Qualified. Professional. Industry Leading. Commercial Appraisals for Insurance Purposes
Appraisals for Insurance Purposes
Should your property suffer an insurable loss, a current Insurance Appraisal provides a clear path to prompt payment from the insurance company. It is the responsibility of the insured to prove the loss. An Insurance Appraisal enables you to rebuild without unnecessary delay.
An Insurance Appraisal reduces the higher premiums related to being over-insured, and alleviates the potential devastation of being under-insured.
If in a Co-Insurance Clause, a Qualified Appraisal is essential to ensure proper coverage. If underinsured while in this clause, the results could be financially shocking. As a Co-Insurer, you could be responsible for a portion of the costs related to the rebuild. These losses can be prevented by an up to date Insurance Appraisal.
We offer free Annual Updates so you are ready for your next insurance renewal. Please ask us about our Annual Update Program.
An Insurance Appraisal is an Estimate of the Replacement Cost New of the insured real estate, not considering land value and depreciation. We consult regularly with brokers and other industry professionals to ensure our inclusions are kept current.
An Appraisal for Insurance Purposes, as calculated in our reports and in so far as insurance is concerned is: the cost to construct a similar new structure with like type and quantity of modern materials, taking into consideration any by-law endorsements and building codes that have been enacted since initial construction. Additional services and fees associated with a loss are also included, such as demolition and debris removal.
Please contact us for a quotation or to learn more about Appraisals for Insurance Purposes.
Standard Insurable Unit Descriptions
The Alberta Condominium Property Act and Regulations now require Condominium Corporations to develop and adopt an SIUD for all classes of residential units.
The SIUD is a description of what the Corporation is responsible for insuring within the residential unit boundaries. Betterments and Improvements should be excluded from the SIUD however, the Corporation may be subject to additional insurance requirements.
It is the onus of the Corporation to create their SIUD and establish the level of detail contained therein. Professional assistance is recommended. Our format was created in consultation with insurance brokers, lawyers and of course our professional appraiser.
Gardiner Appraisals will draft an initial Description for the Corporation’s review, revision and subsequent approval. Our format includes:
- A detailed Introduction including allowable uses and limitations;
- An overall quality-of-features description;
- An inventory of typical fixtures and finishing within the unit boundaries;
- Interior floorplans, when available;
- And supporting photographs, if applicable.