Asset Control Solutions,Inc.
Fixed Asset APPRAISAL CONSULTING
Who needs a Private Sector Fixed Asset Valuation?
Any entity that owns buildings and/or equipment
Any entity that has property and casualty insurance and hasn't had a valuation done in a few years.
Any entity that may be party to a divorce or estate.
Any entity that may have more than one owner such as an LLC
Any entity that is planning for the future.
Any entity that wants to save on taxes.
What is “Insurable Replacement Cost Valuation”?
Replacement cost or actual cash value of a building for which standard insurance policies provide indemnity cover. Insurable value is less than the property's appraised or market value because it excludes the value of land on which the building stands. The formula for computing the insurable value is usually stated in the valuation clause of a policy document.
Why an updated valuation is needed?
Current insurance valuation reports assist in the decision making process for property owners, property managers and board of directors to make sure property is properly insured. Under insured property my result in out of pocket costs in the event of a loss and over insured property will result in higher premiums.
Up to date insurance valuation reports also aid in selecting insurance providers as they are able to base their quotes on actual “replacement costs” not estimated values.
Florida Law: In Florida statute 718.111, often called the “condominium law” requires that condominiums have their property appraised at least every 36 months (and also uses the term “Appraisal”)
What is Insured Value?
Amount for which an insurance cover is bought on a building, and the basis on which insurance premium is computed. According to the coinsurance clause, it must not be lower than a certain percentage (usually 80 percent) of the insurable value of the building to be able to claim a partial loss in full.
Replacement costs are derived by calculating the cost of building materials, fees, and labor.
Physical inspection and collection of detailed building material and component data is used with the assistance of Industry standard Core Logic Marshall & Swift software which calculates the values used in the reporting process.Type your paragraph here.