Suncorp Valuations is a full service appraisal and valuation consulting firm. From offices in Canada and the U.S.A. we provide global valuation services for land, buildings, machinery and equipment, that is used for financing, litigation support, mergers and acquisitions, and insurance placement purposes. For more information on our services please visit our website at www.suncorpvaluations.com.
The Role.
This full time entry level position is located in Grafton Wisconsin and reports to the Senior Managing Director, Industrial Valuation Group. The focus of work is on the development of valuation reports for industrial properties. This includes, but is not exclusive to banks, public and private companies, insurance companies, private equity groups and insurance brokers. Through site inspections, research, expert analysis and collaboration, you will develop a solid and defendable rationale for the final value assigned to a property. This requires the ability to develop, accurately prepare and present defendable conclusions of value, using the cost, market and income approaches to value.
The Ideal Candidate.
Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis. Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments. You have no problem working in a small office while collaborating with stakeholders in other offices. You easily manage multiple projects and are naturally focussed on providing internal stakeholders and external clients with high levels of service. You enjoy a role that provides in-office work, client interaction and travel to perform on-site investigation of client assets.
On a personal note, you are interested in developing your career through participation in internal and external professional development and enjoy a role that provides a combination of office work and travel to client sites.
The Requirements
University Degree or Diploma in a complementary discipline; Finance, Economics, International Business, Engineering, Physical Sciences, Construction, Architectural Technology or a related field;
This is an entry level position;
Knowledge of machinery, equipment and/or buildings and a working knowledge of finance would be considered an asset;
Valid Driver’s License, clean driving abstract and access to safe, reliable transportation.
Willingness to travel to client sites, including extended stays, and international travel;
Bone fide requirements of the position include possession of a current or ability to obtain a valid North American passport and no restrictions that impact obtaining a VISA.
The Competencies
Strong customer services skills;
Proactive, with a desire to drive results and exceed goals;
Strong planning, organizational and time management skills;
Solid computer skills, including advanced knowledge of Microsoft Office Suite;
Able to work with complex spreadsheets;
Excellent oral and written communication skills with acute attention to detail;
Expert project planning skills with the ability to work on multiple tasks;
Able to collaborate, share knowledge and leverage expertise as needed;
Self-directed with the desire and ability to work independently.
The Application Process
Please send your resume, cover letter and compensation expectations via email and include in the subject line the competition number, followed by your first and last name.
We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted. Please note that we do not accept phone or email inquiries in regards to open positions.
In our last blog post we talked about the importance of understanding your client’s exposure, values, risk management strategies and policy wording – especially when dealing with a hard market in the insurance industry like we are today.
Challenges Facing Brokers and Clients Is Significant
With Insurance Companies tightening their underwriting requirements, increasing premiums and deductibles, and reducing limits, the challenges facing brokers and their clients is significant. Placing a client’s business – regardless of whether they have had a claim or not – can be a daunting task, and where you might have had 2 or 3 insurance companies on a risk before, today we are seeing upwards of a dozen companies now involved.
Advantages of Comprehensive Risk Assessment Reports
Having a comprehensive Risk Assessment report on your client’s operation is a huge advantage for brokers to successfully market their client’s business to the industry. This third party, arm’s length report provides an objective overview of your client’s operation – the hazards associated in the operation and the controls in place to manage these hazards – so that the underwriter has an excellent picture of the risk, they are preparing to take on.
Understanding Different Types of Clients
While many insurance companies today will categorize clients based on, the type of business they operate, this “broad brush” approach can affect many clients with limited or no loss experience. The residential/condominium market is a good example of an industry that has been hit hard given the high number of losses in this type of occupancy. However, in saying this, not all clients will fall under this category. Understanding what separates these clients from the rest is the message that needs to get across.
