Statement of Values?

[Jerbond]

I need to ask the experts.
I am working on my first condo association. Underwritting is asking me for a statement of values. What is this, who would have this info? Please advise.

 

[moonlightandmargaritas]

Statement of values?

They (the underwriters) want to know how the condo association feels about Roe vs. Wade, and if they support the decision.

 

[Fisher]

Jer, call underwriting and ask them. Might get a little more accurate of a response.

I'm just sayin'...

 

[briko3]

Reply to their e-mail with this:

I'm sorry to ask such a simple question, but I'm new to this. what exactly do you want when you ask for a "statement of values".

I'm dead serious. I wrote e-mails like that all the time when I first started out.

 

[Jerbond]

O.k. I just got the 411

A.K.A SOV

It's an acord or Xcel sheet listing which reflects each building replacement cost, cost for pool/jacuzzi, walks, streets, Business Personal Property, Fences, Car Ports, Laundry rooms, Association Fees etc.

I've seen this before, I just didn't know that's what it was called!

 

[Bertolinoins]

If you can get a copy of the current policy you will know the statement of values the other carrier is using for their rating basis. Condo forms with Travelers, CIG, One Beacon, Fireman's Fund, CIBA, etc are written on a blanked basis so you don't have to be perfect. Feel free to PM or email me any questions that come up on this HOA. My agency writes 60+ HOA's and I have an agent that knows the markets (Pkg, D&O, Fidelity,WC) and coverage forms for our carriers and competitors (farmers and allstate mostly) inside and out.
- - - - - - - - - - - - - - - - - -
Tries to write "written on a blanket basis" but I am typing on an iPhone with big hands.

 

[Taliesen]

Bertolinoins hit the nail on the head.

It has been my experience with my condo associations that the President usually has a Statement of Values on file that they can give you - which is a breakdown, per location, of the value for each building (Or you can see it on their current policy).

As Bert said - many of the competative companies write it on a blanket basis and sum the 'statement of values' to create that blanket limit.

Also - as many said before, do not be afraid to ask your underwriters these questions. We all had to start out fresh at one point - they'll understand. If they don't then they aren't doing their job by giving you the support and background you need. When I first started in this field of business I had only one underwriter who was rude - and that was quickly taken care of after I spoke with his supervisor. Since then he and I have formed a great relationship and continue to write business together.

Good luck!

 

[Bertolinoins]

Another thing you can do is check if the HOA has their own website... almost all large ones do and even many small associations are getting websites. The association managers usually post the insurance information (copy of cert)on the website so the residents, realtors, escrow people know who to bother for a cert when buying within the association.