Claims & Underwriting Reports

Loss Appraisal Reports (Claims & Underwriting)

We are please to introduce combined RCR/ODF Insurance Appraisal Report for underwriters, brokers and the consumer and our Loss Appraisal Report for adjusters in the event of a loss. This appraisal provides a Replacement Cost Reproduction (RCR) Appraisal based upon Reproduction Costs for Replacement Cost Value using the Calculator Method by means of the Marshall Valuation format or the R. S. Means Cost Guides for contractors and they will incorporates Physical and Functional factors in the Depreciation segment for Actual Cash Value. This report is designed for a total loss or to determine co-insurance for both RCV and ACV.

The Underwriting Format provides the following Recommended Individual Policy Limits; Replacement Cost (RCV) or (RCT); Occupancy Design Fixtures (ODF); Bylaw Coverage (BC); Demolition & Debris Removal (DDR); Guaranteed Replacement Cost (GRC); Blanket Insurable Value (BIV); and Depreciation Applicable (ACV) in the form of a percentage for underwriting reports and the actual cash value for claims reports.

Occupancy Design Fixtures (ODF) is now incorporated into the format and can be added for an additional cost. Incidental Occupancy Design Fixtures such as free standing appliances for apartment buildings are included in a RCR Appraisal Report for no additional cost.

Occupancy uses with sizeable ODF requirements such as Security Equipment, Janitorial, Cash Registers, Checkroom Equipment, Business Offices, Laboratories, Mortuaries, Medical Offices, Dental Offices, Motels, Lobby and Reception Area Furniture & Equipment, Residential, Automotive – Repair & Service, Automotive – Tire Retreading, Automotive – Spray Booths, Barber and Beauty Shops, Photo Labs, Laundry and Dry Cleaning, Laundromats, Billiard Rooms, Amusement Arcades/Casinos, Health Clubs, Bowling Centers, Restaurants and Soda Fountains, Snack Bars, Retail Stores, Bakeries, Food and Beverage Markets, Churches, Stage/Theater Equipment, Chimes and Carillons, Organs, Theater Seats, Schools, Libraries, Warehousing, Hazardous Material Storage, Shipping Docks, etc will not be included unless requested as part of the appraisal.

Damage Assessment Reports

This report is designed to establish value for a partial loss to a building that provides a Scope of Damage and a Damage Assessment for both RCV and ACV. Since every loss is not a total loss, the rates will reflect costs for cutting and patching to existing construction; dust protection; material handling & storage; protection of existing finishes, shift work requirements; temporary shoring & bracing; equipment usage curtailment; and work inside secure premises, where applicable. All of these conditions are associated with retrofitting replacement material for partial losses.

Logistics have been changed with added or revised sections which now include Ceiling Height, Building Shape, Basement, Building Height, Building Size, Green Construction, Hillside Location, Shortages, High Wind Areas, Weather Extremes, Congested Areas, Resort/Remote Areas, Retrofitting Construction, Seismic Construction, Current Cost, and Location.

File Audits

So you think you have done everything right. There was an assigned approved insurance contractor to complete the restoration and the project was put out to bid. But why did the costs escalate and the insured is not happy with the results? There are a number of reasons why. Outside influences such as government bodies can directly impact the how the restoration process is going to take place. There really is no control over these situations and inevitably the construction costs are directly impacted by decisions a government body can make concerning the restoration process.

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