"Replying to this even though this is an old thread.
I agree with your point, different insurance companies come up with a different rebuilding cost which could affect
the "sale". Similar to the central database/s we have for autos we could…"
Wendy Hayden's Discussions
ITV - Insurance to Value
Started this discussion. Last reply by Gouri Kulkarni Mar 13, 2012. 19 Replies 0 Likes
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Linda Hubert replied to the discussion 'ITV - Insurance to Value'"Why not rely on experts who are trained in the building industry to come up with the building costs? Perhaps a homeowner could get an estimate to rebuild their house from a local contractor, or a commercial building owner could go to a firm that…"
"Here is a recent daily news item that may be of interest at canadianunderwriter.ca related to the ITV cost calculator issue: Canada's Competition Act negates dream of a single cost calculator: IBC"
Kerry Diehl replied to the discussion 'ITV - Insurance to Value'"I replied earlier to this, but now that I read more comments, and look at the original comments, the more I just want to stand up and ask everyone to chill out! that is - the industry, not the people posting. the purpose of the replacement cost…"
Stephen Tang replied to the discussion 'ITV - Insurance to Value'"Hi Chris, I can't agree more with what you said. Please see my general comments on this subject. With respect, too many brokers/underwriters think that they are experts on rebuilding cost and overgeneralise the whole issue. There is no…"
Stephen Tang replied to the discussion 'ITV - Insurance to Value'"I can't agree more with what Chris Lorne voiced in his comments on jan 29, 2010. Let's be frank about ourselves, take proud of what we do and remember where we come from. We are all in the insurance profession, not with building appraisals…"
"The cover feature article of Canadian Underwriter magazine’s FEBRUARY 2010 issue which has now been released is focused on the Insurance To Value (ITV) topic:
Mind the Gap
Insurance to value (ITV) data problems are now widely known in the…"
Glenn Norris Lau replied to the discussion 'ITV - Insurance to Value'"13 million homes yes.
And like it is on the insurance applications, most of these homes follow very standardized building structures / codes ...etc. If we can come up with algorithms that can predict when the world is going to end(think of all the…"
A discussion by Wendy Hayden was featuredITV - Insurance to Value
What are instouch readers’ views towards solving the ITV issue?There has been much discussion by various stakeholders within the general insurance industry about the issue of ITV:• Broker associations recommend guidelines• Insurers create protocols for accepting new and renewal business• Service providers offer their own unique cost evaluationsHowever, a definitive solution remains a challenge as guidelines, protocols and evaluations do not produce consistent and predictable results. Guaranteed…See More
Cody Sarty replied to the discussion 'ITV - Insurance to Value'"Its not that a broker/agent should know be qualified. Yes it is up to the insured but if they say the value should be lower then say the Beork RCT then the companies are still going to base GRC on the Replacement cost calulator. All i was stating…"
Chris Lorne replied to the discussion 'ITV - Insurance to Value'"Brokers/agents etc are not qualified to provide valuations- be it for personal lines or commercial. The E&O risk is huge, and I for one would refuse to get involved in the providing estimate valuations. By all means, a broker can indicate if…"
Randy Drysdale replied to the discussion 'ITV - Insurance to Value'"There are over 13 million houses in Canada according to Stats Canada. Everyone wants a piece of software that will allow them to calculate the rebuilding value of every dwelling to the exact dollar. They also want that software to work seamlessly…"
Mike O'Grady replied to the discussion 'ITV - Insurance to Value'"Cody..... well stated! Unfortunately here in Ontario, I see the companies catering to the lazy or dumb ass brokers and we all get painted with the same brush too often. I think companies should INSIST on as you say, inspect, get photos and provide a…"
Cody Sarty replied to the discussion 'ITV - Insurance to Value'"Here in alberta i have seen many homes i have placed that the prior brokers had way under insured. Many clients with homes valued much less then $90 sq ft. Rather then the $250 + depending on the home. The company i am with actually makes the agents…"
Linda Hubert replied to the discussion 'ITV - Insurance to Value'"For commercial properties we request the client get a replacement cost appraisal from a firm that does that sort of thing all the time. An appraisal company would keep up to date with the construction industry's costs in order to give a proper…"
Profile Information
- Current Title
- Insurance Professional
- Past Employment/Experience
- National Manager Placement, Group Risk Solutions at Aon Reed Stenhouse Inc.
Vice President Mid Market Commercial Insurance at Zurich Canada
Commercial and Personal Lines Divisions at RSA, Royal Sun Alliance
- Education
- CRM, Global Risk Management Institute Inc.
FCIP, Insurance Institute of Canada
BA, University of Toronto
- Location
- Toronto, Ontario
- Professional Summary
- Insurance and risk management expert for small-medium-enterprise businesses - experienced in developing and implementing creative solutions to complex underwriting and marketing issues. Demonstrates imagination and enthusiasm for change and problem solving. Proven ability in working with diverse groups to achieve optimal performance.
Specialties:• Insurance operations - leadership, branch and territory management, staff development • Commercial and Personal Lines • Strategic Management - underwriting, marketing, product and business development
- Associations and Groups
- Insurance Institute of Canada, National Academic Council, Member
Insurance Institute of Ontario, Governing Council, Vice President - Academic Division
York Condominium Corporation 435, Board of Directors, Past President
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