Overview
A User can Complete a Building Valuation submitted for Expert Valuation review by following the steps below. Completing a Building Valuation sent for Expert Valuation review moves the Valuation from the Flagged For Expert Review to Expert Valuation Complete.
Relation Information/Setup
Please see the article Submitting a Building for Expert Valuation for information on creating a Building for Expert Valuation.
Navigation
- From the Home screen, click the Navigation Menu and select Valuations from the dropdown menu.
Navigation Menu
- From the Get Valuations screen, click the Flagged For Review link.
Flagged For Review Link
- From the Flagged For Review screen, click a Building Name on the Building Flagged for Review section on a Building Valuation tagged as Send for Expert Review.
Building Name Link
Completing a Building Valuation Flagged for Expert Review
- From the Details tab, review the following information and apply changes where necessary:
Details Tab
- Location: Click the Add Existing Location link to group the Building into a site/location.
- Building Name: The Building Name field displays the internal Building Name. The Building Name can be used to identify the Valuation in the system.
- Country Name: The name of the country where the Building is located.
- Location: The Build's address. The Location will also appear on the Map below the Location field.
- Valuation Summary Report: The Valuation Summary Report button will redirect the User to a Summary Report of the Building Valuation.
- Building Image: The Building Image field allows Users to upload an image of the Building by dragging and dropping an image in the designated area or selecting the designated area and selecting an image from the connected PC.
Adequacy Estimator Tab
Adequacy Estimator Tab
- Value Adequacy: The Value Adequacy field will display the Building Valuation's current Value Adequacy Results:
- Low Risk: Low Risk indicates a less than 10% gap between the Client's Declared Value and the Replacement Cost Value.
- Med Risk: Medium Risk indicates a 10% to 25% gap between the Client's Declared Value and the Replacement Cost Value.
- High Risk: High Risk indicates more than a 25% gap between the Client's Declared Value and the Replacement Cost Value.
- Over Insured: Over Insured indicates the Client Declared Value exceeds the Replacement Cost Value.
- Client Declared Value - Building: The Building Client Declared Value is the Building's replacement cost if a rebuild is required. The risk of a building and portfolio can only be accurately assessed if the Building Client Declared Value is accurate.
- Review Flag: A user can manually flag a Valuation for review. If this happens, the Review Flag field will show No Flag, indicating that the review request was made manually. The system will automatically flag Valuations for review if they meet one or all of the following criteria:
- A Client Declare Value is greater than $50 million.
- The building has more than 15 floors with an average floor height greater than 15 ft.
- The building is historically listed.
Valuation Summary Tab
Valuation Summary Tab
- % Under Insured: The % Under Insured field displays the Building Valuation Adequacy Results:
- Low Risk: Low Risk indicates a less than 10% gap between the Client's Declared Value and the Replacement Cost Value.
- Med Risk: Medium Risk indicates a 10% to 25% gap between the Client's Declared Value and the Replacement Cost Value.
- High Risk: High Risk indicates more than a 25% gap between the Client's Declared Value and the Replacement Cost Value.
- Over Insured: Over Insured indicates the Client Declared Value exceeds the Replacement Cost Value.
- Client Declared Value - Building: The Building Client Declared Value is the Building's replacement cost if a rebuild is required. The risk of a building and portfolio can only be accurately assessed if the Building Client Declared Value is accurate.
- Total Replacement Cost in local currency: The Total Replacement Cost in local currency field is the Building's replacement cost if a rebuild is required in local currency.
- Inclusions: The following elements are included in the Total Replacement Cost calculation, buildings, structures, civil work, foundation type, piling, building services, soft cost fees for rebuilding, debris removal, and demolition expense.
- Exclusions: The following elements are excluded from the Total Replacement Cost calculation, costs of general site preparation, land improvements, land values, replacements due to building codes, interests, financial charges, change in replacement concept, process design or redesign, Value Added Tax (VAT), contamination clean-up, allowances for cost increases.
- Amount Under Insured: The Amount Under Insured field will display the amount the Building is over or underinsured.
- Valuation History: The Valuation History section will show a summarized entry for each Building's completed Valuations.
- Workflow State: The Workflow State field shows the Building Valuation's current workflow state.
- Valuation Type: The Valuation Type field shows the Completed Building Valuations type (Automated, Expert, etc.).
- Valuation Date: The Valuation Date field shows the date and time the Building Valuation was completed.
