The term “property inspection,” when used generically, can mean the scrutiny of any item for one or more purposes. Usually, a property inspection is made before buying something, such as: When buying an expensive piece of jewelry, having it inspected by a jewelry expert can help you determine if the gem(s) are genuine and if […]
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Risk VS. Reward
In the financial world, an important concept to consider when doing business is “risk vs. reward.” It’s an important concept to understand whenever an investment is being made. Financial institutions take risks whenever they lend money to an individual or a business. The risk is that the loan will be repaid as agreed. If so, […]
“Good and Customary Practices” for a Commercial Inspection
In 1999, ASTM Standard E2018-99 was published by the American Society for Testing and Materials, outlining what’s considered “good and customary practice” for commercial property inspections. The Standard was written to demonstrate what’s considered proper in conducting what’s called a baseline Property Condition Assessment, or PCA. As a commercial property inspector, you’re no doubt familiar […]
Inspection Technology Allows For Remote Viewing
Ever-advancing property inspection technology allows for insurance inspections to be quicker, easier, more accurate, and cost-effective.
How Insurance Risk Factors Into Insurance Underwriting
As an insurance underwriter, your number one concern when writing a policy is the level of insurance risk you perceive being represented by the proposed insured. Different Policy Coverages for Different Risks If you’re an underwriter handling primarily life insurance policies, the main risk you’re faced with is how likely the insured is to die […]
Why Require an Insurance Inspection?
As an insurance underwriter, an important factor in your decision-making regarding whether or not to offer a particular policy, and at what price, may hinge on the results of an insurance inspection. Whenever an item or individual is being considered for insurance coverage, a first-hand inspection can be a necessary part of the process. An insurance policy […]
Insurance Risk Levels and Types
Risk, simply stated, is the probability that an event could occur that causes a loss. For an insurance company, risk will determine whether or not they may have to pay a claim. The amount of perceived risk being underwritten by an insurer will be used by you, the underwriter, to decide whether or not an insurance […]
The All-Important Residential Insurance Inspection
An insurance inspection of a residential property is something that, although not required of all properties prior to issuance of a homeowners’ insurance policy, is required of many. Some of the reasons for you, as an insurance company underwriter, to order a home insurance inspection include: The property being considered is an older home The insurance […]
Heightened Insurance Risk Posed By Climate Change
Natural disasters and climate change have been on peoples’ minds for several years and, if you’re involved in the P&C insurance industry, is a main concern affecting insurance risk. Natural disasters have been increasing in both frequency and severity, which means insurance payouts on policies covering these types of events have also increased in frequency and […]
The Value and Anatomy of a Commercial Inspection
A commercial inspection, also called a commercial building inspection or known as a property condition assessment, may be done for lenders, real estate investors, or insurance company underwriters. This inspection is needed in order to understand the condition of a particular property. This should include a property condition report detailing each building system and describing […]
