Adequate values are a crucial element in any well-constructed property insurance program. One recent industry study estimates that more than 70% of commercial properties in the US are at least 40% underinsured. Other studies suggest the problem is even greater. Accurate insurable property values facilitate appropriate allocation of insurance premiums and can serve as a basis if proof-of-loss documentation is required.
Our Risk Solutions Partner, Kroll, provides preferred pricing on property appraisals to our valued Hanover policyholders.
Valuable services for Hanover policyholders
To meet these challenges, Kroll provides building insurance appraisals and inspections that include:
- On-site inspection of each building:
- Capture of COPE data, both primary and secondary
- Accurate determination of square footage, building shape and perimeter
- Identification of various components of construction (structure, walls, roof, etc.)
- Recognition of major service systems (electrical, plumbing, HVAC, security, etc.)
- Capture of additional building features and site-specific factors
- Appropriate model usage – Observation of quality of construction
- Photographing the buildings
- Preparing a building plot plan (site map) if required
- Estimating cost by major components of construction
Re-establishing personal property replacement costs on a five- to seven-year cycle is the basis of good underwriting practice. Kroll also provides equipment/personal property insurance appraisal and inventory. All of their approaches can be customized to meet the needs of our individual clients. Additional services provided by Kroll include:
- Property insurance appraisal updates
- Virtual or desktop appraisal options
- Secure web-based reporting of valuation conclusions through eRISK, which also enables real-time management and sharing of insurance appraisal data.
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The entities mentioned in this material are not members of The Hanover Insurance Group, Inc.
This material is provided for informational purposes only and does not provide any coverage or guarantee loss prevention. The examples in this material are provided as hypothetical and for illustration purposes only. The Hanover Insurance Company and its affiliates and subsidiaries (“The Hanover”) specifically disclaim any warranty or representation that acceptance of any recommendations contained herein will make any premises, or operation safe or in compliance with any law or regulation. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.
171-1206_PROS (8/22) LC 2014-406