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 […]
The Value of COPE Data Collection: A Differentiated Risk Profile Could Mean Lower Rates
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
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
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 Valuations for Insurance: 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
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 […]
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 […]
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 […]