November 9, 2020

Property Insurance Appraisal Reveals Agency Under-Insured to the Tune of $680 Million

Client Profile

Industry: Govenrment
Entity Type: Joint Powers Authority
Geographic Footprint: California
Annual Revenue: $118.5 Million
Number of Employees: 50 - 100

Public SectorIssue

A government agency structured as a Joint Powers Authority required a member-wide appraisal. The agency was unsure of each member’s reported Total Insurable Value (TIV), and accuracy of the number of reported properties on members’ Statements of Values (SOV). It suspected that because of the incomplete or inaccurate data, it might be under-insured on a global level with premium dollars left on the table. The agency also received push back from carriers regarding accuracy of its members’ property values, Construction, Occupancy, Exposure Protection (C.O.P.E.), and underwriting data.


CBIZ’s appraisal valuation specialists collected new C.O.P.E. and underwriting data on each appraised building and location to provide the Replacement Cost New values. Our practitioners looked at blueprints, collected and analyzed each member’s SOV, and scheduled the on-site inspections. We provided property insurance appraisals for all owned buildings, factoring in occupancy and insurable land improvements.


We confirmed the agency’s suspicion when we found a +13% variance, over $680 million of total building value. We also discovered a -46% increase variance, over $327 million of building content values. Along with supportive values, we provided an accurate and uniform SOV for all members that satisfy their underwriter’s requirements. With over 100 members throughout the state, the agency had an extensive reach, but we leveraged our resources to complete the project in the given time frame.

Download our case study

Copyright © 2020, CBIZ, Inc. All rights reserved. 

Accelerated Recovery Resources

Access articles and tools to help your business generate cash, improve leverage, and align & transform as you recover from the pandemic.

COVID-19 Resources

Access all COVID-19 related articles to help your business respond to the pandemic.

Insights in Your Inbox