Make a Statement with Your Statement of Values (SOV)
Maintaining an accurate, up-to-date Statement of Values (SOV) is important for public entities trying to secure the right property insurance coverage at the best rates for their organization. An SOV is a declaration to insurance providers of which property your entity intends to insure. In most cases, the document is a spreadsheet with a long […]
Replacement Costs and Understanding the Value of a Building for Insurance Purposes
Replacement, reproduction and reconstruction costs… oh my! 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. Let’s take a look at the six different types of […]
Convective Storm Modeling: The Difference is in the Details
You’re likely already familiar with catastrophe (CAT) modeling, a method of determining risk exposure in hurricane- or earthquake-prone regions. But look out your window right now. Do you spy dark gray rainclouds on the horizon? If so, you might just be looking at a convective storm, and this common weather pattern is changing the face […]
Earthquake Risks: How Architectural Features Affect Seismic Resistance
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 logistical […]
A World of Useful Property Data with Google Earth Pro
When you’ve been in the property risk management business as long as we have at Centurisk, you find some innovative ways to elevate your data collection game. And one free tool we’d like to share today that’s helped support our continued quest for more complete data is the Google Earth Pro application. What is Google […]
What’s in a Replacement Cost Value? (And What’s Not!)
by Sandra Hou, Valuation Consultant 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 replacement values, in order to make […]
The Value of COPE Data Collection: A Differentiated Risk Profile Could Mean Lower Rates
In 2024, the U.S. faced 11 separate billion-dollar weather and climate events, including nine severe storms and two winter storms. With each catastrophe and claim, the pressure on the insurance industry grows—and, unfortunately, so do insurance rates. The good news is: by taking control of your property data, you can better control your risk profile […]
USPAP Standards: What is a USPAP Appraisal?
If you’re looking for a property insurance appraisal, you may have heard that a USPAP appraisal is a highly- trusted way of collecting property valuation data for your annual Statement of Values (SOV). But what is a “USPAP appraisal” and how is it different from a standard appraisal? All About USPAP USPAP stands for the “Uniform Standards […]
The Property Insurance Data You Need for Water and Wastewater Treatment Plants
Water treatment plants and wastewater treatment plants might not be the first things that come to mind when you’re thinking about accurate property valuation data. But if your entity has one or both types of properties to include on its property insurance Statement of Values, you might just want to give that data a closer look. […]
How Software for Risk Management Can Solve 6 Big Property Risk Problems
Centurisk has been in the property risk management industry for a long time now. And one thing we’ve learned is that organizations face some very common, yet critical problems that only robust property risk management software can effectively solve. The six big customer issues that come up time after time include: 1. Inconsistent Property Values […]