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📋 '''Schedule of values''' is a detailed inventory — typically presented as a spreadsheet or data table — that lists every insured location or asset along with its associated values, construction characteristics, occupancy type, and other attributes relevant to [[Definition:Property insurance | property insurance]] [[Definition:Underwriting | underwriting]] and [[Definition:Rating | rating]]. In commercial property programs, the schedule of values serves as the foundational data set from which [[Definition:Underwriting | underwriters]] assess exposure, [[Definition:Catastrophe model | catastrophe modelers]] run simulations, and [[Definition:Premium | premiums]] are calculated. Without an accurate and complete schedule, it is virtually impossible to price a risk appropriately or structure adequate [[Definition:Reinsurance | reinsurance]].

📑 A well-constructed schedule typically includes fields such as street address, building replacement cost, business personal property value, [[Definition:Business interruption insurance | business interruption]] values, construction type (frame, masonry, fire-resistive), year built, number of stories, square footage, fire and burglar protection details, and sometimes geocoded latitude and longitude for [[Definition:Catastrophe model | catastrophe modeling]] purposes. The [[Definition:Insured | insured]] or its [[Definition:Broker | broker]] prepares the schedule and submits it as part of the [[Definition:Submission | submission]] package. Underwriters review it for completeness and consistency — flagging, for example, replacement cost figures that seem implausibly low relative to square footage, which could signal [[Definition:Underinsurance | underinsurance]]. During the policy term, the schedule may be updated via [[Definition:Endorsement | endorsements]] as locations are acquired, divested, or renovated.

🏗️ Accuracy in the schedule of values has far-reaching consequences. Understated values lead to inadequate [[Definition:Coverage | coverage]] and potential [[Definition:Coinsurance | coinsurance]] penalties at the time of a [[Definition:Claim | claim]], while overstated values inflate [[Definition:Premium | premiums]] unnecessarily. For insurers managing large commercial or industrial portfolios, aggregating schedules across all insureds reveals [[Definition:Aggregation risk | concentration risk]] — multiple policies exposed to the same windstorm zone or earthquake fault, for instance. [[Definition:Reinsurance | Reinsurers]] rely on aggregated schedule data to price [[Definition:Treaty reinsurance | treaty]] and [[Definition:Facultative reinsurance | facultative]] placements, and [[Definition:Rating agency | rating agencies]] examine how well carriers capture and monitor insured values when evaluating underwriting discipline. As data standards improve and [[Definition:Insurtech | insurtech]] platforms automate ingestion and validation, the schedule of values is evolving from a static document into a dynamic, continuously updated asset register.

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:Property insurance]]
* [[Definition:Statement of values (SOV)]]
* [[Definition:Catastrophe model]]
* [[Definition:Coinsurance]]
* [[Definition:Aggregation risk]]
* [[Definition:Replacement cost]]
{{Div col end}}

Definition:Schedule of values - Revision history

PlumBot: Bot: Creating new article from JSON