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July / August 2012  Volume 23, Number 4        
 

Professional Appraisal
Services Can Save Money

Obtaining a professional property valuation can help insureds avoid many common property valuation errors. If your company has significant business personal property, multiple locations, any form of unique construction or sizeable total values, you may wish to consider using a professional appraisal service. When you consider the potential costs of over- or underinsurance, the price of this service could pay for itself in a short time.

A professional appraiser has the advantage of being able to use up-to-date comparative information. Different appraisers have different specialties, so make sure any firm you use has experience evaluating properties like yours.

Appraisers offer a range of services:

  • Developing accurate values by using multiple indexes, modeling approaches and other techniques

  • Calculating depreciation accurately

  • Identifying property excluded in the policy to avoid reporting it

  • Providing documentation that can help prove loss in the event of a claim

  • Providing expert testimony in case of loss.

Some appraisers will offer periodic updating of your property valuations at a reduced charge and appraisals for property difficult to value, such as art. For information on obtaining a property valuation, please contact us. 


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In this issue:

This Just In...

Managing the Contingent Workforce

Understanding Surplus Lines

Property Valuation: How to Get It Right

Professional Appraisal Services Can Save Money

 

 



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