A Valuable Tool
The insurance appraisal is a valuable tool for virtually all sized companies. The primary use of the insurance appraisal is to assist with setting the amount of property and casualty (P&C) insurance that needs to be placed. In addition to keeping premiums and coverage at the proper levels, the insurance appraisal can establish a proof of loss before the loss occurs.
Typically, the insurance appraisal will report the Insurable Replacement Cost New (IRCN). If required, it can also include Actual Cash Value or Sound Value. This alternate value is needed for some, but not all, insured assets.
The appraisal can be conducted in conjunction with another appraisal assignment at the facility, which will generate cost savings. The appraisal should be updated annually. Reappraisal of the buildings and contents should be considered at five-year intervals or when a major change has been made to the facility.
A professional appraisal can become an integral part of the risk management function. Insurance appraisals of buildings and contents have been conducted by our professional staff for many years. We would welcome your inquiry as to how we can assist you.