Create a Building Valuation

Follow these steps to create a building valuation with one location and one building. This procedure assumes you have Commercial Express with Building Insight but not Contents Insight.

You can add additions from the following areas:

  • On the Create New Valuation window when you create a new valuation
  • On the Location Summary window or the Building Insight Summary window when you edit valuations
  1. On the Valuation dashboard, click Create New Valuation. The Create New Valuation window opens.
  2. Commercial Express enters a system-generated estimate number in the Valuation Number box. You can replace the estimate number with a policy number, file number, or anything you want to use as the primary identification number for the valuation.
  3. If necessary, select a different effective date.

The effective date is the date when the policy goes into effect.

  1. If necessary, select a different expiration date.

The expiration date is the date when the policy is up for renewal. The expiration date is the current date plus one year plus one day.

  1. If necessary, select a different estimate expiration date.

The estimate expiration date is the date the estimate will expire and be removed from the system if a valuation number has not been assigned. Typically, this date is 90 days from the creation of the valuation, but the site you use may be configured to use a different duration. If you enter a valuation number and save the valuation, this box no longer appears.

  1. If required by your company, enter the account number.
  1. Enter the insured business name and address. If you want to search for the business, you must provide either the business name or the address. The more information you provide, the narrower the search results.
  2. If you want to use the insured address as the property address, select Use Insured Address as Property Address.
  3. Click Search Business.
  4. Select a business from the search results. You can sort the results to help you find the business you want.
  • If the system retrieves a list of business locations and identifies the headquarters, select only the headquarters location. The system includes the headquarters and all associated locations in the estimate.
  • If the system retrieves a list of business locations and does not identify the headquarters, select the locations that you want to use. If you select multiple businesses, the first business you select becomes the headquarters. If necessary, you can change the headquarters location later.
  • If the business you want is not on the list, refine your search criteria or manually add the valuation. Tip: use the zip code instead of the city and state.
  1. Click Use Business.

If your configuration includes Business Profile, follow these steps.

  1. If necessary, edit the industry code.

To search for an industry code, type the industry name and select the code you want from the results list.

  1. Edit the remaining business profile fields:
  • Gross Sales
  • Number of Employees
  • Space Occupied
  • Year Started

If the property address is different from the insured address, enter the property address and building information.

  1. Enter the address and click Search Buildings.
  2. If Commercial Express finds matching buildings, it prefills the fields with available data.
  3. If necessary, edit the building information.

If the More Details icon contains a number greater than zero , click the icon to see additional information about the building. If you hover over the icon, Commercial Express displays the address that the additional building prefill information applies to.

  1. If you are finished adding or editing property information, click Continue. The Property Valuation Summary page opens.

If necessary, you can manually add building data.

  1. Click Add Building.
  2. Select from the following building types:
  • Commercial
  • Agricultural
  1. If you don't know the occupancy code, do the following:

    2. To... Do this...
    Search for an occupancy,
    1. Enter a search term in the Occupancy Code box. Commercial Express displays the occupancies that contain your search term.
    2. Select an occupancy from the list.
    Select an occupancy from a list,
    1. Click the Search Occupancy icon .
    2. Select a category from the Occupancy Group list and then select an occupancy from the Result list. If the building has more than one occupancy or more than one construction type, you can add them later.
    3. Click Use Occupancy.

Occupancies determine the material assumptions that will be used for the valuation. You can add a maximum of five occupancies.

  1. Commercial Express enters a default value for the story height. If necessary, change it.
  2. Select a construction type.
  3. Enter the gross floor area. Do not include commas.
  4. Enter the number of stories.
  5. Enter the year built.
  6. If you are finished adding or editing property information, click Continue. The Property Valuation Summary page opens.
  1. On the Valuation dashboard, click Create New Valuation. The Create New Valuation window opens.
  2. Commercial Express enters a system-generated estimate number in the Valuation Number box. You can replace the estimate number with a policy number, file number, or anything you want to use as the primary identification number for the valuation.
  3. If necessary, select a different effective date.

The effective date is the date when the policy goes into effect.

  1. If necessary, select a different expiration date.

The expiration date is the date when the policy is up for renewal. The expiration date is the current date plus one year plus one day.

  1. If necessary, select a different estimate expiration date.

The estimate expiration date is the date the estimate will expire and be removed from the system if a valuation number has not been assigned. Typically, this date is 90 days from the creation of the valuation, but the site you use may be configured to use a different duration. If you enter a valuation number and save the valuation, this box no longer appears.

