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Last Post 06/13/2009 6:17 PM by  linhoch
Commercial Property ITV's?
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06/11/2009 11:10 PM
    Does anybody have a recommendation as to the best program or reference for performing a commeriial ITV? 
    Thanks in Advance, 
    Tom Toll
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    06/12/2009 7:24 AM
    MS/B has an excellent ITV module. You must, however, spend the appropriate time on it for accuracy.
    Success is not final, failure is not fatal: it is the courage to continue that counts.
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    06/12/2009 9:43 AM
    I agree with Tom. Marshall Swift was the standard for determining ITV before there were computerized estimating programs. It only stands to reason that their successor company MSB would also have an excellent program in that regard. The main thing, though, is not the program being used. It is the accuracy of the data inputted. It wouldn't hurt to develop a cheat sheet or inventory to use on site. Include spaces for gathering all the appropriate data -- construction quality, roofing materials, siding materials, floor coverings, wall coverings, number of bathrooms, number of fireplaces, etc. etc. Then you can accurately fill in the Valuation modules. If you have accurate data you should be able to develop a good ITV sheet from Simsol, Powerclaim, MSB (Integraclaim), or Brand X.
    Steve Ebner CPCU AIC AMIM

    "With great power comes great responsibility." (Stanley Martin Lieber, Amazing Fantasy # 15 August 1962)
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    06/12/2009 8:05 PM
    Remember that when you handle large commercial property claims, the risk can be insured on a Replacement Cost basis with co-insurance or on a Actual Cash Value basis with co-insurance. To accurately apply the terms and conditions of the insuring contract accurate Replacement Cost must be determined. That is Replacement Cost that will stand scrutiny by a court of competent jurisdiction and is not to be confused with market value as determined by a real estate appraiser.

    In my opinion and experience none of the computer ITV programs are adequate. Proper determination of Replacement Cost and proper application of Co-insurance effects the amount of payable.

    The Marshal Swift books with suffice in some instances, but a stick built estimate compiled by an expert in the type of construction is necessary. At times the company that built the building in the first place can provide accurate Replacement Cost figures. One that comes to mind is the Cowboys practice facility that collapsed. It was a large, tensile structure put up by a specialty contractor.

    "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt

    06/13/2009 6:17 PM
    We have used Xact ITVs. They usually come out too high, rendering a value that usually results in a coinsurance penalty. But if you subtract the items that are excluded from coverage and not included in the underwriters' assessment, they are accurate for standard types of construction. With something unique like the Cowboy's structure, you would probably need a copy of the underwriting file to see how the value was determined.
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