property inventory valuation replacement cost value the amount it would take to replace property...
TRANSCRIPT
![Page 1: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/1.jpg)
Federated Update
Brian GroganAccount Executive
Federated Rural Electric Insurance Exchange
![Page 2: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/2.jpg)
YEAR END 3/31/2010 2009
Total Assets $351.7 Million $368 Million
Surplus $109.9 Million $ 110 Million
Net Margins $ 12.5 Million $ 4.5 Million
Combined Loss & Expense Ratio 100.9% 98.2%
Finance Update
![Page 3: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/3.jpg)
Property Inventory Valuation
Replacement Cost Value The amount it would take to replace
property with like property of the same quality and construction.
![Page 4: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/4.jpg)
Property Inventory Valuation
Actual Cash Value Working rule-of-thumb definition:
replacement cost new at the time of loss, less depreciation.
![Page 5: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/5.jpg)
Property Inventory Valuation
Book Value The dollar amount of property
shown in a company’s books.
![Page 6: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/6.jpg)
Property Inventory Valuation
Market Value The amount that a piece of property
could be sold for in the open market.
![Page 7: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/7.jpg)
Property Inventory Valuation
Insurance to value Making sure that the amount of
insurance that you carry is enough to cover all of your property at its Replacement Cost Value.
![Page 8: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/8.jpg)
Extra Expense Coverage
Provides reimbursement for additional necessary expenses incurred because of an insured property loss.
$50,000 limit is automatically included in all ARB policies for Extra Expense Coverage. Higher limits are available
![Page 9: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/9.jpg)
Extra Expense Coverage
Do I have enough coverage?
![Page 10: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/10.jpg)
Federated Information Security Liability Program
![Page 11: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/11.jpg)
Could This Happen to You A laptop within your organization containing
sensitive information is lost or stolen Sensitive information is accidentally sent to the
wrong fax number or email address A disgruntled employee steals sensitive
information and sells it to information thieves, or even a competitor
A hacker located in Nigeria hacks into your network and sells all of your customer data leading to customer identity fraud
A vendor whom you outsource services to has a breach to their network which also affects your customer base.
![Page 12: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/12.jpg)
What are the Risks?
The key exposure is disclosure. Examples include the theft of customers’ names with social security numbers, credit card or bank account data; essentially any personally identifiable information.
Utility Companies also have significant exposures through their distribution / member connection and infrastructure systems.
![Page 13: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/13.jpg)
Security & Privacy Liability
• Security Liability is where unencrypted computerized information or paper documents containing personally identifiable non-public information is acquired or accessed by an unauthorized person
• Privacy Liability is the violation of privacy
laws or regulations that permit individuals to control the collection, access, transmission, use, and accuracy of their personally identifiable financial information.
![Page 14: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/14.jpg)
Direct Loss of Data Breaches
![Page 15: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/15.jpg)
Coverage
Individual Policy limit s from 1 to 2 million
Security/Privacy Civil Liability Coverage is for 3rd party defenses
Employee Privacy Coverage Regulatory Defense and Penalties Notification Cost & Crisis
Management
![Page 16: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/16.jpg)
Extended Security
Vendor Risk Management Security Certifications Insiders may be predators Responsibility rests with the data
collector Traditional insurance
![Page 17: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/17.jpg)
Underwriting Process Quote Submission Process:• Basic Application- online• Underwriting examines the
security of the company and points out key concerns• Quotes turned around quickly• Insurance sits above the client’s
best efforts
![Page 18: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/18.jpg)
Where do I go with
questions?
Visit our website:
www.federatedrural.com
Questions can be submitted
electronically when you request
a quote
Your Federated Account
Executive
![Page 19: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/19.jpg)
Investing in the Future of Co-ops
Each year Federated sets aside a portion of our members’ premiums to be returned to statewide associations in support of the safety and training programs provided.
$2.3 Million
![Page 20: Property Inventory Valuation Replacement Cost Value The amount it would take to replace property with like property of the same quality and construction](https://reader034.vdocuments.site/reader034/viewer/2022051819/551683485503469d698b5ea9/html5/thumbnails/20.jpg)
Thank You