  1. If required by your company, enter the account number.
  1. Enter the insured business name and address.
  2. If you want to use the insured address as the property address, select Use Insured Address as Property Address.

If your configuration includes Business Profile, follow these steps.

  1. Click Add Profile. The Business Profile section opens.
  2. Enter the industry code.

To search for an industry code, type the industry name and select the code you want from the results list.

  1. Enter the remaining business profile information:
  • Gross Sales
  • Number of Employees
  • Space Occupied
  • Year Started
  1. Click Add Buildings. The Property section opens.
    • If you selected Use Insured Address as Property Address, Commercial Express fills the property information.
    • If necessary, enter the property address.
  2. Click Search Buildings. If Commercial Express finds building information, it prefills the fields with available data. You must edit the information to match the property.
  3. Enter a building number and name.
  4. Select from the following building types:
  • Commercial
  • Agricultural
  1. If you don't know the occupancy code, do the following:

    2. To... Do this...
    Search for an occupancy,
    1. Enter a search term in the Occupancy Code box. Commercial Express displays the occupancies that contain your search term.
    2. Select an occupancy from the list.
    Select an occupancy from a list,
    1. Click the Search Occupancy icon .
    2. Select a category from the Occupancy Group list and then select an occupancy from the Result list. If the building has more than one occupancy or more than one construction type, you can add them later.
    3. Click Use Occupancy.

Occupancies determine the material assumptions that will be used for the valuation. You can add a maximum of five occupancies.

  1. Commercial Express enters a default value for the story height. If necessary, change it.
  2. Select a construction type.
  3. Enter the gross floor area. Do not include commas.
  4. Enter the number of stories.
  5. Enter the year built.
  6. If you are finished adding or editing property information, click Continue. The Property Valuation Summary page opens.

Additions include equipment, external structures, site improvements, and so on. You can add additions to locations and buildings.

Additions and equipment that are common for the building section occupancy are listed in the Common Equipment category. For example, if the occupancy is Bank or Savings and Loan, the Common Equipment category lists safe deposit boxes, teller stations, and other items that are common to a bank or savings and loan business.

  1. On the Additions tab, do one of the following:

To add an addition to a... Do this...
Location
  • Select the Location option.
Building
  1. Click the Building option .

If the Building option is not available, select a building on the Property tab.

  1. If the location contains multiple buildings, select the building that you want to add the addition to.

  1. Do one or more of the following:
If you want to... Do this...
Search a list of common items
  1. Select the Stand-Alone Addition tab.
  2. Type the name of the item in the Search Addition box. Commercial Express lists the items that match your search criteria.
  3. Select an item from the list.
  4. Enter the quantity
  5. If desired, enter a depreciation percentage. If you entered a depreciation amount to the building section and you want to apply the same depreciation to the addition, select Same as Section.
  6. Click Add.
Browse from a list of common items
  1. Select the Stand-alone Addition tab.
  2. Click the Search icon .
  3. Select an item from the Category list.
  4. Select an item from the Result list and click Use Addition.
  5. Enter the quantity and other item-specific information as needed.
  6. Click Add.
Add an addition bundle
  1. Select the Addition Bundle tab.
  2. Click the Search icon .
  3. Select a category from the Addition Bundles list.
  4. Select an addition bundle from the Result list.
  5. Click Use Addition Bundle.
  6. Click Add.
Add a single-use custom addition
  1. Select the Single Use Custom tab.
  2. Enter the name and value.
  3. Click Add.
Add an existing reusable custom addition
  1. Select the Reusable Custom tab.
  2. Type the name of the addition in the search box. If you don't know the name, leave the search box empty.
  3. Click the Search icon .
  4. To filter the search results, select a category from the list.
  5. Select an addition from the Result list.
  6. Click Use Addition.
  7. Click Add.
Create a reusable custom addition
  1. Select the Reusable Custom tab.
  2. Click the Create New link.
  3. Enter a name, value, and description of the addition.
  4. Select one of the following categories to add the addition to:
  1. Custom Agricultural
  2. Custom Commercial
  1. If you update the custom addition cost and you want to use the new cost when you recalculate valuations, select Update valuation with changes before recalculation.
  2. Click Save.
  3. If desired, enter a depreciation percentage. If you entered a depreciation amount to the building section and you want to apply the same depreciation to the addition, select Same as Section.
  4. Click Add.
  1. If you are finished adding or editing property information, click Continue. The Property Valuation Summary page opens.

