Category: Real Estate & Rental Property Risk: Apartments
PROPERTY – INVENTORY
This listing is intended to provide guidance in three areas:
a) Placing all items in the proper category
b) Insuring to value
c) Identifying possible business income bottlenecks
Premises #_______ Building # _______
Location address:
____________________________________________________________________________________
____________________________________________________________________________________
BUILDING
If the market value is considerably less than either the RCV or the ACV
valuations, the applicant might want to consider one of the optional valuation
methods available. Although there is a surcharge in the pricing, the difference
in premium can be significant.
|
|
RCV
|
ACV
|
Market Value
|
|
Building
|
$___________
|
$___________
|
$___________
|
|
Building
Additions
|
$___________
|
$___________
|
$___________
|
|
|
|
|
|
Fixtures – include sprinkler system, irrigation sprinkler lights,
security system, etc.
Description
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
Total
Fixtures
$________________ $________________ $________________
Machinery and Equipment used in production manufacturing and processing
that is permanently installed:
Description
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
Total
M&E
$________________ $________________ $________________
Machinery and equipment used to maintain or service the premises: (This
includes fire extinguishing equipment, outdoor furniture, and appliances used
for refrigeration, ventilating, cooking and dishwashing.)
Description
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
Total Service
M&E $________________ $________________ $________________
Landlord property in furnished apartments, rooms for rent, and common
areas: (This includes appliances, furniture, clothing and bedding, cookware and
consumable supplies including food.)
Note: This is considered a building item under the BOP but not under the
Commercial Property Coverage Form.
Description
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
Total Landlord
Property
$________________ $________________ $________________
Add together the building, additions, fixtures, machinery and equipment,
service machinery and equipment and, if applicable, landlord property to
develop the building value.
Total Building Value $________________
$________________ $________________
BUSINESS PERSONAL PROPERTY
All furnishings not listed above that are either leased or owned:
Note: If computers and other electronic equipment are insured separately, do
not list.
|
Description
|
RCV
|
ACV
|
Market Value
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
__________________
|
$________________
|
$________________
|
$________________
|
|
Total Furnishings
|
$________________
|
$________________
|
$________________
|
Stock
The stock valuation is selling price less discounts and unincurred costs
and is computed as follows:
Selling price of stock on
hand
$________________
Estimated discount
(Selling Price X average discount (%) –$________________
Estimated unincurred costs
(Shipping, handling and packaging) –$________________
Total Stock Value
$________________
Note: If the stock on hand amount varies significantly month to month, use
the highest monthly value as the starting point and consider using a reporting
form.
Improvements and Betterments
If the improvements and betterments are combined with the business
personal property as one limit, they are rated as business personal property.
If the improvements and betterments are shown on the declarations with a
separate limit they are rated as building.
Description:
____________________________________________________________________________________
____________________________________________________________________________________
Original Cost $________________ RCV $________________ ACV
$________________
Term of lease __________
Note: If the applicant will not repair the I&B at the time of the loss,
the valuation is determined by dividing the remaining days of the lease by the
total number of days in the lease and multiplying that factor times the
original cost of the improvements and betterments.
Add together the furnishings, stock and, if applicable, improvements and
betterments to develop the business personal property value.
Total
BPP
$________________ $________________ $________________
PERSONAL PROPERTY OF OTHERS
Personal property of others is valued at ACV unless the PPO RCV
extension is purchased. This RCV valuation is limited to RCV or the written
contract amount value, whichever is less.
|
Description
|
RCV
|
ACV
|
Contract
Amount
|
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
__________________ $________________ $________________ $________________
Total
PP0 $________________
$________________ $________________
