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Insurance Statement of Values

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INSURANCE STATEMENT OF VALUES

Insured Name:   Policy Number:

Mailing Address:

Policy Details

Policy Type: Property Commercial Property Business Income Equipment Breakdown Inland Marine

Policy Period From:   To:

Deductible:   Coinsurance:   Valuation Basis: Replacement Cost Actual Cash Value

Scheduled Locations (List each location and values)

Provide complete address and values for each location. Values reported represent total insured values at each location for the stated policy period.

Year Built:   Construction Type: Frame Masonry Fire Resistive   Sprinklered: Yes

Area (sq ft):   Building Value: $   Contents Value: $

Total Insured Value at Location 1: $

Year Built:   Construction Type: Frame Masonry Fire Resistive   Sprinklered: Yes

Area (sq ft):   Building Value: $   Contents Value: $

Total Insured Value at Location 2: $

If more locations require scheduling, attach a separate schedule labeled "Additional Locations" and include identical fields for each additional location.

Exclusions and Limitations

The limits and values furnished on this Statement of Values are provided for underwriting and premium determination purposes only. Unless specifically endorsed, coverage does not include flood, earthquake, war, nuclear hazard, wear and tear, mechanical breakdown except as scheduled, or intentional acts by insured. Any endorsement that modifies coverage or sublimits shall govern over the values stated herein.

Attachments / Supporting Documentation

Include all applicable supporting documents with this Statement of Values. Check all that apply:

Appraisals    Inventories / Schedules    Photographs    Prior Loss Reports    Floor Plans    Itemized Schedule

Declaration and Certification

By signing below, the undersigned certifies that to the best of their knowledge and belief the values and information provided in this Statement of Values are true, complete and accurate. The undersigned acknowledges that these values will be relied upon for underwriting and establishing policy limits and premiums. The insured understands that failure to maintain accurate values may result in reduced recovery under any coinsurance provision or other policy condition requiring adequate limits of insurance.

The insured agrees to notify the insurer in writing of material increases or decreases in values, changes in occupancy, or other changes that would materially affect the exposures set forth in this statement. Disclosure of contingent interests, mortgagees, loss payees, or additional insureds must be provided in writing and attached to this Statement of Values.

I declare under penalty of perjury under applicable law that the foregoing is true and correct. I understand that any material misstatement, omission or fraudulent representation may void coverage to the extent permitted by law and the terms of the policy.

Applicant Name:

Signature:

Date:

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What an Insurance Statement of Values Is and when it's used

An Insurance Statement of Values (SOV) is a detailed inventory of insured property and the dollar amounts assigned to each item or coverage category. Commonly used for commercial property, equipment, contents, and business income coverage, the SOV informs underwriting, premium calculation, and limits of insurance. Carriers use it to confirm replacement cost, scheduled items, and agreed values; insureds use it to avoid coinsurance penalties and to support accurate claim settlements. The SOV may be updated at inception, renewal, or after a material change in exposures.

Why a complete Statement of Values matters for coverage

A complete, accurate SOV reduces the risk of underinsurance, supports faster claim payments, and aligns premium with true exposure. It gives underwriters the data needed to set limits, helps avoid coinsurance penalties, and documents agreed values for scheduled equipment or business income estimates.

Why a complete Statement of Values matters for coverage

Who typically prepares and relies on the Statement of Values

The SOV is prepared and reviewed by multiple parties across insurance and operations teams.

  • Risk Manager or Broker — Prepares aggregated values, coordinates inspections, and submits to multiple carriers.
  • Facilities / Operations Manager — Provides asset lists, installation dates, and replacement cost details for each location.
  • Insurance Underwriter — Reviews SOV to set limits, endorsements, and premium; requests clarifications or appraisals.

Clear assignment of responsibility speeds submission and reduces errors during underwriting and claims.

Step-by-step: filling and submitting an SOV

Follow this sequence to prepare an SOV that meets underwriting and claims needs.

  • 01
    Gather data: Collect appraisals, invoices, inventory lists.
  • 02
    Populate fields: Enter values, locations, and dates.
  • 03
    Review internally: Verify totals and authorized signatory.
  • 04
    Submit to carrier: Send via insurer portal or certified eSignature.

Digital workflow settings for online completion and routing

Configure your online SOV template to capture structured data, automate validation, and retain audit logs.

Field Configuration
Document template Use PDF/Word template with fillable fields
Conditional fields Show scheduled-item fields only when selected
Authentication Use email or SMS code for signer identity
Delivery method Email link or secure insurer upload

Typical SOV submission and review process

SOV workflows usually move from preparer to reviewer to insurer and then into recordkeeping.

  • Prepare SOV: Populate values and attach supporting documents.
  • Internal review: Finance or risk verifies totals and signatory authority.
  • Send to insurer: Transmit via insurer portal or secure eSignature link.
  • Underwriter review: Carrier confirms amounts, requests clarifications, or schedules inspections.

Key elements a professional Statement of Values includes

A complete SOV separates coverage categories, documents methodology, and links to supporting evidence.

Building coverage

Replacement cost by location with valuation method noted; include construction class, year built, and occupancy to support accurate underwriting.

Contents and equipment

Totals by category and location, with high-value items scheduled individually and documented via invoices or appraisals.

Scheduled items

Individually listed equipment or fine art with agreed values, serial numbers, and supplemental receipts or appraisal statements.

Business income

Projected gross earnings and selected period of restoration; basis for business interruption limit and indemnity calculations.

Valuation notes

Methodology used (replacement cost, actual cash value), date of valuation, and any assumptions or exclusions noted for clarity.

Supporting attachments

Appraisals, invoices, blueprints, and photographs referenced in the SOV to substantiate declared values during underwriting and claims.

Security and compliance items to track on the SOV

Encryption: TLS 1.2/1.3; AES-256 at rest
Audit Trail: Timestamped signing records
Access Controls: Role-based permissions
BAA Requirement: HIPAA BAA when PHI exists
Retention Policy: Document retention schedule
Authentication: Email, SMS, or stronger MFA

Consequences of inaccurate or incomplete SOV data

Underinsurance: Partial claim recovery
Claim denial: Coverage may be denied
Coinsurance penalty: Reduced settlement amounts
Premium audit adjustments: Retroactive premium increases
Regulatory exposure: Possible fines if false statements
Contract disputes: Disagreements over agreed values

Common preparation pitfalls to avoid

  • Using market value instead of replacement cost leads to underinsured limits and claim shortfalls.
  • Omitting scheduled high-value items causes carriers to deny agreed-value protections during a claim.
  • Relying on outdated appraisals or inventory lists results in inaccurate premiums and audit adjustments.
  • Failing to document valuation methodology creates disputes with underwriters and slows claims processing.

Typical submission and timing requirements for an SOV

Timely submission aligns coverage with exposure; follow insurer and policy deadlines to avoid gaps.

Policy inception:

Provide SOV at policy inception or at binder stage to set initial limits.

Renewal submission:

Update and submit SOV before renewal to reflect current exposures and values.

Material change:

Report within 30 days of major purchases, renovations, or disposals.

Underwriter request:

Supply requested documentation within carrier-specified timeframes, commonly 10–30 days.

Post-loss claim filing:

File claim notice immediately and provide SOV details during claim intake.

eSignature vendor comparison for signing and submitting SOVs

Compare entry price, trial availability, bulk send, audit trails, HIPAA readiness, and envelope limits when selecting an eSignature provider.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently asked questions about Insurance Statements of Values

Answers to common SOV questions about signatures, notarization, corrections, and legal validity in the U.S.


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