Liability Insurance Challenges
Regardless of size or location, every organization is exposed to risk which is why the role of risk manager is so important. Risk managers are tasked with the challenge of identifying and analyzing potential risks as well as implementing procedures to minimize their impact. In the best-case scenario, the occurrence of a risk event does […]
Three Tips for Selecting an Insurance Appraisal Services Partner
Selecting a property insurance appraisal services partner is not like buying a pack of gum. It is not simply a single transaction but rather the start of long-term relationship with your vendor, one in which you will be opening up your buildings to them. Below are a few things we think you should consider before deciding […]
Cost Fluctuations and COVID-19’s Impact on Property Values
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 vital […]
The Property Data You Need for Hurricane Season
Atlantic Hurricane Season starts June 1st of each year, but it’s never the wrong time to make sure your properties’ COPE data is complete and up-to-date. When used in conjunction with a catastrophe modeling tool like AIR or RMS, thorough COPE data can help ensure you have the right coverage whenever a risk event pays […]