Make a Statement with Your Statement of Values (SOV)

statement of values

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

Property replacement, reproduction and reconstruction costs

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

convective storm modeling

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 […]

The Value of COPE Data Collection: A Differentiated Risk Profile Could Mean Lower Rates

the value of cope data for property

In 2022, the US government declared a record breaking number of disasters. From hurricanes to floods, and earthquakes to wildfires, catastrophes causing damage in excess of $1 billion swept the nation. Unfortunately, with a rising number of catastrophes and claims often comes rising insurance rates. With decades of experience in the property insurance appraisal industry, […]

What Robust Property Risk Software Means for Your Organization

what robust property risk software can do for your organization

by Ryan Tate, Director All property insurance programs are different: that, we know. But whether we’re talking about States, Risk Pools, or smaller public entities like counties, municipalities or school districts, it’s fair to say that they all have common problems when it comes to managing and perpetuating their property data. As insurers and reinsurers […]

Property Risk Management Reporting: The Reports that Help Reduce Risk

property risk management reports help reduce risk

An effective Property Risk Management System is about more than the property appraisal data that you pour into it. (Though collecting property data is still a critical part of the process.) It’s also about the robust level of information you can get out of your system. The ideal property risk management system should help you form a […]

Property Valuation for Insurance: 3 Scenarios to Avoid

property insurance valuations, 3 scenarios to avoid

Addressing 100% of the buildings and structures listed on a statement of values (SOV) with property insurance valuations can seem like a daunting task. One rule of thumb, sometimes used to make the task more manageable, is to set a threshold. Then, everything currently valued above the threshold will be appraised while everything below it […]

Property Risk Management Software: 3 Big Benefits

property risk software benefits

2017 was the most expensive year recorded for natural disasters in the United States. Damage costs exceeded $305 billion, and unfortunately, it turned out that 2018 was even worse. 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 is property […]

How an Accurate Statement of Values Can Secure Insurance Coverage at the Best Rates

accurate statement of values can help you obtain better insurance 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 […]

Closing the Protection Gap: Natural Disasters and Property Insurance Holes

closing the protection gap: how natural disasters reveal 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 […]