360Value Estimated Replacement Cost Valuation
You need to underwrite and quote coverage fast and accurately — or lose out to the competition. Verisk’s 360Value® Estimated Replacement Cost Valuation provides fast, accurate insurance-to-value estimates for your property. It’s just one of the many tools we offer to price and develop loss estimates for policies accurately and quickly.
Available through the ProMetrix® application, the 360Value Estimated Replacement Cost Valuation gives you a quick, accurate assessment of the replacement value of any commercial property in the country. The tool enhances your ability to charge premiums appropriate to your risk and helps you protect your customers with adequate policy limits.
360Value property valuation technology fuses unparalleled data and advanced technology from Verisk Analytics companies Xactware and AIR Worldwide.
You get fast, accurate insurance-to-value estimates for your property — along with a detailed breakdown of costs for the building’s actual components, including framing lumber, drywall, paint, and flooring.
If you need the actual field-verified replacement cost, you can request an on-site survey at any time.
The value of estimated replacement costs
According to industry studies, 75 percent of commercial buildings are insured for substantially less than their true replacement value. The 360Value Estimated Replacement Cost Valuation will give you the information you need to:
- price your risk and set appropriate premium levels
- help customers determine adequate coverage through informed data sharing and loss estimates
- avoid misunderstandings with your customers
- generate additional premium by determining accurate property values for new locations
- save money by reducing your need for on-site inspections
- streamline your workflow and improve productivity
Here's how it works
Each year, Verisk’s field analysts collect data on hundreds of thousands of commercial buildings. We look at the construction details and special features of each building, and we store that information in the ProMetrix database.
When you order a 360Value Estimated Replacement Cost Valuation, the ProMetrix system communicates with 360Value building cost databases to match our structural data with Verisk’s unit-cost data. Verisk can review a single policy or an entire portfolio of properties and compare policy values with the estimated replacement costs of the buildings.
For more information about the 360Value Estimated Replacement Cost Valuation
- Call Verisk Customer Support at 1-800-888-4476.