Frequently Ask Valuation Questions
Q - What type of assets can be valued through this platform?
A - The Property Insurance Valuation Platform App offers automated and Expert/Desk Valuations for Buildings. You can purchase Exert Valuation time; a team will review, and value a Building, machinery, or equipment.
Q - What are the required data fields for an Adequacy Building Assessment?
A - The following fields are required for an Adequacy Building Assessments Building Occupancy, Sum Insured, Country Name, and Gross Floor Area.
Q - What are the required data fields for an Automated Building Valuation?
A - The following fields are required for an Automated Building Valuation Building Occupancy, Sum Insured, Country Name, and Gross Floor Area.
Adding optional data such as the Number of Floors, Average floor height, wall type, and frame type will increase the accuracy of the Automated Building Valuation.
Q - Can anyone send a Building for Automated Valuation?
A - Users with client roles within the Property Insurance Valuation Platform App can send Automated Valuations.
Q - If a user is removed from the Organization, will the Valuation results be deleted?
A - No, Valuation data is stored in the Organization's database and not connected to specific users.
Q - How does the data entry process work?
A - Data can be entered manually or automatically through the Data Import feature and integrations.
You can manually collect data using forms on the Property Insurance Valuation Platform App. You can edit all forms according to your priorities and data gaps.
Q - We have a location that needs some data points. How can you help us close those data gaps?
A - We have survey flows built into the system where you can send a single building to a third party and request information. Survey flow enables you to choose and engage clients or risk engineers/underwriters at any point. Based on your requirements, please provide access to the survey portal to some of your clients and team members so that you can send a building to them and request information.
The Property Insurance Valuation Platform App lets you centralize all relevant details and sync information from different sources like risk engineers, underwriters, and the executive team.
Q - Can we submit multiple Buildings on one Valuation at one location?
A - Each building in that location needs to be entered separately in the Property Insurance Valuation Platform App. Currently, the Automated Valuation algorithm works on a Building basis.
Q - Will users get notified when an Automated Valuation is complete?
A - If you are signed in, you will see a pop-up notification showing the Automated Valuation process is complete and reports are ready.
Q - Does the Automated Valuations System work with multiple building configurations (e.g., constructions, use, heights, etc.)?
A - Yes, each Building needs to be entered separately in the Property Insurance Valuation Platform App. The Automated Valuation algorithm can work and estimate various construction types, heights, and occupancies.
Q - Do Automated Valuation results get reviewed before sending them to us?
A - No, some automated procedures are in place to flag Buildings that do not meet the Automated Valuation criteria. Once the Automated Valuation results are ready, they will be displayed to you automatically. Blocks of desk valuation time can be purchased, and buildings can be flagged for further review by Kroll TM Analyst.
Q - Can we get a Desktop Valuation if we need one?
A - Kroll's Desktop Valuation time can be purchased in blocks, and Buildings can be flagged and sent for review or Expert Valuation. The results and comments will be sent back to you, and you can access all that data on the Property Insurance Valuation Platform App.
Q - Do we have to pay for Automated Valuations if the value is off and a Desktop Valuation is needed?
A - To run a property through Desk Valuation or Expert Review, you must buy blocks of time based on the number of properties and Valuation complexity. Subscription, Adequacy, and Automated Valuation fees are not included in this fee.
Q - What is the turnaround time for Automated and Expert Valuations?
A - As long as the data entered is accurate and complete, an Automated Valuation takes seconds.
For Expert Valuation, the time varies based on the Analyst's capacity and the complexity of the Valuation.
Q - Does the service only apply to UK properties?
A - No, the Property Insurance Valuation Platform is driven by high-quality data with global coverage and offers Valuations for properties around the globe.
Q - Do you know if insurers will accept your results as accurate enough to remove the average clause from their policies?
A - No, We need to work with insurers to get this sign-off.
Q - How often do you update the inflations database?
A - We update our data monthly, annually and quarterly to adjust for the latest trends and rates.
Q - Can you upload the SOV (Statement of Values) and download the Valuation estimations in bulk?
A - You would need to add the SOV data to a data import template. In the template, you can attach those buildings to an account, broker, client, etc. You can upload data files to the system and send that account for Automated Valuations, which will send all Building details to the algorithm to calculate the replacement cost. You can export those results via Excel, Word or PDF.
Q - How does the Valuation algorithm work? How do you calculate Valuation?
A - The Property Insurance Valuation Platform App's algorithm is built based on the knowledge and experience of Kroll’s Global Valuation team and its proprietary databases and reference costs.
Q - How does the Flagged for Review work?
A - When a Building is Flagged for Review, your Analyst at Kroll will be notified. You can add comments to the Building to communicate with the Analyst. The Analyst will review the Building and get back to you with a resolution.
Q - Does the Property Insurance Valuation Platform intake Occupancy and Construction detail based on NACE/ATC/RMS codes?
A - Our Building Types are separate from any specific Occupancy Code/Naming Convention, as there are countless conventions, and they tend to be more specific than we need. So, we use a more general description mapped to your Occupancy Codes.
Q - We have one construction type which captures Floor/Roof. Does this significantly change the RC output quality if we do not include wall construction?
A - The Frame Type can change the unit cost by -4.8% to +9.7%. Wall type can change the unit cost by -29.8% to +76.6% (e.g., it would be an Industrial Light building built out of stone).
Q - How are demolition and debris removal fees calculated?
A - A 7% allowance, based on available industry and loss data, for debris removal and demolition on a property is applied to the construction cost for all countries except the UAE, where the rate is 5%. The allowance excludes any potential increases in costs associated with asbestos or other materials. The allowance applies to the overall building construction cost. These costs are derived using local labor and construction costs. Therefore, the debris removal cost will reflect the regional costs accordingly.