Insuring To Value:
Modern insurance history began after the great fire of London in 1666 but the concept of insurance goes as far back as the 2nd and 3rd millennia BCE with Babylonian and Chinese traders. Then, as today, prudent risk management and insurance underwriting begins with understanding the size, scope and extent of the risk at hand. It is estimated that well over half of commercial and industrial properties in the United States are significantly or severely underinsured. An accurate replacement value, which is the full cost to replace a building and its contents in the event of a total loss, is essential for an equitable loss assessment.
Insuring to value means that you are not burdened with the wasted outlay of uncollectible over-insurance or the need to accept the unnecessary risk inherent with being underinsured. An independent appraisal assures compliance with blanket amount, agreed amount, and coinsurance clauses and will provide sufficient information for proper placement of insurance. A certfified appraisal will assure that claims will be responded to and settled quickly, minimizing negotiations and interruption to operations.
Whether you require a Real Property (building), Land or a Personal Property (machinery, equipment or fine arts) appraisal, or both, a third party independent appraisal company like the Industrial Appraisal Company can provide these valuations at a reasonable cost. Having an professional appraisal company perform your valuation will take the burden of proof off of you or your clients.