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Accurate asset valuation is an important and on-going process needed to effectively manage physical risks. Values are affected by time, location, and technology. Proper valuation will ensure appropriate coverage and costs. Accurate valuations will allow for appropriate “indexing” or adjusting of values to make sure appropriate levels and costs are maintained. Correct values can result in appropriate recoveries in the event of a covered loss.

Reported property values are often inaccurate for a variety of reasons – time, changes in physical plant, and changes in contents or equipment just to name a few. Also, reported values often are based upon an incorrect basis – construction costs that include non-insurable items, values representing purchase costs that exclude installation factors, even values based on accounting depreciation scales.

The valuation methodology utilized will allow for simple future value updating through the use of inflation factors appropriate to the asset type and its geographic location. Procor will retain the site data on file and can, assuming no significant changes at the location, economically update the replacement costs in the future.