A busy international airport seeks an independent appraisal firm for assistance with a three-year insurance appraisal project. American Appraisal fits the bill.
Situated on 3,230 acres of land near downtown Miami, the Miami International Airport (MIA) hosts more than 80 carriers, has 41,455 feet of runways and serves approximately 150 destinations (130 nonstop). In 2011, MIA served 38.3 million passengers (19.9 million domestic and 18.4 million international). MIA is also one of the world’s leading international freight airports, and in 2010 it was ranked first among US airports in international freight. Overall, MIA is among the world’s top 30 airports.
MIA is owned by the Miami-Dade Aviation Department (MDAD), and is unique in that every structure on the airport grounds - including hangars, terminals, an airport hotel, more than 8,800 parking spaces and various other improvements - is owned by the airport. Thus, MDAD is responsible for obtaining property insurance coverage for all of MIA – as well as four other regional airports. Given the airport’s size, as well as its location along the coast in a hurricane-intensive area, having accurate data for insurance underwriting purposes is critical. MDAD’s insurance broker, aware that it had been some time since MIA’s various properties had been inspected for insurance purposes, recommended that MDAD seek insurance appraisal services. MDAD agreed, and began the search for an appraisal firm ready to undertake an engagement that would cover three years . . . and perhaps continue for two more.
While MDAD’s proposal process was rigorous, its insurance broker was familiar with American Appraisal’s work and was confident that the firm’s proposal would fulfill MDAD’s specific requirements. This proved correct, and soon American Appraisal began its insurance appraisals of MDAD’s various properties.
Over the next three years, we assisted MDAD with appraisals of MIA as well as Opa-Locka Executive Airport and Kendall-Tamiami Executive Airport, two of MDAD’s regional airports. These projects were quite successful – the new insurable values helped MDAD tremendously as it negotiated placement and rates with its insurers. In addition, American Appraisal has continued to assist MDAD with as-needed insurance appraisals and defense of insurable values in claim situations.
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