How Smart Property Insurance Brokers Can Help Government Entities Land the Right Coverage
Acquiring suitable property insurance is an important responsibility for risk managers. Without the proper coverage, an entity’s property schedule is exposed to greater risk and, in the event of a loss, getting business back up and running could be difficult. Thankfully, working with knowledgeable property insurance brokers can help entities secure the insurance coverage they […]
To Reappraise or Value Trend?
Leverage these methodologies to maintain up-to-date property data and insurable values For any organization with a large property schedule, maintaining accurate and up-to-date property data and values can be a challenge. However, providing your broker/insurer with recent valuation results and detailed property data can help them better understand your risk profile and potential for loss. […]
Secondary COPE Data for Insurance: Avoid the Worst-Case Scenario
Collect Secondary COPE Data to Improve your Risk Profile Having accurate, up-to-date insurable values for all buildings and structures on your property schedule is a good start to understanding your organization’s exposure to property risk. With that said, while this can help ensure your property is insured to value, it is detailed building data (e.g. […]
It’s Not Easy Building Green: Green Building and Risk Management Challenges
How big is building green? According to a 2016 World Green Building Trends report1, consumer demand has propelled the market to a trillion-dollar industry. The advantages of green buildings are many. According to the U.S. Department of Energy, LEED (Leadership in Energy and Environmental Design) certified buildings have lower CO2 emissions, consume less energy and […]
Contents Modeling: the Intersection Between Asset and Risk Management
Modeling Contents Gives Risk Managers an Effective Way to Account for What’s Inside a Building To secure accurate insurance coverage, risk managers must establish replacement costs for both buildings and their contents. Onsite, physical inspections and value trending based on a previously determined replacement cost are two of the methods used to determine a buildings insurable value. When […]
Cyber Security: 5 Strategies to Help Your Org Remain Cyber-Attack Safe
Cyber security is a hot topic for many in today’s business landscape, as companies are realizing the dangers that could lie right around the virtual corner. A 2016 cyber security poll conducted by the Information Systems Audit and Control Association in conjunction with the RSA (Rivest, Shamir and Adelman) Conference found that 82 percent of […]
Breakthroughs in Construction and Building Materials can Help Save Costs and Mitigate Risk
Defined by Verisk (formerly the Insurance Services Office/ISO), classifications in doing their respective jobs, as they carefully consider what materials are used in the construction of a building and just how much damage it may sustain in the event of a fire. There are six ISO construction classifications – frame/combustible, joisted masonry, noncombustible, masonry noncombustible, […]
Dealing with Property Risk in an Increasingly Uncertain Climate
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. Hurricanes, […]
Terrorism Risk Modeling: Premium Protection for Organizations
Catastrophe risk modeling began in the late 1980s and has evolved over the years to provide accurate calculations for organizations to estimate losses against a weather event like hurricanes, tornadoes or severe thunderstorms. Over time, the thinking behind this type of modeling has grown to envelop other types of catastrophes posing the potential to present […]
Ensure Your Property Is Properly Insured (…try saying that 5 times fast)
From business continuity planning to insurance policy management, risk managers have their hands full when it comes to being prepared for a potential loss. Time and again, we hear stories of entities filing insurance claims only to find they didn’t have adequate coverage. If you’re managing a large property portfolio, ensuring your buildings and structures are sufficiently […]