With our former Novum, we already mentioned the importance of an appraisal report. With the said report, AIC will convert an Open Policy to a VALUED POLICY.
Afterward, we will be advising the insurer about the VALUED POLICY and APPRAISED VALUE CLAUSE. Such, during claims settlement procedure there will be NO HASSLE. The insurer will allow the computations in the appraisal report.
Many of our clients have experienced, it is not easy to produce a correct appraisal report. Ins some cases, there are big discrepancies on the appraised value & the replacement value according to our clients. The primary reason is the lack of information produced by the client itself.
If the appraiser will not be well informed, then the probability of committing a mistake is high. Thus, here are the most important required documents/information:
- Building plans/per floor = year constructed
- Construction cost = list of improvements
- List of hidden and valuable constructions = purchase bills/receipts
- List of executive material
To speed up the appraisal procedure, AIC developed a summary of the most important structural and finishing components. Every client who wants to have his property appraised will receive this list, to be filled in before the appraiser will do his work.
With this summary, drawings, plans, etc., the appraiser can produce a better and credible appraisal report. With this developed claims settlement clause, along with the clauses, AIC will be able to offer faster & justified claim settlements on a fire insurance policy.
We believe that through this initiative, AIC can better serve & protect its client.