County Risk Sharing Authority (CORSA) is a self-insurance pool with a mission to provide its members with comprehensive property and liability coverage and high-quality risk management services at a stable and competitive cost. CORSA has been providing Ohio counties with property and liability coverage and risk management services since 1987. Their membership now includes 72 counties and 47 county affiliated entities.
THE OBJECTIVE
CORSA was faced with identifying a turnkey solution for these objectives:
- Coordination of on-site inspections and appraisals for major membership properties;
- Satisfaction of constantly evolving requirements for reinsurance renewals; and,
- Creation of a seamless data interface with their new RMIS system.
THE CHALLENGE
Having worked with the same appraisal firm for decades, CORSA realized their property valuation program needed a thorough review. Total insured values were increasing at a time when property losses were beginning to escalate, creating issues for Underwriters and Reinsurers alike. CORSA’s mix of exposures includes significant properties with unique characteristics, such as elaborate historic courthouses and complex wastewater treatment facilities.
HCA Asset Management possesses strengths in those areas and has experience with dozens of similar programs throughout the United States.
THE PROCESS
After a rigorous review and evaluation process that included a “Pilot Appraisal Project”, HCA Asset Management was selected to commence with a new, multi-year engagement to include all CORSA Members. In planning for the initial year of our engagement, CORSA’s Management recognized the need to prioritize all Historically significant properties.
HCA mobilized their most experienced team of appraisers to inspect, assess and value nearly 200 high value structures to develop accurate estimates of Historic Reproduction Cost values. The work was executed within an accelerated 90-day schedule, meeting renewal deadlines.
We’ve had the pleasure of working with CORSA on annual cycles each year since.
“Working with HCA has been an excellent experience. They collaborated with us to educate our members and were instrumental in the implementation of importing appraisal data into our PMIS. They are very responsive, courteous and are consummate professionals.”
Sherry Barbosky, CIC, CRM
Underwriting Manager, County Risk Sharing Authority
THE RESULTS
Since the inception of the program our team has inspected and valued more than $10 billion in TIV and tens of thousands of individual structures. As CORSA implemented a new property RMIS tool, we developed a seamless data transfer process, enabling their Underwriting team to export/import data annually for our cycled appraisals, eliminating manual data entry practices. Each year, we perform detailed research and develop consistent, accurate recommendations for trending the insured values of property not appraised in a given cycle. This step helps ensure the entire property portfolio remains adequately valued in between on-site inspections/appraisals.