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 […]
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. […]
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, […]
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 […]
Disaster Recovery: Planning for Risk
For any organization, being exposed to a variety of risks is inevitable, which means, being prepared for the event of a risk occurrence can be extremely critical. Having a disaster recovery or business continuity plan in place can help reduce the impact felt by a risk occurrence and increase the resilience of your operation. Below […]
How Simple Property Data Spreadsheets Can Lead to Complex Problems
Challenges to Consider when Relying on Spreadsheets to Manage Property Data For years, organizations have gotten by managing property insurance-related data in multiple, complex spreadsheets. While this may seem like a quick and simple solution, it also presents many risks. Risks like: 1. An Unwieldy Volume of Data Increases Chance of Error As organizations grow […]