Thanks to steady advances in technology, risk managers now have access to a wider range of cost-effective appraisal and valuation options that may be ideally suited to their immediate needs and resources, industry and the location and nature of their operations. (Credit: boonchok/Adobe Stock) Thanks to steady advances in technology, risk managers now have access to a wider range of cost-effective appraisal and valuation options that may be ideally suited to their immediate needs and resources, industry and the location and nature of their operations. (Credit: boonchok/Adobe Stock)

Risk managers planning their next property insurance renewals should start the process this year with a thorough assessment of their insured values — not only of their real estate portfolios, but also with respect to their equipment and inventory of finished goods, raw materials and components.

While inflation is driving up costs across the board, supply chain issues are contributing to higher costs along with delays in shipping needed parts, raw materials and building supplies. Besides understanding the impact of these factors on real property values and replacement costs, risk managers need a sound estimate of their potential time element risks to make sure they have adequate business interruption and contingent business interruption (BI) insurance coverage.

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