American Appraisal is engaged to perform up to 5,000 property insurance appraisals – in less than two years! Can we complete the engagement in the required time frame?
Concerned that properties in its portfolio were being undervalued, a Lloyd’s syndicate engaged American Appraisal to perform a large number of insurance appraisals - 3,000 properties over two years.
Various types of buildings located throughout the United States would be involved – religious properties (both diocesan and residential) as well as university, educational, commercial and residential. All of the buildings were to receive full-scope appraisals, with American Appraisal consultants visiting each location to conduct detailed field inspections. Reports would be transmitted quickly and efficiently via American Appraisal’s exclusive Web-based reporting system.
Work on the engagement began, and the client expressed satisfaction with the quality of American Appraisal’s work and the convenience of the Web-based reporting system. Soon, the client requested that more buildings – up to 2,000 - be added to the engagement. In addition, due to changing reporting time frames based on member renewals, the client asked that the appraisals be completed sooner, in a time frame that was well under the initial two years.
American Appraisal was up to the challenge. Our consultants across the United States traveled to 29 states, Washington DC, Puerto Rico and Canada, visiting nearly 600 cities and towns. We inspected all types of buildings, from small storage sheds to picturesque churches and historic university buildings, and developed and reported insurable values for each one within the client’s desired time frame.
By the engagement’s conclusion, 27 American Appraisal consultants had inspected and provided insurable values for 4,431 buildings for more than 200 members – all over a period of 15 months.
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