How much does it cost? 2022 Property Challenges with Valuations (In-Person Attendance)

The cost of construction has increased 28% over the last five years. Machinery and equipment replacement costs have increased 8.5% over the same time frame. With the cost of building materials and labor increasing at unprecedented rates due to inflation and supply chain issues, it is vital for property owners to have current and accurate insurance valuations to make sure limits will cover the costs to replace insured property. (source: Travelers Ins Co). More importantly, having the right tools and resources can help provide more informed decision making and purchasing.

Learning Objectives:

1. Be informed on contributing costs that can impact the valuation.
2. How to determine how much is enough, are you really underinsured?
3. What are tools and options to mitigate these challenges.

Registration is limited to 30 attendees. Please only registered if you are fully committed to attending in-person. To be placed on the waitlist, or if your plans change and you can no longer attend, please email admin@warims.org.

This course is approved by the Washington Office of Insurance Commissioner for 1 hour of CE credit. (CE Course Number: 627918 for in-person attendance and 627919 for virtual attendance.)

Our Presenters:

• Libby Stevenson, VP of Risk Management – BentallGreenOak Libby is the Vice President of Risk Management for BentallGreenOak. BentallGreenOak is an investment advisor and a real estate firm with over $10B in assets under management. Libby has worked in the risk management department for over 25+ years and responsible for insuring all risks and properties of their portfolio. She manages insurance procumbent of property, liability, environmental, surety, earthquake and flood coverage, in addition to claims and contract reviews.
• Nick McClure, Seattle Branch Manager – FM Global Nick McClure, Seattle Branch Manager for FM Global has served as the Client Service Manager for major accounts in the Pacific Northwest. Prior to being a CSM, Nick was a production underwriter for FM Global.
• Andy Bassett, Managing Director, Property Advisor – Marsh Andrew Bassett is a property team leader for Marsh’s Pacific North Partnership.  His primary responsibility is for the delivery of property advisory services to Marsh’s global clients which includes designing, placing, and implementing complex insurance programs.  Andrew has 32 years with Marsh, and a total of 42 years of experience in the industry.  He handles all aspects of property programs including the strategy, marketing, placement, and servicing.  Andrew assists clients with their property exposure analysis, including business interruption and supply chain.  Clients served include  Agriculture/food processing; coal mining; forest products; healthcare; higher education; manufacturing; public entity; and retail/distribution.  Before joining Marsh, Andrew was an underwriter for three insurance companies after getting his start as a loss control engineer.
• Rick Dettman, Senior Valuation Consultant – Suncorp Valuation Rick joined Suncorp Valuations in 2009, he has many years of valuation experience, including valuations of retail shopping centers, high rise office buildings, hospitals and healthcare, consumer goods manufacturing, food processing, foundries, steel mills, pulp and paper mills, chemical, biofuel, ethanol, mining, natural gas processing and race tracks and amusement parks. He works with the Business Development group to market the firm’s services. Rick has been involved in valuation of some of the largest shopping malls in the world and the Panama Canal. Rick has a bachelor’s degree in Business Administration. He is recognized as an Accredited Senior Appraiser (ASA) in Machinery and Technical Specialties with the American Society of Appraisers. He is also a Certified General Real Estate Appraiser.

Lunch:

Box lunches will be ordered from Pane Pane Sandwiches, a local Seattle restaurant. Box lunches will include a full sandwich, cookie, chips, and water. Unfortunately, Pane Pane Sandwiches declines substitutions and limits subtractions to allergy/dietary needs only (i.e. wheat free, vegan, etc.). Please select your sandwich preference during registration. More information abont Pane Pane Sandwiches can be found here. You are welcome to eat onsite or take your lunch to go at the end of the presentation.

Parking:

Event parking is not provided and is the responsibility of the attendee. You are welcome to park at Rainier Square, off Union Street between 4th and 5th. The parking sky bridge is located on the second level, walk across the building atrium to Rainier Square. Take the elevator to the 12th floor. Alternative parking options include The Cobb (off University St. between 3rd and 4th), Union Square (off Union St. between 3rd and 4th), or IBM Building (off University St. between 5th and 6th).