Commercial property reference
The statement of values, column by column
The statement of values is the schedule an underwriter rates a multi-location property account from. It lists every location, the values at risk, and the COPE detail behind them. Below is the column set carriers expect, how total insured value is built, and the mistakes that send a schedule back to the broker.
What belongs in every SOV row
| Column | What it carries | Commonly missed |
|---|---|---|
| Location number and address | A stable location number, full street address, city, state, and ZIP. Numbering must match the premises numbering on the ACORD 125 and 140. | Renumbering locations between renewals breaks the carrier's loss-to-location mapping. |
| Building value | The replacement cost of the structure, stated on the same basis the policy will be written on. | Tax-assessed or market values are not replacement cost and invite a coinsurance dispute. |
| Business personal property | Contents, stock, machinery, equipment, and tenant improvements and betterments. | Leased equipment and TI&B are the two categories most often left off entirely. |
| Business income / extra expense | Annual value at risk plus the period of indemnity being requested. | A round number with no worksheet gets referred on nearly every account. |
| Total insured value (TIV) | The row sum, and an account total at the bottom of the schedule. | Row totals that don't reconcile to the account total stop the submission at intake. |
| Construction class and year built | ISO construction class, year built, number of stories, and total square footage. | Masonry veneer on a frame structure is frame — the class is corrected at inspection. |
| Occupancy | What actually happens inside the building, plus the percentage occupied by the insured. | Vacant or partially vacant space must be disclosed here, not discovered later. |
| Protection | Public protection class, sprinkler coverage and percentage of area sprinklered, alarm type, and distance to the responding fire service and nearest hydrant. | Sprinkler credit without a percentage and inspection date rarely survives underwriting. |
| Catastrophe exposure | Flood zone, distance to coast, wind and hail deductible structure, and seismic zone where relevant. | Missing flood zone forces the underwriter to geocode the schedule themselves — and to price the doubt. |
| Valuation basis and deductible | Replacement cost, actual cash value, or functional replacement cost, plus coinsurance and the deductible per location. | Blank valuation basis is the single most common reason an SOV is sent back. |
Total insured value for a location is building value plus business personal property plus business income and extra expense plus any other scheduled property. The account TIV is the sum of the location rows — and it should reconcile exactly to the limits shown on the ACORD 140.
Where statements of values go wrong
Values rolled forward with a flat percentage
Applying a blanket inflation bump to last year's schedule hides renovations, disposals, and construction-cost swings. Re-estimate the largest locations each year and document the source.
Blended or averaged location rows
Combining several small locations into one line destroys the catastrophe model. Underwriters will either spread the TIV to the worst zone or decline the schedule.
No supporting cost estimator
Attach the replacement-cost estimator output or the insured's appraisal. A limit without support is treated as underinsurance in a partial-loss settlement.
Formatting the schedule as a PDF only
Carriers ingest SOVs into rating and modeling tools. Send a spreadsheet alongside the PDF or expect a re-keying delay.
How the SOV fits the rest of the submission
The ACORD 125 identifies the account, the ACORD 126 prices the operations, the ACORD 140 prices a building, and the statement of values carries the full location schedule behind them. Location numbering has to stay consistent across all four.
Statement of values questions
What is a statement of values?
A statement of values (SOV) is a schedule listing every insured location on a commercial property account with the values at risk at each one — building, business personal property, business income, and other property — plus the construction, occupancy, protection, and exposure detail the underwriter rates from. It is the spreadsheet that sits behind the ACORD 125 and ACORD 140 in a property submission.
What does TIV mean on a statement of values?
TIV stands for Total Insured Value: the sum of building value, business personal property, business income or extra expense, and any other scheduled property at a location. The account TIV is the sum of every location line, and it drives capacity, layering, and catastrophe modeling decisions.
Who prepares the statement of values?
The insured owns the values; the broker owns the format. In practice the retail producer builds the SOV from the insured's asset schedule, replacement-cost estimates, and lease or loan documents, then keeps it current at each renewal.
Is a statement of values the same as ACORD 140?
No. ACORD 140 is the carrier-facing property section for a premises and building. The SOV is the underlying schedule covering every location on the account, and is required whenever a schedule is too long to fit the 140 — usually more than a handful of locations.
How often should a statement of values be updated?
At every renewal, and any time the insured adds, sells, or materially renovates a location. Values carried forward unchanged for several years are the most common source of coinsurance penalties at claim time.
Can PolicyFast AI build the statement of values?
Yes for the property-characteristic columns. From an address, PolicyFast resolves construction class, year built, square footage, stories, protection class, and catastrophe exposure into SOV-ready rows alongside the ACORD 125 and 140 data. Values and valuation basis stay with you to confirm.
What format do carriers want the SOV in?
A spreadsheet — one row per location, one column per data point, no merged cells and no header art above the column row. Send the workbook alongside the PDF so the underwriter's rating and catastrophe-modeling tools can ingest it without re-keying.
How many locations before a carrier requires an SOV instead of an ACORD 140?
Most carriers switch to a schedule at two to five locations, and virtually all of them require one above ten. When in doubt, send both: an ACORD 140 for the primary building and the SOV for the full schedule.
What is the difference between blanket and scheduled limits on an SOV?
Scheduled limits apply per location exactly as stated on the row. A blanket limit pools the values across locations, which requires an accurate, signed SOV and typically a 90 percent or higher coinsurance clause — the schedule is the document the blanket is priced from.
How does an inaccurate SOV cause a coinsurance penalty?
Coinsurance compares the limit carried to the value that should have been carried at the time of loss. If the SOV understates replacement cost, the limit derived from it is short and the claim settles at the ratio of carried limit to required limit, less the deductible.
Does the insured have to sign the statement of values?
Many carriers require a signed and dated SOV at binding, especially for blanket limits or margin-clause wording. Get the signature at the same time you bind so the values in the file match the values the policy was rated on.
How long should building an SOV take?
Manually, roughly 20 to 40 minutes per location once you chase down COPE and protection detail. With PolicyFast AI the property-characteristic columns populate from the address in about a minute per location, leaving you to confirm values and valuation basis.