Is a statement of values required for a single location?

Rarely as a separate document. The ACORD 140 carries the same facts and values for one or two buildings, and the carrier rates from that. A statement of values earns its keep from three or four locations up, and it is mandatory for most blanket and layered property programs.

Who prepares the statement of values?

The owner supplies the values and the agent builds the schedule, checking construction facts, protection details and replacement costs on the way. A valuation tool or an appraisal sets building replacement costs; the accountant sets the business income figure.

What happens if the values are wrong at claim time?

Too low and the coinsurance clause reduces the payment in proportion, on top of the limit being short. Too high and you paid premium on value that does not exist. Neither is a technicality; both are the reason the schedule is reviewed every year.

A conference table at sunset with a printed schedule of buildings and values, a laptop showing the same spreadsheet, a ring of building keys and a calculator, the skyline through the glass

What is a statement of values, and what has to be on it?

A statement of values is a schedule, usually a spreadsheet, that lists every location you want insured with the facts and the dollar values for each: the address, the year built, the construction, the stories and square footage, and then the value of the building, the contents and equipment, the stock, any improvements you made, and the business income at that location. Property carriers rate and set limits from it, and after a loss they check the claim against it. It matters most for an account with several locations, where the ACORD 140 would run to dozens of pages and a single blanket limit has to be shared out.

Call/Text(626) 344-2158

Schedule printed. Keys on the table. Every line a building.The statement of values is the property policy’s inventory. A stale line is paid stale.

/ Start here

Get a property quote.

Send the schedule you have, or build one with us, and we take it to the markets that fit.

Get a property quote

/ Don’t want to read all this?

Send us what you have. We’ll tell you if it’s right.

Your current policy paperwork, a renewal notice, or nothing at all. A licensed agent reads it and replies the same business day.

Have it reviewed Call/Text(626) 344-2158

The detail

A statement of values is a location-by-location schedule of property facts and values submitted for an insurance review, and a complete one includes property addresses, year built, number of stories, total square footage and the dollar value assigned to each building, its contents and any business income exposure at that location.
Archipelago, "Statement of Values: The Broker's Tool for Client Success"
The values a statement carries are the replacement cost or actual cash value of buildings and structures, the value of contents, machinery and equipment, and the business interruption exposure, the income lost and extra expense incurred if operations are disrupted.
Insuranceopedia, "Statement of Values: Definition, How It Works & Why It Matters"
Independent-agent guidance is that statements of value have to be maintained rather than filed once, because the values drive both the premium and how much a claim pays, and a schedule that is not kept current leaves the client underinsured.
IndependentAgent.com, "Helping Your Clients Maintain Accurate Statements of Value"
A statement may also carry supporting details per location such as roof age, occupancy, flood zone, lease terms and lender information, which the underwriter reads beside the values.
Pibit.AI, "What Is Statement of Values (SOV)?"

What this means for you

Blanket limits are only as good as the schedule.A blanket policy covers all locations under one limit, and the carrier prices it from the statement of values. If one location is understated, the blanket limit is too small for the whole account, and a coinsurance clause can reduce every claim.
Update it when the business changes, not at renewal.A new location, a build-out, new equipment or a stock level that doubled for the season all belong on the schedule the month they happen. The renewal is the second time to check, not the first.
One spreadsheet serves every market.A clean statement of values is the difference between a property quote in days and one in weeks, because every carrier and wholesaler wants the same columns and will not start without them.

Go deeper on any of these

Need this handled?

Reading about it and having it handled are different jobs, and the second one is ours. We place the accounts other brokers decline — claims history, a cancellation, an unusual operation, a business nobody wants to underwrite twice — and we will tell you when the policy you already have is the right one. Tell us the situation and a licensed human replies the same business day.