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InspekTech
Appraisal Practice Standards

INSURANCE

Intro


InspekTech® Consulting is the leading Insurance Replacement Value & Risk Assessment company in British Columbia, providing building Insurance Appraisals and Insurance-related Risk Assessments for Insurance underwriting, and Property Management / Strata purposes in residential, commercial, strata, and light industrial areas. Delivering quality, leading edge inspection services to the insurance & finance industry at competitive prices since 2002, InspekTech® has conducted over 35,000* Insurance Replacement Value assignments for insurance companies with zero Replacement Value claims error history to date.  In total, we have far surpassed well over 150,000 general insurance inspections since 2002.


* InspekTech® started doing Commercial and Strata Insurance Replacement Value work in 2006.  We have provided Commercial services to Insurance Companies, Strata Boards and Property Management firms throughout BC since then, but it was not as high a focus area of our business as it is becoming (so many value related appraisals have been residential assignments).  In 2019 we were asked by a big brand insurance company we had worked with for many years to take on more Commercial work for them. This request initiated a significant project at InspekTech® that began developing our Commercial / Strata lines further and aimed at greater residential-commercial proportionality.


Insurance to Value Appraisals (not real estate market value)


InspekTech® conducts pre-claim insurance appraisals for Replacement Value, not real estate market value appraisals. The emphasis at InspekTech® is distinctively Insurance Replacement Cost appraisals for insurance companies and property management firms / strata boards. We have years of experience in loss control and risk / liability reporting which InspekTech® has been doing since 2006 as a specialized appraisal / inspection niche. Field work and office analysis are prepared for insurance underwriting purposes so as to determine insurance claims square footage Replacement Values.


Appraisal Standards: USPAP & CUSPAP at InspekTech


The Uniform Standards Of Professional Appraisal Practice (USPAP) and the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) are the adopted business standards and core methodology of many appraisal organizations (regardless of specialty) throughout North America, including InspekTech®.  USPAP and CUSPAP form the core foundational directives to applicable appraisal compliance methodology and practice at InspekTech®, which is then applied to the niche mechanics of determining insurance claims sq. ft. valuations for underwriting purposes.


Analyses, opinions, and conclusions conducted by InspekTech® are developed, and our reports are prepared, in conformity with applicable Uniform Standards of Professional Appraisal Practice (USPAP) and Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).  Additionally, InspekTech® reporting relevancy is in line with organizations such as AIC (Appraisal institute of Canada), CPPAG (Canadian  Personal Property Appraisers Group, CPPA) and CNAREA (Canadian National Association of Real Estate Appraisers) which are all self-regulated and guided by a Uniform Standards Practice such as USPAP and/or CUSPAP (which is derived from USPAP).  Additionally, InspekTech® also has it's own internal training programs for residential and commercial Field onboarding, ITV Analysts, and Office workers which further supports applicable standards of uniformity in our methodology and workflows.


InspekTech® couples CPPAG accreditation, extensive on-the-ground Residential & Commercial experience, and business managerial excellence to produce high-quality InspekTech® Certified Insurance Replacement Cost reports. 


Canadian Appraisal Accreditation


InspekTech® sign-off representative(s) hold the Canadian Personal Property Appraiser (CPPA) designation in good standing. The CPPA is accredited from the Canadian Personal Property Appraiser Group (CPPAG).  CPPAG’s Code of Ethics and Standards & Practices is modelled after the Uniform Standards Of Professional Appraisal Practice (USPAP).  The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is derived from USPAP


CPPAG was founded in 1995 and established the CPPA designation. They have trained over 2,000 members and Course graduates throughout Canada that come from a wide array of industries including various government branches. The CPPA designation is a highly regarded and sought-after requirement for many users of professional appraisal services in Canada.


Canadian Law Courts


CPPAG appraisers have been accepted by law courts across Canada as Expert Witnesses even at the Supreme Court level.  InspekTech® sign-off appraisal representatives are CPPAG credentialed with the same CPPA designation as those recognized in courts across Canada.


InspekTech Standards Practice


Our reports are InspekTech® Certified.


InspekTech® couples CPPAG appraisal accreditation in accord with USPAP and CUSPAP (the gold standard of appraisal methodology in North America) with extensive on-the-ground Residential & Commercial experience, and business managerial excellence. The mix of accredited training and market experience has resulted in the successful delivery of tens of thousands of high-quality InspekTech® reports over the past 22 years.


We Partner with industry leader CoreLogic® making extensive use of CoreLogic’s Commercial Express™ for Commercial/Strata assignments and RCT Express® for Residential replacement value calculation data.  Additionally, InspekTech® has extensive internal risk management / loss control, ITV appraisal, building component, and inspection informational resources we refer to in any given report as may be needed.


Professional Code of Conduct


Our entire team abides by a Professional Code of Conduct that is a function of company ethics and practice.


Should the reader of our Appraisals Practice Standards wish to discuss any of the above, or receive an more in-depth document explaining InspekTech® practice, standards and credentials, please feel free to speak with our Compliance Officers by contacting us for more information.