Large Loss Appraisals: a Statistical Methodology to Value Large Personal Property Losses
David Maloney is a partner in Large Loss Appraisals, LLC (LLA), a business that specializes in the valuation of large personal property losses. LLA employs a proven sampling appraisal methodology which results in substantial savings in cost and time for clients who are involved with settling large personal property loss claims.
Other partners in LLA include veteran appraisers Richard Holgate and Bill Novotny. “LLA introduces a powerful statistical appraisal methodology that has never before been offered for solving large personal property loss valuation problems,” said Novotny.
A large personal property loss can result from water intrusion, mold infestation, asbestos contamination, fire, landslide, tornadoes or other natural disasters. Sometimes hundreds or even thousands of individual objects of personal property can be destroyed or damaged beyond economical repair. The valuation of each and every item of property can create a burdensome cost and take considerable time—thus the sampling technique.
The appraisal methodology used by LLA to value large losses has been carefully developed by Univ. of CA statisticians. The methodology, which has proven itself in actual assignments, makes use of powerful statistical equations to analyze competing value claims which have been submitted for large damage and loss claims.
In brief, the methodology allows LLA to value all subject properties based on a limited sample of equivalent subject property types that have been randomly selected for appraisal. “This proprietary statistical methodology results in substantial savings to our clients while providing credible valuation results having a 95% level of confidence that the projected values are within a statistically-determined confidence interval of 10% of their actual value,” noted Holgate.
To learn more, visit LargeLossAppraisals.com.