Property Risk Management Software: 3 Big Benefits
The year 2023 marked the highest number of billion-dollar disasters in a calendar year for the U.S., with 28 separate weather and climate disasters costing at least 1 billion dollars. Exposure to environmental risks like fires, floods, and earthquakes are inevitable, but there are ways to prepare your organization for risks like natural disasters. One such tool […]
2022 Construction Cost Trends and Property Valuation
COVID-19’s business ramifications extend well-beyond the more popularly-discussed healthcare and restaurant industries. Throughout 2021 and into ’22, the construction industry faces skyrocketing costs, presenting significant challenges for new construction projects as well as property repair and replacement work. This, in turn, creates a dilemma for organizations with large property portfolios. How do you place value […]
How an Accurate Statement of Values Can Secure Insurance Coverage at the Best Rates
A statement of values (SOV) is a declaration to insurance providers of which properties your entity intends to insure. At a minimum, an SOV generally includes a name, address, square footage, occupancy, and replacement cost for each property listed. For risk management professionals concerned about property risk exposures, an up-to-date, accurate SOV is critical. By […]
Is a Vendor-Hosted Software Solution Right for Your Organization?
If you’re not an IT professional, shopping for a software solution of any kind can be a daunting process. From a technical perspective, you must first address some of the basic considerations, like the type(s) of data being stored and the amount of data storage required. But then the questions become trickier: Should the solution […]
Closing the Protection Gap: Natural Disasters and Property Insurance Holes
Talk of the protection gap tends to focus on developing nations, but a recent report from global reinsurance intermediary Aon Benfield found that almost 50 percent of the losses sustained from natural disasters in the United States remained unprotected. It’s noteworthy considering the U.S. is one of the most insured countries in the world. The protection […]
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 […]