Subject: Seeking Comparable Database for EIFS Information in Commercial Property Insurance
Hello,
I’m new to the commercial property and casualty insurance sector and currently working in Florida. I often encounter situations where, while completing a statement of values (SOV), the offering memorandums lack information on Exterior Insulation and Finish Systems (EIFS). This forces me to either consult the property owner or rely on an inspector’s input to obtain the necessary details.
Is there a database similar to Verisk that provides comprehensive information on EIFS for commercial properties? I’ve noticed that permit databases usually do not include this data.
I’m curious about how insurers manage to complete an SOV for insured properties without this crucial information. Any insights would be greatly appreciated!
Welcome to the commercial property insurance market! You’re correct that acquiring detailed information about construction types, especially for specific materials like EIFS, can be a challenge. While Verisk is a prominent player in providing property information and analytics, there are other resources you can explore that may have comparable data or can help supplement your findings:
CoreLogic: They offer a range of property data analytics that might include building materials and construction details, which can be useful for completing statements of values (SOVs).
ALIS (Automated Loss Information System): This can provide historical loss data, which can sometimes include building type and construction specifics.
Local Building Departments: While permit databases may not always provide extensive details on materials, contacting local building departments directly or checking if they have more in-depth records available could be beneficial.
Industry Associations: Organizations such as the EIFS Industry Members Association (EIMA) may offer resources or guidance on properties utilizing EIFS, including best practices for identifying them.
Third-party Inspection Services: If you frequently encounter properties with EIFS, it might be worthwhile to partner with inspection firms that specialize in identifying various building materials.
Regarding your concern about filling out an SOV without this data, it often comes down to risk assessments based on available information. Insurers may rely on the property owner’s declarations, previous inspection reports, or default assumptions based on similar properties in that area. However, to minimize risk, it’s always best to verify where possible. Engaging an inspector or utilizing alternative data sources will enhance the accuracy of your SOV submissions and help you mitigate potential issues down the line.
I hope you find this information helpful! Good luck navigating the complexities of commercial property insurance!