- Building Occupancy: The Building Occupancy field shows the Building's Occupancy Type.
- Local Currency: The Local Currency field shows the country code for the Local Currency used in the Valuation.
- Total Values in local currency: The Total Replacement Cost in local currency field is the Building's replacement cost if a rebuild is required in local currency.
- Reporting Currency: The Reporting Currency field shows the country code for the Local Currency used in the Valuation.
- Total Values in Reporting Currency: The Total Replacement Cost in local currency field is the Building's replacement cost if a rebuild is required in reporting currency.
- Concluded Value Adequacy: The Concluded Value Adequacy field displays the Building Valuation Adequacy Results:
- Low Risk: Low Risk indicates a less than 10% gap between the Client's Declared Value and the Replacement Cost Value.
- Med Risk: Medium Risk indicates a 10% to 25% gap between the Client's Declared Value and the Replacement Cost Value.
- High Risk: High Risk indicates more than a 25% gap between the Client's Declared Value and the Replacement Cost Value.
- Over Insured: Over Insured indicates the Client Declared Value exceeds the Replacement Cost Value.
Building Details tab
Building Details Tab
- Building Occupancy: A Building Occupancy type categorizes Buildings based on primary use. Expert valuations should review Other Building or Not Specified occupancy types.
- Building Client Declared Value: The Building Client Declared Value is the total amount the Building is covered if a rebuild is required. The risk of a building and portfolio can only be accurately assessed if the Building Client Declared Value is accurate.
- Local Currency: The Local Currency is applied to the Building Client Declared Value field. The Local Currency field will default to the user-defined currency selected during the system setup.
- Reporting Currency: The Report Currency is applied to the Building Client Declared Value on all reports. The system will use the Local Currency when displaying the Building Client Declared Value field on reports if a Reporting Currency is not selected.
- Gross Floor Area: The Gross Floor Area determines the Building's replacement cost. The Gross Floor Area is calculated by multiplying the Building's footprint by the number of floors (including the basement). For Building with floors that are not the same size, you must calculate the area of each floor and add the floors together.
- Footprint Area: The Footprint Area is the land the Building covers with its exterior walls.
- Building Total Height: The Building Total Height is calculated by measuring from the highest point to the lowest point of the Building.
- Floors: The number of floors within the Building from the ground floor up.
- Average Floor Height: The Average Floor Height is calculated by dividing the Building's total height by the number of floors.
- Frame Type: The Building's Frame Type.
- Unit of Measure for Area: The Unit of Measure for Area field is the unit used to measure the Gross Floor Area and Footprint Area fields. The system will automatically default to Square Meters.
- Unit of Measure for Height: The Unit of Measure for Height field is the unit used to measure the Building's Total Height and Average Floor Height fields. The system will automatically default to Meters.
- Listed: Indicates whether the Building is listed as a historical or heritage Building, either Yes (historical) or No (not Historical). Historically listed Buildings are best suited to be valued by an expert.
- Wall Type: The Building's Wall Type. If more than one Wall Type is used, select the predominant Wall Type unless a more expensive Wall Type is used.
Building Systems
Building Systems
- Roof Type: The Roof Type field allows Users to select the Building's Roof Type from the dropdown menu.
- No of Passenger Lifts: Enter the number of passenger lifts (elevators) in the Building, if applicable.
- No of Goods Lifts: Enter the number of goods lifts (elevators) in the Building, if applicable.
- No of People Per Lift: Enter the number of people allowed to use the passenger lifts (elevators) at a time, if applicable.
- Capacity Per Lift: Enter the lift weight capacity.
- Sprinklers - % Coverage: Enter the sprinkler coverage using a percentage.
- No of Car Park Spaces: Enter the parking spaces available in the parking lot.
- Central HVAC: Select whether the Building has a Central HVAC system from the dropdown menu.
- Click Sent For Expert Valuation.
Sent For Expert Valuation
- From the Sent For Expert Valuation dropdown menu, click the Expert Valuation Complete link.
Expert Valuation Complete Link
- The screen will refresh, loading the Flagged For Review screen. A system notification will appear at the top of the screen indicating that the Transition was successful, moving the Building Valuation to Expert Valuation Complete.
- The Building Valuation will no longer appear in the Building Flagged For Review section. Instead, it is now accessible from the Competed Reviews section.
Completed Reviews Section