Statement of values template
A statement of values is a schedule of every insured location and building, with each one's values and whether it is insured at actual cash value or replacement cost. Underwriters use it to rate the account, and insurers often want a signed one before they add an agreed value provision to a commercial property policy.
Download the template
One row per building. Rows 2 and 3 are examples to replace. The Excel file adds dropdowns, a column guide and a total for each row.
The columns
| Column | What goes in it | Example |
|---|---|---|
| Location | ||
| Location # | The location's number on the policy schedule. | 1 |
| Building # | The building's number at that location. | 1 |
| Property name | The name the building or property goes by. | Example: Maple Court Apartments |
| Address | Street address. | 4100 Sample Road |
| Address line 2 | Suite, unit or building letter, if any. | Building A |
| City | City. | Fort Worth |
| State | Two-letter state code. | TX |
| ZIP | Five-digit ZIP code. | 76109 |
| Occupancy | ||
| Property type | How the building is used: multifamily, office, retail, warehouse, hotel, mixed use. | Multifamily |
| Units | Apartments, suites or rentable units in the building. | 48 |
| Square feet | Gross floor area of the building. | 52,000 |
| Construction | ||
| Construction class | ISO construction class 1 to 6, from frame (1) to fire resistive (6). | 1 Frame |
| Stories | Stories above ground. | 3 |
| Year built | The year construction was completed. | 1998 |
| Roof type | The roof covering: TPO, EPDM, PVC, modified bitumen, built-up, metal, shingle, tile. | Shingle |
| Roof year | The year the roof covering was installed or last replaced. | 2016 |
| Protection | ||
| Sprinklered | Whether automatic sprinklers cover the building. | No |
| Fire alarm | The fire alarm, if any, and where it reports. | Local |
| Protection class | The community's ISO Public Protection Classification, 1 (best) to 10. | 2 |
| Exposure | ||
| Flood zone | The FEMA flood zone on the Flood Insurance Rate Map: AE, X. | X |
| Neighboring exposures | What sits next door and could spread a loss to the building. | Parking lot, two-story apartments 60 feet east |
| Values | ||
| Valuation | Replacement cost (RC) or actual cash value (ACV). | RC |
| Building value | The building's value on the valuation basis in the column before (replacement cost or actual cash value). | $9,400,000 |
| Business personal property | Furniture, fixtures, equipment and stock the owner insures. | $150,000 |
| Business income or rents | The business income or rents the building earns, for the period the policy or your broker uses. | $820,000 |
| Total insured value | The three values added together. | $10,370,000 |
A template for organizing building details. General information, not insurance or legal advice.
What the columns cover
The columns follow COPE, the four traits an underwriter looks at for each building: construction, occupancy, protection and exposure.
- Construction: what the building is made of. ISO's Commercial Lines Manual sorts buildings into six construction categories for rating, from frame (1), the least fire resistive, to fire resistive (6), the most.1
- Occupancy: how the building is used, such as apartments, offices or a warehouse.
- Protection: sprinklers, alarms and how well the local fire service can respond. ISO's Public Protection Classification scores a community from 1, superior property fire protection, to 10, fire protection that does not meet ISO's minimum criteria.2
- Exposure: what nearby buildings or the surrounding area could add to the risk of a loss.
The value columns follow ACORD 139, the industry's statement of values form. It lists each value, such as building, business personal property, business income or rental income, at 100 percent and marks it actual cash value (ACV) or replacement cost (RC).3
The roof columns matter because some policies treat roofs on their own terms. For the buildings named in its schedule, ISO endorsement CP 10 36 (10 12 edition) can value roof surfacing at actual cash value instead of replacement cost, or exclude cosmetic wind and hail damage to it.4
For the flood zone column: on FEMA's Flood Insurance Rate Map, zones A and V and their variants are Special Flood Hazard Areas, the area a flood with a 1 percent chance of being equaled or exceeded in any year would cover. Shaded zone X is moderate flood hazard and unshaded zone X is minimal.5
Example
The template's first example row is a 48-unit, three-story frame apartment building with a $9,400,000 building value, $150,000 of business personal property and $820,000 of rents. Adding the three gives a total insured value of $9,400,000 + $150,000 + $820,000 = $10,370,000.3
- Building$9,400,000
- Business personal property$150,000
- Rents$820,000
- Total$10,370,000
Where the numbers come from
- Property names and addresses: the locations listed on each policy's declarations page.
- Values: ACORD 139 asks for each value at 100 percent, on the valuation basis shown.3
- Construction class: ISO's categories go by the materials of the exterior walls, floors and roof and how fire resistant they are.1
- Protection class: the community's PPC, which ISO sets with its Fire Suppression Rating Schedule, scoring emergency communications, the fire department, the water supply and community risk reduction.2
- Flood zone: the Flood Insurance Rate Map for the address.
ACORD 139 ends with the insured's signature under a statement that all values and location details are correct to the best of the signer's knowledge and belief.3
Questions
- What is a statement of values in insurance?
- A schedule of every insured location and building with its values, such as building, business personal property and business income, and whether each is insured at actual cash value or replacement cost.
- What does COPE stand for?
- Construction, occupancy, protection and exposure: the four traits an underwriter looks at for each building in a property submission.
- Why do insurers ask for a signed statement of values?
- A signed statement of values is often a condition of an agreed value provision, which sets aside the coinsurance clause until a stated expiration date. The signature confirms the values are correct as far as the insured knows.
- What are the ISO construction classes?
- From least to most fire resistive: frame (1), joisted masonry (2), noncombustible (3), masonry noncombustible (4), modified fire resistive (5) and fire resistive (6).1
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Sources
The template is a blank spreadsheet with two example rows. The column notes are from the published sources below.
- 1. IRMI: Building construction categories (ISO)
- 2. Texas Department of Insurance: FAQ: Public Protection Classification
- 3. ACORD (copy hosted by NIF Group): Statement of Values, ACORD 139 (2004/03)
- 4. Insurance Services Office (copy hosted by Independent Insurance Agents of Texas): Limitations on Coverage for Roof Surfacing, CP 10 36 10 12
- 5. FEMA: Flood Zones