Currently, it is estimated that 80% of U.S. cities, towns, schools, counties and special districts address some or all of their risk management and risk financing needs through member-owned, member-governed, nonprofit risk pools. Property valuation can be a challenge for risk pools, primarily due to the amount of insured property involved. Many of our risk pool clients have portfolios containing between 5,000 and 10,000 buildings located throughout geographic regions, with corresponding differences in risks and insured values.
Our Canadian practice enjoys longstanding, strategic relationships with several for-profit and not-for-profit risk pools in Canada, with combined insurable values in excess of $100 billion.
Kroll's serves risk pool clients by:
- Ensuring uniform reporting of property values to facilitate an equitable allocation of related premiums
- Confirming the completeness of member-submitted property schedules
- Reporting of primary and secondary COPE data for accurate underwriting and catastrophe modeling
- Establishing an equitable baseline valuation of all member properties
- Valuing properties as new members join
- Responding to underwriters for support of property valuation
- Offering property valuation as a service to attract new members
- Determining insurable values for challenging occupancies including state capitol buildings, cathedrals, power generation facilities, and water and wastewater treatment plants
- Providing 24/7 access to property insurance appraisal data via eRISK, our interactive and secure web-based reporting system
Kroll's has been a pioneer in providing appraisal services to risk pools since the early 1990s and the inception of governmental risk pooling. During each engagement, we work with risk pool executives to refine scope and data needs, conduct pilot appraisals, communicate with members, schedule inspections and review deliverables with the pool and individual members.