Property Risk Assessment
Evaluating Coverage from a Property Loss Perspective
The objective of a property risk assessment is to recognize problems that might be encountered in the event of a property loss. By reviewing specific coverages designed to respond to these problems, the client will better understand how their policy will respond in a loss situation – or more important, how their business could be affected if the appropriate coverages are not in place. Similarly, when additional coverages are required, the need for them will be better appreciated.
The client will also be in a better position to evaluate cost of the property insurance versus risk. Too many firms view their insurance program as just another line item in the budget, an item that may get attention only when there is a need to control costs. Effective property risk assessment should leave the client convinced that their insurance program is an essential and efficient solution to some very real potential problems, problems that could devastate the company in case of a disaster or a loss.
Besides providing the client with a better understanding of their insurance needs, a thorough property risk assessment allows the broker to demonstrate an interest in the client’s business that is significant, irrespective of the insurance purchase transaction.
This issue of Adjusting Today provides a fundamental review of the ingredients that can make a property risk assessment meaningful and as a result, help both experienced brokers and those new to the field do a better job of performing this valuable service, when insuring property.
Adjusters International can Help!
Contact us at 888.382.2468 or visit our Contact Us page
Adjusting Today is provided free of charge as a public service by Adjusters International, Inc., disaster recovery consultants. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases.
Adjusters International Leadership
Experience, professionalism, and a deep-seated commitment to customer service are the hallmarks of our industry leadership. Adjusters International boasts more senior and certified public adjusting professionals than any other organization of its kind. Our FEMA recovery team is staffed by top-notch specialists with proven, on-the-ground expertise, whose sights are focused on making sure clients receive every dollar of funding for which they are eligible. Together, the Adjusters International team represents some of the best and most experienced minds in their fields.
