A statement of values (SOV) is a declaration to insurance providers indicating which properties your entity intends to insure. For risk management professionals concerned about property risk exposures, an up-to-date, accurate SOV is critical.

Maintaining basic information and insurable values alongside detailed property data can help ensure your organization is receiving the proper insurance coverage at the best rates. Here are three ways you can ensure your SOV is working for you.

The Value of Basic Building Information

When planning a trip, potential travelers often seek the advice of those who have previously journeyed to a particular destination. They look for recommendations on a wide array of things including what to pack, places to visit (or to avoid) and tips to reduce the hassles and inconveniences that often accompany travel to an unfamiliar place.

We all know that disasters can come in all sizes and levels of severity, and each may be unique depending on your entity's location and function. While in a public school district, one of our most serious disasters involved a nor’easter over a veteran's day weekend. The storm ripped off a large portion of the school's northwest roof saturating and exposing several classrooms, and indirectly flooding all rooms on both floors. In another event on a much smaller scale, an incompatible metal plug in a middle school's boiler room on a pressurized line, released water over a three-day weekend.

In the event you need to engage your Emergency Operations Plan (EOP), Continuity of Operations Plan (COOP), or Orders of Succession (OOS), do you also have a plan to ensure your communications capabilities? This can happen in the event that cell or internet service is overloaded or down, making your communications facility inoperable, whether your needs are short or long-range.