In this topic our focus will be on applying insurance policy and statutory provisions to formulate the valuation approach.
Specifically you will learn to:
obtain and interpret relevant insurance policies and statutes
select an appropriate valuation methodology and resources.
You will notice that the emphasis in this topic is on the valuation of buildings because valuations for insurance purposes are mainly undertaken for buildings as the land on which they stand is, generally, not destroyed and a structure can be rebuilt on it in the event of the original structure being destroyed.