Brokers
STATISTICALLY PROPERTY IS UNDER-INSURED IN NORTH AMERICA, SOME BY A SERIOUS AMOUNT. BRITISH COLUMBIA IS NO EXCEPTION.
How old is the last property appraisal that was done for your client?
Are you sure of your stated limit?
Could they recover from a co-insure situation?
Does the insurance company request that you complete a software based calculator to determine value?
- You place yourself in the role of the appraiser and assume the risk of establishing a proper insurable value for that building.
- On-line calculators produce very broad cost ranges and results vary greatly from one to the next.
- Free calculators are not updated often and in today's marketplace that's dangerous.
Does the insurance company require your client to complete an expensive building appraisal that is based on as Real Estate or Market Appraisal (property comparisons) and does not replicate the building as it is at the time of the appraisal?
Our REPLICA UNDERWRITING APPRAISAL PROGRAM (UAR) for BROKERS gives you Replacement Cost Value, New and Reproduction Cost Value, New, to help you, your client, and the insurer to make informed decisions. Our valuations are performed by certified appraisers with decades of experience in valuating properties just like the examples you will find in your book of business.
Once completed inexpensive support is just a click away for an updated statement of values, as long as there have been no physical changes to the property. The values do have to be brought up to date from time to time, but the input data remains the same. Currently, we are recommending appraisal updates every three years.
In order to keep the cost down, we have worked very hard to create a data collection form that is in laymen's terms. The majority of the form is in check list style, just read the question and check the appropriate box. The most technical task you will have to do is to measure the floor area of the building.
FEES
| BUILDING GROUP | DESK | REVISIT* | NEW** |
|---|---|---|---|
| Agriculture | $240 | $480 | $720 |
| Residential | $300 | $600 | $900 |
| Commercial/Institutional/Industrial | $360 | $720 | $1080 |
| ODF's*** add | $120 | $240 | $360 |
*If there has been a significant change to the building since it was last updated for an appraised value, and a desk appraisal will not suffice, and we have surveyed the building originally. Also add for the location charge as shown.
**If we have not been to this building to survey, then we must treat it as a new appraisal for us. Also add for the location charge as shown.
***If the occupancy of the building has Occupancy Design Fixtures with it, then add the additional cost as shown.
TRAVEL
| Abbotsford | $100 | Kelowna | $2000 | Qualichem Beach | $2000 |
| Burnaby | $450 | Kitimat | $8750 | Quesnel | $2000 |
| Campbell River | $2875 | Langford | $1800 | Richmond | $475 |
| Castlegar | $4400 | Langley | $225 | Saanich | $1800 |
| Chilliwack | $225 | Maple Ridge | $100 | Salmon Arm | $2400 |
| Colwood | $1800 | Nanaimo | $1800 | Summerland | $2000 |
| Comox | $2625 | New Westminster | $475 | Surrey | $375 |
| Coquitlam | $475 | North Vancouver | $475 | Terrace | $8500 |
| Courtney | $2625 | Oak Bay | $1800 | Trail | $4400 |
| Cranbrook | $5450 | Parksville | $2000 | Vancouver | $375 |
| Dawson Creek | $7400 | Penticton | $2425 | Vernon | $2400 |
| Delta | $475 | Pitt Meadows | $225 | Victoria | $1850 |
| Esquimalt | $1800 | Port Alberni | $2625 | View Royal | $1850 |
| Fort St. John | $7675 | Port Coquitlam | $225 | West Vancouver | $375 |
| Golden | $4275 | Port Moody | $475 | Whistler | $1600 |
| Highlands | $1800 | Powell River | $2650 | White Rock | $375 |
| Kamloops | $1775 | Prince George | $5075 | Williams Lake | $3250 |
| Prince Rupert | $9225 |
