Today’s Blanket Policies and the Underinsured Property Problem
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 the same location, […]
How Centurisk’s Valuation Estimator Helps Mitigate Underinsurance Concerns
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 challenges associated […]
Goodbye Silo Effect: How a RMIS Opens Up Greater Effectiveness
Organizations talk about the importance of collaboration, communication and information-sharing, but the Silo Effect remains a very real challenge— and it affects everything, including a company’s workflow and ability to manage risk. You’ll recognize it in duplicated efforts, inefficiencies, workarounds, and departments that focus narrowly on their own efforts without examining how they’re a part […]
Property Insurance Basics: Rates, Premiums & Insurance Company Ratings
Property management means you end up having to know a little bit about a lot of different things. And while you may know that property insurance is important for your business, it’s not always easy to find good information on the basics and how they can affect your own risk levels and bottom line. This […]
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 […]