Frequently Asked Questions:
What is Revaluation Service?
Industrial Appraisal Company offers a Continuous Revaluation Service which is an extension of your onsite appraisal. We will update the values each year, for your insurance needs, utilizing our extensive database and software to provide the most accurate data available. The annual updates take into consideration any changes we may receive from you including structural changes as well as newly purchased equipment and dispositions. These updates are utilized for establishing current year replacement costs for insurance purposes.
Do I have to update my Appraisal every year?
Industrial Appraisal Company recommends an annual review/update of the values in order to maintain the integrity of the original onsite appraisal, as well as up-to date/current replacement costs/sound value for insurance purposes. Responsible insurance professionals also recommend an annual review. Failure to review and update an appraisal could result in improper coverage. With an annual appraisal review, you remove speculation on the amount of insurance to carry. This is essential in any sound insurance program.
Once I have an onsite appraisal, how long will I receive the annual updates?
Industrial Appraisal Company generally continues to update the established values annually, for insurance purposes, for at least 5-7 years. However; if considerable changes/construction has occurred to the appraisal properties, we recommend an onsite reappraisal be completed. After 5-7 years, we also recommend a reappraisal because office updates can become difficult to control over an extended period of time. This reappraisal will allow for the opportunity to physically re-inspect all structures and re-inventory all contents, making any necessary adjustments so that annual updates can continue and your appraisal remains valid and current.
What is Loss Protection Service?
Industrial Appraisal Company offers Loss Protection Service as part of our Continuous Revaluation Program. While under the Continuous Revaluation Program, if a loss should occur, we can, upon written request, update the values to provide our clients with the current replacement cost and sound value for your property and contents, as of the date of the loss. We can provide the loss adjustors with the necessary documentation to aid in the fair and prompt settlement of your claim. The procedures used by the Industrial Appraisal Company in compiling appraisal reports and establishing the depreciation of the property have been tested and proved to be fair and equitable.
My Insurance Agent advised they can provide updated replacement cost with no annual fee. Why do I need Industrial Appraisal Company?
Industrial Appraisal Company is an independent appraisal company providing a third-party opinion of current replacement cost and sound value. An appraisal from Industrial Appraisal Company allows compliance with an insurance policy's 'stated amount of insurance' or 'co-insurance clause'. Such compliance eliminates the conflict of interest inherent to estimates by the insurance company, documents values before a loss and accurately evaluates your assets to protect against under insurance or payment of costly premiums for uncollectible over insurance.