You can change the building name and specify insurance information.

  1. On the Property Valuation Summary page, do one of the following:
If the valuation has... Do this...
One building,
  • In the Building Insight Estimate section, click the Go to Building Detail icon .
More than one building,
  1. In the List of Locations section, click the Edit icon for the location that contains the building you want to edit.
  2. On the Location Summary page, click the Edit icon for the building you want to edit.
  1. On the Building Insight Summary page, in the Building Information section, click the Edit Building Information icon .
  2. If necessary, edit the building number and building name.
  3. If necessary, select the Separate Insurance Exclusion Costs option. Commercial Express specifies the following exclusion costs:
  • Site preparation
  • Foundation wall
  • Interior foundations
  • Approximately 12% of plumbing
  1. Enter the current coverage.
  2. Enter the Co-Insurance requirement.
  3. Click Save.

Commercial Express saves both system defaults and user overrides.

  1. On the Property Valuation Summary page, do one of the following:
If the valuation has... Do this...
One building,
  • In the Building Insight Estimate section, click the Go to Building Detail icon .
More than one building,
  1. In the List of Locations section, click the Edit icon for the location that contains the building you want to edit.
  2. On the Location Summary page, click the Edit icon for the building you want to edit.
  1. On the Building Insight Summary page, in the material section that you want to change, click the Edit icon .
  2. Do one or more of the following:
If you want to... Do this...
Add a material,
  1. Click the Add button for the material that you want to add. For example, to add an electrical system, click the Add Electrical button.
  2. Select a material from the list that appears.
  3. Enter the amount. The unit of measure depends on the material you select.
  4. Click the Save icon .
Edit a material,
  1. If necessary, select a different material.
  2. Enter a new amount in the User column and click the Save icon .
Delete a material,
  • Click the Delete icon .

Additions include equipment, external structures, site improvements, and so on. You can add additions to locations and buildings.

Additions and equipment that are common for the building section occupancy are listed in the Common Equipment category. For example, if the occupancy is Bank or Savings and Loan, the Common Equipment category lists safe deposit boxes, teller stations, and other items that are common to a bank or savings and loan business.

  1. In the Additions section, click Add Additions. The Add Additions window opens.
  2. Do one or more of the following:

If you want to... Do this...
Search a list of common items
  1. Click the Stand-Alone Addition tab.
  2. Type the name of the item in the Search Addition box. Commercial Express lists the items that match your search criteria.
  3. Select an item from the list.
  4. Enter the quantity
  5. If desired, enter a depreciation percentage. If you entered a depreciation amount to the building section and you want to apply the same depreciation to the addition, select Same as Section.
  6. Click Add.
Browse from a list of common items
  1. Click the Stand-alone Addition tab.
  2. Click the Search icon .
  3. Select an item from the Category list.
  4. Select an item from the Result list and click Use Addition.
  5. Enter the quantity and other item-specific information as needed.
  6. Click Add.
Add an addition bundle
  1. Click the Addition Bundle tab.
  2. Click the Search icon .
  3. Select a category from the Addition Bundles list.
  4. Select an addition bundle from the Result list.
  5. Click Use Addition Bundle.
  6. Click Add.
Add a single-use custom addition
  1. Click the Single Use Custom tab.
  2. Enter the name and value.
  3. Click Add.
Add an existing reusable custom addition
  1. Click the Reusable Custom tab.
  2. Type the name of the addition in the search box and click Search. If you don't know the name, leave the search box empty.
  3. To filter the search results, select a category from the list.
  4. Select an addition from the Result list.
  5. Click Use Addition.
  6. Click Add.
Create a reusable custom addition
  1. Click the Reusable Custom tab.
  2. Click the Create New link.
  3. Enter a name, value, and description of the addition.
  4. Select one of the following categories to add the addition to:
  1. Custom Agricultural
  2. Custom Commercial
  1. If you update the custom addition cost and you want to use the new cost when you recalculate valuations, select Update valuation with changes before recalculation.
  2. Click Save.
  3. If desired, enter a depreciation percentage. If you entered a depreciation amount to the building section and you want to apply the same depreciation to the addition, select Same as Section.
  4. Click Add.

  1. Click Close Valuation. Commercial Express prompts you to save, don't save, or continue editing.
  2. Select Save and click OK.

Related Topics

Create an Addition Bundle

Create a Building and Contents Valuation

Create a Contents Valuation

Create Reusable Custom Additions