Posts by StempleCrites
The Changing Value of Property Risk
Environmental and economic factors have driven surges in both commercial property losses and insurance premiums. How can companies ensure they are properly valuing their property risk and obtaining adequate insurance coverage? Over the past two years, commercial property insurers have experienced unpredictably high loss costs. These losses have been attributed to a number of factors,…
Read MoreStempleCrites Volunteer Outing
On Wednesday, April 21st, StempleCrites volunteered through the Piedmont Park Conservancy to assist in the sustainability and transformation of Piedmont Park. We spent the morning helping to weed, spread mulch, prune shrubs, and pick up litter, while learning which team members were most squeamish when coming across snakes during our activities. We picked this service…
Read MoreReport Accurate Property Values to your Underwriter
“We are usually aware if values are under reported and rates are adjusted upward to reach needed premium level”. – Senior Underwriter Periodically we have discussions with underwriters. Recently they indicated a ground-swell of concern over inaccurate property values. Not over or under, but inaccurate. Property values are used to set premiums and measure risk exposures, such as MFLs. When…
Read MoreAre your property limits adequate or are you mis-insured?
The hard property market for the past few years has had a huge impact on the terms and conditions of property policies. Higher premiums generally get most of the headlines, along with larger deductibles, but behind that, insurers are examining their book of business and exposures, and hence have cut back on their capacity offerings,…
Read MoreStempleCrites celebrates 3rd Anniversary
StempleCrites LLC just celebrated its 3rd Anniversary (8/1/20). The past year has seen our business continue grow, prompting a new(ish) location which allowed us to appropriately space in this locked-down world. We hired two full-time employees Brody Helline, ASA and Ian Groves (Guys, thanks for all your hard work and not panicking as the business landscape morphed before our eyes).…
Read MoreGrounded
We have logged millions of airmiles during our careers to meet with clients and inspect assets, and we expected to add to that total this year. The pandemic has temporarily put an end to that, having slowed the economy to a crawl and even more drastically impaired our ability to travel worldwide for our clients.…
Read More“Can you perform a desktop appraisal?”
The number one business question I am getting right now is, “Can you perform a ‘Desktop’ appraisal?” Can appraisals be done via desktop? – Yes. Should appraisals be done via desktop? – Well, that depends. Any appraiser will tell you they’d prefer to see the asset(s) being valued, for a multitude of reasons. The biggest…
Read MoreStempleCrites article published by the CPCU in Spring 2020 issue
The CPCU Society published an article written by Mark Crites in its most recent issue. The article “A Look at How Inflation, Mergers and Acquisitions, and Location Affect Insurable Values You Report” covers what Risk Managers, Brokers and Underwriters should be aware of to produce accurate insurable values. The article can be accessed below: https://www.stemplecrites.com/wp-content/uploads/2020/03/CPCUSocietyINSIGHTS_Spring2020_SC_Article.pdf
Read MoreInsurers push back on bad property estimates
Posted On: Feb. 1, 2020 12:00 AM CST Claire Wilkinson Commercial property valuations in insurance contracts are garnering heightened scrutiny in a hardening market as insurers burned by unexpectedly large claims in recent catastrophes seek to tighten underwriting standards, according to industry experts. As part of their increased diligence around valuations, property insurers are sometimes…
Read MoreStempleCrites presenting at Atlanta RIMS Educational Conference
Mark Crites will be presenting at the 2020 Atlanta RIMS Educational Conference on February 13, 2020. His topic will be Rate x Value. It’s more than just a Premium Calculation. We look forward to catching up in between sessions at the conference on February 13th and 14th at the Westin Atlanta Perimeter North.
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