Appraisals Have Multiple Benefits

AMLJIA members face many perils when it comes to property risks, ranging from fire and vandalism to earthquake and flood.  In the event of a loss, it is important that adequate funds are available to pay for recovery efforts as rebuilding and repairs get underway.  Property appraisals are an important component of this process to help determine construction type, coverage limits and appropriate coverage contribution, and to use as a basis for loss adjustment in the event of a claim.

AMLJIA staff gathers appraisal data on a regular basis during on-site visits as a part of our service to the membership.  This information is then plugged into an in-house property estimator program.  The program cost database is updated on a quarterly basis.  This is important as fluctuations in the economy and natural disasters can quickly alter the supply and demand of lumber, steel, drywall and other building materials which ultimately affect the replacement cost of a building.  At the end of the day, these appraisals are submitted to the Appraisal Company of Alaska for final review and adjustment.

Through a partnership with our administrative broker, Alliant Insurance Services, Inc., members with properties scheduled at $5 million or higher will be receiving professionally prepared appraisals from American Appraisal.  In some instances, buildings at $3 million and above will also be appraised.  These appraisals will be taking place over the next three years and will also provide AMLJIA staff with more reliable appraisal information that will be used in reviewing the remaining property values to achieve a more accurate overall schedule of values, protecting you and the other pool members.

A representative from American Appraisal will be contacting you prior to their arrival.  If you have any questions about this member benefit, please contact Grady Fisher at 907-586-3222 or e-mail him at gradyf@amljia.org.