Ensuring that your coverage includes correct property evaluations is a critical step in purchasing or renewing commercial property insurance. Doing so can make all the difference in providing sufficient protection and preventing coinsurance penalties amid covered property losses.
That’s where conducting accurate insurance-to-value (ITV) calculations comes into play.
Generally speaking, ITV refers to an approximation of the full cost to replace or restore insured property.
This article offers more details on ITV, outlines factors to consider when determining a property’s value, explains the pitfalls of property undervaluation and provides best practices for improving property valuation measures.
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Download ArticleThis Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. © 2022 Zywave, Inc. All rights reserved.