Appraisal Program Overview
In an effort to improve the quality of information used for loss prevention evaluations and to accurately determine Member premium contributions, we initially undertook a Trust-wide valuation in April, 1996. Annual updates serve to maintain the currency of the replacement values in the resulting Trust property database. The Trust has recently selected a new appraiser, CBIZ Valuation Group, LLC, to provide valuations for all Member buildings and contents.
CBIZ provides The Trust with trended property valuations on an annual basis. In addition, all buildings with a value greater than $500,000 will be revalued through actual site visits on a five year cycle.
In completing the appraisal, building contents will be valued based upon a computer model. This effort is intended to satisfy four requirements:
- Support proof-of-loss claims
- Establish a comprehensive data base to facilitate more favorable reinsurance rates
- Provide uniformly derived property values among Members;
- Gather information about loss prevention measures (alarms, fire-proof construction, etc.)
CBIZ Valuation Group, LLC furnishes Trust Members with a color photograph and detailed appraisal report that includes GPS coordinates for each property appraised. In addition, The Trust has contracted with CBIZ to provide a Flood Hazard Determination certificate for every property appraised. All data from the valuation is available for Member use.
Please click here for to receive more information on The Trust's Appraisal Program.