In this video you will learn how to determine building valuations and building limits for your insureds that need Lessor's Risk Only Insurance.
First, you need to know that Building Valuations will vary by location, construction type, building height, square footage, age and building quality.
Next, here are ways to determine Building Limits:
Run a Building Valuation or Replacement Cost Estimator
Based off of current coverage
Multiplying the building square footage by a set cost/square foot (i.e. 1,000 sf. x $150 = $150,000)
Do not base the limit on the Market Value
Use a Statement of Values: [ Ссылка ]
A Statement of Values breaks down buildings by number of units, square footage, property limits, etc. It's used for multi-building complexes or multi-locations. Be sure to include any additional property components (i.e. detached garages, fences, signs, BPP of the building owner, etc.). It's also used when determining attached versus detached property components.
Questions? Reach out to us at programs@cidinsurance.com
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CID Insurance Programs is an E&S Wholesaler specializing in commercial insurance products designed for independent and captive insurance brokers’ business client’s needs.
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