Commercial Building Valuations
When underwriting commercial properties, insurers need to obtain accurate insurance-to-value (ITV) calculations so they can charge the right premiums for the risks they assume and ensure that their policyholders are adequately insured in the event of loss. ITV affects the accuracy of risk evaluation and pricing and ultimately an insurer’s bottom line. Unfortunately, studies show that over 75% of all commercial buildings are underinsured by an average of 40%. While there is no quick fix to the underinsurance problem it takes an ongoing commitment to ensure consistent underwriting behaviour during both soft and hard markets.
Underwriters must be provided with the mandate and tools to assess ITV adequately. TRS can assist by providing accurate replacement and/or reconstruction costs either as part of the commercial risk assessment process, or on a stand alone basis. We provide commercial ITV on a broad range of properties including:
- Apartments
- Office towers
- Restaurants
- Religious facilities
- Hotels and motels
- Schools and universities
- Senior care facilities
- Retail properties
- Warehouses
- Self storage facilities
- Light to heavy manufacturing
- Institutional facilities
- Municipal buildings (ice arenas, curling rinks, fire stations, recreation centres, aquatic centres, etc)
(C) 2011 Technical Risk Services, Inc.
