For example, average replacement values
can be assessed for deviation from industry averages by construction type for a specific geographic area.
The Program will enable Fireman's Fund to support its market-leading landscaping insurance program by establishing replacement values
for the trees and shrubs on a property using HMI's patented valuation system.
A product designed to gauge home replacement values
has recently been made available to insurers by Simultaneous Solutions.
Frankly, we just don't see many practical obstacles to assigning current replacement values
to the ending inventory.
Another aspect to this issue involves finding authoritative sources to help directors estimate their full replacement values
SEG-SITE can be used to determine replacement values
for standard, unusual or complex buildings, Capell says.
The taxpayer supported its argument with expert testimony from a computer vendor that the replacement values
of the VAX 8550 computers were considerably less than the assessed value.
The challenges insurers face in maintaining up-to-date replacement values
are well known in the industry," said Chris Harris, Chief Underwriting Officer at Montpelier Re.
Nine out of 10 commercial properties analyzed by AIR had replacement values
, which is the full cost to replace a building in the event of total loss, less than the amount estimated using a standard engineering-based cost-estimation process, the report stated.
Insurance policies often are based on replacement values
and/or actual cash value.
However, the increased cost is due to the additional insurance that must be purchased for the difference between replacement values
and depreciated values.
In addition, many organizations now require that techniques for de-identifying test data provide valid replacement values
to ensure accurate and reliable test results.