"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
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
"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"As an addendum to the above and to provide clarity to my earlier comment on ITV, I really mean't to say that it is hard to predict actual labour costs at the time of rebuilding due to economic influences, eg. if the loss happens when there is a…"
"Hi Wendy, One thing that usually gets missed in rebuilding costs when ITV's are done is the cost of labour to rebuild.. This is an largely influencing factor that must be taken into account to reflect true rebuilding costs. Appraisals and other…"
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
CRM, Global Risk Management Institute Inc.
FCIP, Insurance Institute of Canada
BA, University of Toronto
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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