Solid Risk Management More Critical Than Ever
The insurance market is still well capitalized, however, insurance companies are becoming more selective to write only good quality risks. Solid risk management strategies are now more than ever a critical component for managing your client’s business. A comprehensive Risk Assessment report will provide you and your client with an invaluable tool to assist in mitigating losses, while at the same time providing you the leverage to differentiate your client’s business from the masses during insurance renewals or placement.
Our Risk Management & Valuation Services
If you have any questions on the various Risk Management and Valuation services we can provide, please contact one of our offices, we would be happy to help.
In our February 2019 Industry Insight article, we looked at the insurance industry focusing on building resilience with those insured to be prepared for natural disasters. The underlying premise being that natural disasters will occur; it is no longer an “if”, it is about the when.
In that article, we pointed to the insurance markets hardening to face the pressure of mounting losses. We are now in the midst of a hard property market and the impact on renewals and premiums is certainly felt.
“Characteristics of Soft and Hard Markets.
A strong economic climate, a favorable legal environment and/or few catastrophic events can increase insurers’ capacity, creating a soft insurance market. When the market is soft many insurers are competing for business and premiums are generally low. Insurers relax their underwriting standards and coverage is widely available. Underwriters are generally flexible and willing to negotiate coverage terms. Broad coverage is available with some extensions available for free.
A series of catastrophic events, a litigious legal environment and/or a poor economy can reduce insurers’ capacity to write new policies. The result can be a hard insurance market. A hard insurance market is the opposite of a soft one. When the market hardens, insurers tighten their underwriting standards. Some coverages may be difficult to secure as fewer insurers are competing to write policies. Premiums are relatively high and insurers are disinclined to negotiate terms. Broad coverage may be costly or unavailable but some coverage extensions may be available for an additional premium.” (1)
As the chart below depicts, we do have catastrophic events and their costs rising, which are having a direct impact on the insurance market hardening (2).
We are seeing the insurance market acknowledge the hardening of the property market and what that means for insureds, brokers, and property managers in property markets.
“At the end of 2018, the property market had begun to see some firming, and that continued into Q1 of 2019. As we move into Q2, this trend has not just continued; it has accelerated.”
“The message for retailers is that things are changing in property more quickly than expected, and the changes are deeper than anticipated,” says Harry Tucker, Executive Vice President and National Property Practice Leader for AmWINS.
Adverse loss development has been a catalyst in this acceleration. Two consecutive years with combined ratios exceeding 100% across the market has heightened the focus of management teams and underwriters to drive rate and reduce aggregate exposure. Increasing rates are creating a deeper and broader change in the market. The obvious tough classes – including frame habitational, recyclers, and open lot – were the first to be affected, but now the trend has crept into broader classes and non-CAT exposed business.
“Along with rate increases, we are seeing more tightened risk selection, reductions in limits, increased deductibles, and close review of policy forms,” says Tucker.
However, the bright spot for clients is that the market is still well capitalized. “Carriers still want to write premium,” says Tucker. “The difference today is that they are applying a level of underwriting discipline we haven’t seen in quite some time.”(3)
The below graph graphically depicts the pricing trends in property renewals (4):
As property owners and/or tenants, brokers, and property managers, we would encourage you to look at your insurance program against the backdrop of the increase in natural disasters driven by climate change and the changes to occurring as underwriters are dealing with these variables as they develop insurance premiums. You need to understand your exposure, your values, your risk management strategies and your policy wordings. Being forewarned, will assist you exponentially in the event of a loss.
Suncorp Valuations is a full service appraisal and valuation consulting firm. From offices in Canada and the U.S.A. we provide global valuation services for land, buildings, machinery and equipment, that is used for financing, litigation support, mergers and acquisitions, and insurance placement purposes. For more information on our services please visit our website at www.suncorpvaluations.com.
The Role.
