The purpose of this listing is to provide guidance in two areas:

a) Placing all items in the proper category

b) Insuring to value

Complete an inventory for all buildings at each premises.

Premises #_______ Building # _______

Location address:

____________________________________________________________________________________

____________________________________________________________________________________

BUILDING

The applicant might want to consider one of the optional valuation methods available if the market value is considerably less than either the Replacement Cost Valuation (RCV) or the Actual Cash Value (ACV) Valuations. Although there is a surcharge in the pricing, the difference in premium can be significant.

Fixtures – include sprinkler systems, irrigation sprinkler lights, security systems, etc.

Permanently installed machinery and equipment used in production, manufacturing, and processing:

Machinery and equipment used to maintain or service the premises: (This includes fire extinguishing equipment, outdoor furniture, and appliances used for refrigerating, ventilating, cooking, and dishwashing.)

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: The items listed are considered building under the Businessowners Policy (BOP) but not under the Commercial Property Coverage Form.

Add together the building, additions, fixtures, machinery and equipment, service machinery and equipment and, if applicable, landlord property to develop the building value.

BUSINESS PERSONAL PROPERTY

This is all furnishings that are not listed as building above that the named insured either owns or leases:

Note: Do not list business personal property more specifically insured under another policy. Examples are computers, electronic devices, antiques, fine arts, etc. These items can be removed from the limit of insurance because the only coverage provided for it is excess coverage.

STOCK

Stock valuation is selling price less discounts and costs that the named insured would not incur if the stock was damaged or lost. It is calculated as follows:

Note: The amount of stock on hand may vary significantly from month to month. In that case, use the highest monthly value as the starting point and consider using a reporting form.

Improvements and Betterments

If improvements and betterments are combined with business personal property as one limit, they are rated as business personal property. If there is a separate limit for improvements and betterments on the declarations, they are rated as building.

Description:

____________________________________________________________________________________

____________________________________________________________________________________

Original Cost $________________ RCV $________________ ACV $________________

Term of lease __________

Note: If the applicant does not repair the Improvements and Betterments (I&B) at the time of loss, the valuation is determined by dividing the remaining number of 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. 

PERSONAL PROPERTY OF OTHERS

Personal property of others is valued at ACV unless the named insured purchases the PPO RCV extension. This RCV valuation is limited to RCV or the written contract amount value, whichever is less.

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