Statement of values
Coverage · Cloudbreak team · Updated October 29, 2026 · 10 sources
Definition
A statement of values (SOV), also called a schedule of values, lists each insured location and building with the 100% value of each type of property there, such as the building, business personal property and business income, and whether each value is actual cash value or replacement cost.1
How it works
The SOV is the insured's own report of what its property is worth. Underwriters price the policy and set its limits from it, and several policy provisions tie what can be collected after a loss to the values reported, so a value set too low can cap a claim.
On ACORD 139, a standard industry form, each row is one building at one location: an address and short description, the type of property being insured, its valuation basis and its value. The insured signs that the values and locations are correct to the best of its knowledge and belief.1
Adding every value on the schedule gives the total insurable value (TIV): the full value of covered property plus business income and any other covered interests.
A blanket limit is one limit that applies across more than one location, more than one type of property, or both. Because a blanket limit is built from the reported values, insurers rely on the SOV to rate it and to check that the limit fits the property.
How reported values limit a claim
Agreed value coverage suspends the coinsurance clause until a set expiration date. Insurers usually require a statement of values signed by the insured before they grant it.2
A margin clause limits what can be collected at one location to a set percentage of the values reported for it, normally above 100%, such as 110% or 125%.3
A per occurrence limitation of liability provision caps what can be collected at the reported value itself. Both provisions are nonstandard and are typically attached to blanket limits, which turns a blanket limit into a set of per location limits.4
Example
Example values for two apartment buildings at separate locations, laid out in ACORD 139's columns:1
| Loc / Bldg | Subject | ACV or RC | 100% value |
|---|---|---|---|
| 1 / 1 | B (building) | RC | $6,000,000 |
| 1 / 1 | BPP | RC | $250,000 |
| 1 | R (rental income) | n/a | $900,000 |
| 2 / 1 | B (building) | RC | $4,000,000 |
| Total | $11,150,000 |
With a 110% margin clause, the most collectible at Location 2 is $4,000,000 x 110% = $4,400,000. With a per occurrence limitation of liability provision alone, it is the $4,000,000 reported. If rebuilding the Location 2 building costs $5,000,000, $600,000 is above the margin clause cap.3,4
- Most collectible: 110% of reported value$4,400,000
- Above the cap$600,000
- Total$5,000,000
Agreed value is set in the declarations. Under CP 00 10's Agreed Value option, the insurer pays no more than the proportion the limit bears to the agreed value. With an example agreed value of $10,000,000 and a $9,000,000 limit, that is no more than 90% of a loss.6
Where you'll see it
- ACORD 139, Statement of Values (2004/03 edition), the usual industry form. It has one row per location and building number, with the subject of insurance, ACV or RC, and the 100% value, with the agency, company, policy number and coinsurance percentage at the top. Subject codes include B for building, BPP for business personal property, BI for business income, R for rental income and S for stock.1
- ISO CP 16 15, Statement of Values (July 1988 edition), used to get a blanket average rate. Its notes say minimum coinsurance for a blanket average rate is 90% and the form or its equivalent must be filed annually.7
- Policy provisions such as margin clauses and per occurrence limitation of liability provisions, which refer to the values on the SOV.
- Lender reviews. On Fannie Mae multifamily loans, lenders submit the Schedule of Values with insurance documents through DUS DocWay within 5 business days after the book-entry date, and review the schedule and the concentration of values under any blanket policy. Blanket limits must be at least 100% of estimated total insurable value for a single-building property and 90% for a multiple-building property, and a margin clause should not be used to set compliant limits.8
Keeping values current
Values drift as construction costs rise and as property is added, sold or rebuilt, and an out-of-date schedule carries those gaps into the limits and provisions that rely on it.
Fannie Mae lists common sources for estimated insurable value: the insurer's estimate, a commercial appraisal, a reputable commercial contractor, or a third-party valuation vendor.8
In a July 1, 2008 IRMI article, William Austin wrote that applying a 2 to 3 percent inflation factor to an existing statement of values may not be enough, especially for organizations that grow, acquire or merge, and that values may need review more often than at renewal.9
Questions
- Is a statement of values the same as a schedule of values?
- Yes, the two names refer to the same document. ACORD's 1996 edition of form 139 was titled Statement/Schedule of Values, and Fannie Mae's guide defines a Schedule of Values as a list of insurable values the borrower provides to an insurer for all properties covered under a policy.10,8
- Who signs a statement of values?
- The insured. On ACORD 139 the insured signs, with title and date, that all values and location information are correct to the best of its knowledge and belief. ISO's CP 16 15 says the company may require the insured's signature, or a partner's or officer's for firms.1,7
- How often is a statement of values updated?
- Usually once a year. ISO's CP 16 15 (July 1988 edition), used for blanket average rates, says the form or its equivalent must be filed annually, and a new blanket average rate may be requested if the conditions behind it have materially changed.7
- Why do insurers ask for an SOV for agreed value?
- Agreed value suspends coinsurance, so the insurer relies on the reported values instead. IRMI says insurers usually require a statement of property values signed by the insured as a condition of activating an agreed value provision.2
Cloudbreak
Cloudbreak is the owner-side property protection team for commercial and multifamily owners. Our policy review reads your property policy against your buildings and values, and a licensed insurance broker approves every report. Policy reviews are free for any owner.
Sources
Written by the Cloudbreak team. Numbers, dates and rules cite the published sources below.
- 1. ACORD (copy hosted by NIF Group): Statement of Values, ACORD 139 (2004/03)
- 2. IRMI: Agreed value coverage option or provision
- 3. IRMI: Margin clause
- 4. IRMI: Per occurrence limitation of liability provision
- 5. IRMI: Total insurable value
- 6. Insurance Services Office (copy hosted by Independent Insurance Agents of Texas): Building and Personal Property Coverage Form, CP 00 10 10 12
- 7. Insurance Services Office (copy hosted by the Independent Insurance Agents and Brokers of America): Statement of Values, CP 16 15 07 88
- 8. Fannie Mae: Multifamily Selling and Servicing Guide, Part II Chapter 5: Property and Liability Insurance (effective October 26, 2026)
- 9. IRMI: Insurance Property Valuation and Loss Settlement Clauses: Important Considerations (William Austin, July 1, 2008)
- 10. ACORD (copy hosted by IMMS): Statement/Schedule of Values, ACORD 139 (1/96)