Measure twice, cut once, is a favorite proverb in the building trades for a reason. Sloppy estimates can mean wasted time and money.
Double-checking is equally crucial when it comes to a replacement cost estimate. Commercial property insurers need a reliable way to verify whether their estimated figures will hold up to real-world market conditions in the event of a total loss.
The most reliable estimates are based on robust data garnered from actual loss claims. A loss claim includes the highly detailed, localized information required to rebuild a structure, from the price of lumber to the hourly rates for skilled trades in a specific locale. Up-to-date, component-based cost estimates of labor and materials can help provide reliable insurance-to-value throughout a policy’s life cycle.
Insurers may have been tempted in the past to skip this crucial verification step to speed their workflow or trim costs. But as every tradesperson knows, cutting corners can end up costing more if a measurement is faulty.
A new way to access verified replacement cost estimates
Seeing this deep and broad industry need for easy, affordable access to verified replacement cost estimates on demand, Verisk is introducing a new, customer-focused purchase option for 360Value® replacement cost estimates.
ProMetrix® users can now order 360Value estimates for the commercial properties in their portfolios without a commitment or any minimum or maximum number of transactions.
Insurers can now access 360Value estimates to bolster their underwriting with data backed by the 400-person strong Survey Services team, whose members bring an average of 12 years of experience inspecting properties in the field. Moreover, 360Value estimates are based on reconstruction cost data from Xactimate®, an industry-leading claims estimating solution.
Underwriters can now swiftly determine whether an internally generated replacement cost estimate for an individual property makes sense or requires a deeper look by comparing it with data from 360Value.
ProMetrix users can order a 360Value replacement cost estimate on demand with other reports, such as Building Fundamentals, the Building Underwriting Report, the Property Details Report, and LOCATION®.
The Verisk ecosystem of commercial property products can help insurers efficiently measure their exposure and provide their customers with the coverage they need.
Find out how innovations in the delivery of 360Value replacement cost estimates can help insurers improve their workflow and generate improved insurance-to-value.