This full time permanent position is located in Grafton Wisconsin and reports to the Senior Managing Director, Industrial Valuation Group. The focus of work is on the development of valuation reports for industrial properties. This includes, but is not exclusive to banks, public and private companies, insurance companies, private equity groups and insurance brokers. Through site inspections, research, expert analysis and collaboration, you will develop a solid and defendable rationale for the final value assigned to a property. This requires the ability to develop, accurately prepare and present defendable conclusions of value, using the cost, market and income approaches to value.
The Ideal Candidate.
Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis. Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments. You have no problem working in a small office while collaborating with stakeholders in other offices. You easily manage multiple projects and are naturally focussed on providing internal stakeholders and external clients with high levels of service. You enjoy a role that provides in-office work, client interaction and travel to perform on-site investigation of client assets.
On a personal note, you are interested in developing your career through participation in internal and external professional development and enjoy a role that provides a combination of office work and travel to client sites. Preference will be given to those that are a candidate member of the American Society of Appraisers.
The Requirements
University Degree or Diploma in a complementary discipline; Engineering, Physical Sciences, Finance, Economics, Construction, Architectural Technology or a related field;
ASA designation will be considered an asset;
Minimum of 3 years of experience, preferably appraising machinery, equipment and/or buildings;
Valid Driver’s License, clean driving abstract and access to safe, reliable transportation.
Willingness to travel to client sites, including extended stays, and international travel;
Bone fide requirements of the position include possession of a current or ability to obtain a valid North American passport and no restrictions that impact obtaining a VISA.
The Competencies
Strong customer services skills;
Proactive, with a desire to drive results and exceed goals;
Strong planning, organizational and time management skills;
Solid computer skills, including advanced knowledge of Microsoft Office Suite;
Able to work with complex spreadsheets;
Excellent oral and written communication skills with acute attention to detail;
Expert project planning skills with the ability to work on multiple task;.
Able to collaborate, share knowledge and leverage expertise as needed;
Self-directed with the desire and ability to work independently.
The Application Process
Please send your resume, cover letter and compensation expectations via email and include in the subject line the competition number, followed by your first and last name.
We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted. Please note that we do not accept phone or email inquiries in regards to open positions.
A Standard Unit Definition is a list of what parts of a typical condominium complex could be maintained and insured by the condominium board. The Standard Unit Definition for your development will detail exactly what the Condominium board is responsible for, and not responsible for.
For example, a typical Standard Unit Definition for a residential development could indicate that the condominium corporation is responsible to maintain and insure the structure: electrical, plumbing, and HVAC systems; wall and ceiling finish such as drywall and paint; floor finish such as carpet or tile; interior doors; interior electrical, plumbing, and HVAC fixtures; interior doors, casing, and baseboards; and built-in appliances, etc.
In this example, the condominium corporation is responsible to have adequate insurance in place for those items.
The preceding is not an exhaustive list, and in fact, a particular Standard Unit Definition could include more or less components. For example, the Standard Unit Definition may include the drywall for the walls and ceiling, but not the paint that is on the walls and ceilings.
This is especially the case with Standard Unit Definitions for non-residential units. Quite often, a non-residential Standard Unit Definition includes the shell only, with the unit owners being responsible for all other components.
Do we really need Standard Unit Definitions in the Bylaws?
Our recommendation is YES, for a number of reasons.
Mostly it is about insurance. The condominium corporation is responsible to acquire and maintain adequate insurance coverage for all common elements, including the items in the Standard Unit Definition. Insurance for all other components are the responsibility of the unit owner.
Without a Standard Unit Definition, both the condominium board and unit owners would be uncertain about what they need to insure. This could result in overlaps in coverage, resulting in insurance levies being too high. Worse, a gap in insurance coverage, which is a significant increase in risk.
Another reason to have Standard Unit Definitions is that they set minimum quality and décor standards for all units. This is important to ensure that the entire development maintains its overall level of quality and consistent esthetics. Otherwise, individual unit Market Values could suffer.
Finally, some condominium corporations have used Standard Unit Bylaws as a strategy to limit corporation claims, which can affect their premiums significantly. This strategy can put more onus on unit owners to pay particular attention to their personal coverage and how that fits into the corporation’s coverage.
