Whenever there are physical changes (for example: renovations, additions, fire safety equipment, leak detection, etc.) to the chapter house, please inform your Client Executive. The national property policy is written on a blanket basis, based on the total values of all properties insured under your organization’s national insurance program, which is a significant benefit of being a client of MJ Sorority.
While there is a blanket limit for your organization, we at MJ get to that blanket limit by individually evaluating the replacement cost of each location and then adding that value. We don’t assign a blanket cost per square foot because that varies by region and area. We determine those values in the following ways:
- Discussion with the owner of the facility to determine either their recent cost to build, for new buildings or additions, or the projected cost per square foot to re-build their building as determine by a trusted contractor in that area or general information from the area
- A comprehensive appraisal process was completed in 2008 that provided baseline values for each location. Each year we go through an analysis of the market and determine whether we need to do an inflationary increase across the board each year.
If your location has a California earthquake policy, those policies are written based on your specific location, so it is important that those limits are exactly accurate. Contact your Client Executive for additional information.
For more information, check out our House Corporation Inventory Checklist or don’t hesitate to contact us.