Building construction costs have dramatically risen in recent years making it increasingly difficult for our members to determine building value. We offer a value-added program for our insurance program members: a building valuation program (to determine insurance replacement cost). In contract with Risk Management Services (RMS), all members within the next five years will have insured buildings (value of $500,000 or more) visited and valued.
The building valuation costs with RMS will be included in your insurance program. Through our aggregated service, your municipality may now access the extra services at discount rates. RMS can provide valuations for buildings under $100,000 as well as contents and equipment valuation and specialized loss prevention inspection services for property and liability risk exposures. A detailed building valuation with updated costing for replacement cost construction will be provided and the report includes pictures and a basic site plan.
In conjunction with the building valuations, some buildings will have a loss control inspection done to identify risks which may lead to a claim if they are not mitigated. Utilizing building, fire, and insurance standards, recommendations are provided to ensure that each member is aware of the risks and is provided direction on how to correct them. Examples include:
- property hazards such as non-standard fire extinguishers
- fire hazards such as welding or cooking, water damage on ceilings
- liability hazards such as blocked fire exits, emergency lighting, trip hazards
Contact us today to learn more.