Loss Appraisals
Loss Reports (after the loss occurs) in the form of a Reproduction Appraisal Report is based upon the Calculator Method of Costing which will be determined by square foot valuating of the finished floor areas, along with square foot adjustments, and additional feature adjustments. The rates are based upon design group, building design, class of construction, quality of construction, exterior finish, interior finish, mechanical, electrical, size, age, condition, climate, and site logistics (size of building, weather conditions, area, terrain, type of construction, location, etc.). The Reproduction Appraisal Report will give values for Building Replacement Cost, Occupancy Design Fixture Costs, Bylaw Costs, Demolition and Debris Removal Costs, Guaranteed Replacement Surcharge Cost, and the Depreciation Percentage. It will also give photo overviews of the building, footprints, etc.
This appraisal provides the following recommended individual policy limits for the building in order to determine if the coverage limits for the insurance policy is adequate and the building is INSURED TO VALUE. These limits include the following:
- Replacement Cost (RCV)
- Occupancy Design Fixtures (ODF)
- Bylaw Coverage (BC)
- Demolition & Debris Removal (DDR) [includes recycling charges, site security costs, abatement costs, emergency service costs, structural drying costs, etc.]
- Catastrophic Cost Value (CCV) [in the event of a natural or manmade disaster labour and materials will normally increase]
- Depreciation Applicable (ACV)
FEES
The following packaged fee structure is based upon an underwriting report (after a loss occurs) to determine if the building is insured to value. Damage to the building must be intact, sufficient enough to visually inspect current features, finishes, and conditions of risk.
LOSS ASSESSMENT REPORT FEES PDF