What are Betterments and Improvements?
It is important to note that Standard Unit Definitions do not include Betterments and Improvements.
Betterments is a term to describe when an owner has upgraded a component that is part of the Standard Unit Definition. For example, consider a residential condominium development where the Standard Unit Definition includes carpet floor covering, and a particular owner has replaced the carpet with hardwood. In a case such as this, the hardwood is the “Betterment”. The condominium corporation would be responsible to carry sufficient insurance to replace the flooring with carpet only, and the unit owner would be responsible to carry insurance to pay for the upgrade to hardwood.
Improvements are those components that are installed in addition to the Standard Unit Definition. This is quite common with non-residential units. For example, a Standard Unit Definition in a commercial office condominium unit might include only “shell space”. The unit owner would be responsible for the costs to install the interior development, and to insure the improvements.
Speak to us about our Standard Unit Definition services today!
Headquartered in Saskatoon, Suncorp Valuations is a dynamic growth-oriented leader in the global valuation industry. Through offices in Canada and the U.S.A, we offer a full range of valuation, consulting and costing services for land, buildings, machinery and equipment, and for intangible assets such as patents, copyrights and franchises.
Utilizing robust research methodologies, valuation consultants develop reports that provide an opinion of value for assessed property and other assets. Clients utilize reports for a variety of requirements including regulatory compliance, financing, litigation support, mergers and acquisitions, purchase price allocation, insurance placement and claim settlements. Risk Management Services assist clients by identifying and mitigating risks such as the potential for accidents, property damage and theft. For further details please refer to our website at www.suncorpvaluations.com.
The Role.
We are seeking a Valuation Consultant to join our Private Sector Team in Vancouver, BC. The role reports to the Managing Director, Private Sector located in Vancouver. Through site inspections, research, expert analysis and collaboration, the Valuation Consultant develops a solid and defendable rationale for the final value assigned to a property.
This information is presented to clients in a valuation report. A large percentage of the work involves establishing the cost for the reconstruction of existing buildings for insurance placement.
The Ideal Candidate.
Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis. Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments. You have no problem working independently, while collaborating with stakeholders in other offices. You easily manage multiple projects and are naturally focused on providing internal stakeholders and external clients with high levels of service to meet our Brand Promise of ON TIME, CREDIBLE, PROFESSIONAL. You have solid construction knowledge, ability to gather thorough information while at the same time finding efficient ways to complete assignments.
The Requirements.
Degree or Diploma in Engineering, Architecture, Construction, Finance, Architectural Technology or a related field;
Must have solid construction knowledge;
Previous appraisal experience, an understanding of building design and the ability to read blueprints is an asset;
Appraiser designation will be considered an asset;
Willingness to travel to client sites, including extended stays and possible international travel;
Valid Driver’s License, clean driving abstract ,and access to safe and reliable transportation;
Provision of a satisfactory criminal background check;
Valid passport or ability to obtain a passport and no restrictions in obtaining a valid VISA for travel.
The Competencies.
A genuine desire to go above and beyond to provide excellence in client service;
Proactive, with a desire to drive results and exceed goals;
Strong planning, organizational and time management skills;
Solid computer skills, including advanced knowledge of Microsoft Office Suite;
Able to work with complex spreadsheets;
Excellent oral and written communication skills with acute attention to detail;
Expert project planning skills with the ability to work on multiple tasks;
Able to collaborate, share knowledge and leverage expertise as needed;
Self-directed with the desire and ability to work independently.
We pride ourselves in offering flexible work arrangements that allow our employees to balance work and life commitments.
THE APPLICATION PROCESS:
Send your resume and cover letter to HR@suncorpvaluations.com
Also please include in your email in the subject line the completion code of VC-BC-19-10 along with your name.
· Deadline:
June 7, 2019
We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted.
