ITV estimate drop is likely from change in inputs, but there could have been changes in underlying cost data/models over the years: updates to pick-up new ZIP codes, etc. For a drop the size you've indicated, some cross-checking with other models would be prudent. Alternatives to MSB's RCT (aka accu...

Not "automatically", but certainly warrants some investigation.

Where did the $515K come from (original purchase price or loan amount or prior ITV)?

Did the client give accurate details over the phone?

Will geovera offer a quote? Maybe that would satisfy the requirement.

Market value has nothing to do with insurable value. If you think the estimates for reconstruction cost are not reasonable, you should check the data that's being input into the estimators. Run it yourself (<$15), or ask a reputable agent to run it for you - and review the inputs with the agent. Ask...

Relying on the "replacement cost" figure found is a real estate appraisal for insurance purposes would be a big mistake. 1. It's a an estimate of "new construction" costs, not "reconstruction", so you're getting a low starting point. 2. Often real estate appraisers assu...

Have you checked the ITV estimates yourself using either MSB's RCT High-Value tool or e2Value? I suggest you ask to see the detailed reports from the inspections and go over them carefully with your client. If the input details are incorrect (sq ft, finishes, etc.), then your issue is with Castle. I...

Are there any smaller or regional carriers that have opted to not bother with a terrorism exclusion on property insurance?

I have some apartment complexes with lenders requiring terrorism cover, but stand-alone cover seems inefficent.

I would appreciate suggestions/contacts for carriers with an appetite for property insurance for public schools and other public entities, especially in coastal states. Over the past several years, many public entities placed coverage with various government pools or undisciplined markets. Poor qual...

You've got a $1,000,000 building and you only want to insure it for $250,000.
No problem (for the right market).
Underwriters can rate against the exposure ($1MM) and go to an XOL table to see what the primary 25% should go for.
You just can't call the the $250K the replacement cost.

Funny thing about all those good buddy contractors and brother's-in-law who swear they can rebuild for cheap, like baby pidgeons I can never find them after the loss. And how come those reporters can never find the hopping mad insureds who realize they over-reported their values and paid too much pr...

I agreed that it's a worthwhile goal for the agent/insured to try and get the potential for coinsurance penalties and inadequate limits removed. However, it's not simply a matter of asking for (or demanding) the endorsements. The agent/insured need to provide the underwriter current credible estimat...

So long as you are substantiating the replacement cost estimate (reconstruction basis not new construction) with some credible source, the replacement cost exceeding the marke value shouldn't be an issue. "Cost Approach" estimates from real estate appraisers are commonly based on "new...

Questpro JLNixon both good recuiting firms headquatered in Dallas. Other insurance recruiters can be found on nirassn.com FYI - Candidates should never pay a fee, the employers pay. Fees are high, so employers will try other options before bringing in the outside recruiters. For entry-level position...

In recent weeks we've seen another round of filing for large rate increases. Doesn't it make more sense to first put more effort into getting the values to where they should be? Rate increases are hard to get and penalize all (even those with properly reported values) to subsidize those with under-r...

I suggest you get an estimate from Marshall & Swift / Boeckh's BVS software. +90% of the commercial propert carriers use this as the standard. Many agents and/or inspection companies have licenses, or if you have an ogoing need you can get your own subscription for a few hundred dollars. The sof...