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Our Annual Update Service Program will be invoiced starting one year after the initial appraisal <br /> and will continue for a term of five years in total . During the term of this contract , we reserve <br /> the right to adjust our fee at annual intervals based upon services rendered or costs incurred . <br /> Any fee increase instituted will not exceed the prior year's Annual Update Service Program fee <br /> by more than 10 percent under any circumstances for the same items in the initial appraisal . <br /> New items will be reviewed by Gallagher Bassett and a decision will be made regarding whether <br /> any additional fee will be charged . <br /> In the event of loss , while this agreement is in force , we will compile current insurance values <br /> and advise in the scheduling of the proof-of- loss statement . This service will be provided <br /> without charge except for the reimbursement of the travel and out- of- pocket expenses incurred <br /> by our personnel . <br /> We recommend that insurance coverage be promptly reviewed upon receipt of each of our <br /> appraisals and Annual Update Service Reports so that proper coverage can be maintained at <br /> all times . <br /> UNDERSTANDING YOUR INSURANCE APPRAISAL <br /> What is an Insurance Appraisal? <br /> An insurance appraisal is a tool to help businesses meet the challenge of protecting assets by <br /> establishing the proper level of coverage on insurable values . The goal of the appraisal is to <br /> give businesses a tangible record of up-to -date values on insurable items . This record of <br /> values can provide proof of loss assistance in the event that the insured items are lost or <br /> damaged due to unexpected occurrences such as theft , vandalism , catastrophic events or any <br /> other type of loss . This engagement is being undertaken to develop insurable values . As a <br /> result , its conclusions should not be used for any other purpose . <br /> Your Gallagher Bassett Insurance Appraisal <br /> An appraisal conducted by Gallagher Bassett provides clients with replacement cost and <br /> insurable values on insured items , specifically buildings and structures . Insurable values are <br /> based upon Replacement Cost Value . Replacement Cost is defined as , the cost to construct or <br /> replace , at one time , an entire building of equal quality and utility . Modern materials along with <br /> current methods , designs and layouts are used for replacement . Replacement Cost should not <br /> be confused with Reproduction Cost , which is defined as the cost to reproduce the subject <br /> building with an exact replica . <br /> The Insurance Appraisal Report for Structures from Gallagher Bassett includes the following <br /> information : <br /> • A component by component breakdown of replacement cost for facility buildings ; <br /> • Total structure replacement cost ; <br /> • Cost per square foot replacement values ; <br /> • Photographs of the appraised buildings ; and <br /> • Computer Assisted Drawings ( CAD ) of each structure . <br /> appraisals/daUdU <br />