Keeping coverage current with costs
Proper valuation is a challenge for both property owners and their insurers.
High inflation, supply chain issues, and labor shortages have caused significant increases in property replacement cost values. While claims are paid in today’s dollars, premiums are collected based on valuations that, in some cases, might be 3 to 5 years old.
How can you be sure your coverage levels are in step with current costs?
The Risk Strategies Property Insurance Practice has the expertise, technology, and partnerships to spot mismatches between our coverage levels and current valuations.
Uncertain about the quality of your valuation information? Is it incomplete or not current? We can provide benchmarking information to provide guidance on building and equipment valuations for your industry or geographic location. Using valuation platforms and software, the Risk Strategies Property Insurance team can determine building replacement costs.
Long-term relationships with some of the world’s best providers mean you get simplified access to thorough field appraisal reports, including primary and secondary construction, occupancy, protection, and exposure (COPE) risk characteristics. Information from these reports helps with modeling and can also be shared with underwriters to help them properly underwrite and price your risk.
Business Interrupted Is Revenue Lost
Natural hazard catastrophe events, fires, and explosions damage more than property – they also hit the bottom line. You can insure against a revenue loss, but simply filling out a business interruption worksheet doesn’t capture all the information needed to get the right coverage.
Risk Strategies Property Insurance experts have the industry experience and partnerships to accurately value complex business interruption exposures and business continuity and supply chain challenges. We have:
- In-house analysis capabilities to accurately determine damage and interruption valuations
- Integrated access to specialized third-party providers to physically assess property damage valuations.
- In-house loss prevention and analytics groups to help with recovery planning, spare equipment & capacity, and backup plans.