A Statement of Values Form is a structured document that records an organizations locations, property, and related exposures along with the values assigned to each.
It serves as a foundational reference point for underwriting, credit analysis, and broader risk assessment so that financial and professional stakeholders are working from the same validated figures.
Organizations use this form to align internal records with external partners, support consistent decision making across portfolios, and make sure asset and exposure data remains transparent over time.
What Is Statement of Values Form?
A Statement of Values Form is a standardized schedule that lists an organization's property, assets, or exposures along with their corresponding values for risk, underwriting, or financial assessment purposes.
It is commonly used in commercial insurance, financial services, lending, equipment finance, claims handling, and professional services when carriers, lenders, or service providers need a consistent basis for evaluating limits, pricing, collateral, and potential loss scenarios.
Risk managers, brokers, agents, underwriters, credit officers, and claims professionals rely on this document to work from the same set of validated data, reducing discrepancies between internal records and what is submitted for coverage or financing.
Because it follows widely accepted formats and data standards, the Statement of Values Form supports efficient comparison, review, and auditing across portfolios and transactions.
Its role as a central reference in these workflows makes sure critical exposure and valuation details are captured in a uniform way that can be trusted by all parties involved.
When Is the Statement of Values Form Used? (Common Use Cases)
A Statement of Values Form is typically used whenever an organization needs to report and validate detailed information about insured locations, assets, or exposures for underwriting or renewal purposes.
It is commonly triggered by events such as new policy submissions, major mid-term changes to property schedules, portfolio acquisitions, periodic revaluations, and pre-renewal reviews where current limits and exposures must be verified.
Underwriters, risk managers, and brokers rely on this form to document square footage, construction details, occupancy, equipment values, and business interruption figures so that coverage terms, pricing, and limits align with the actual risk profile.
In broader workflows, the Statement of Values supports underwriting and reinsurance placements, informs catastrophe modeling, guides claims handling by providing a baseline of scheduled values, and feeds credit or collateral reviews when insured values tie into financial covenants.
Because it captures asset and exposure data in a standardized structure, the form helps organizations make sure that submissions are complete, comparable across accounts, and consistent over time, which reduces disputes and rework across underwriting, claims, compliance, and case intake processes.
What Is Included in a Statement of Values Form?
A Statement of Values Form organizes key property and exposure data into a structured layout built around location information and declared values.
Each location is identified with basic site details so every building, unit, or operational address can be clearly distinguished and tied to its respective values.
Within building values, the form collects the reported replacement cost or similar value figure for each structure at a location, helping underwriters understand the scale of physical assets and apply coverage appropriately.
Contents values focus on what sits inside those buildings, capturing totals for furniture, fixtures, stock, and similar movable property so the policy reflects the real exposure beyond the walls themselves.
Business interruption values record financial figures related to income and extra expense, allowing the carrier to gauge how a loss at a location might affect ongoing operations and associated time element coverage.
Equipment and inventory values concentrate on machinery, specialized tools, and stock levels, making sure these high-impact items are itemized and not buried within broad contents estimates.
A schedule of property section ties all of this together in a tabular format, aligning locations with their corresponding building, contents, business interruption, and equipment values for consistent, comparable reporting.
Why Is a Statement of Values Form Important?
A Statement of Values Form is important because it provides a clear, standardized snapshot of an organization's assets, exposures, and key characteristics, which supports accuracy across the workflows that depend on it.
By collecting detailed and consistent information up front, the form helps make sure that insurers, lenders, underwriters, and professional services teams are not missing critical data that would otherwise slow their evaluations.
The standardized structure reduces back-and-forth clarification, shortens review cycles, and limits the risk of discrepancies between different internal systems or external partners.
It also supports compliance by documenting values, locations, and classifications in a format that is easy to validate against regulatory and internal policy requirements.
In day-to-day operations, organizations rely on the Statement of Values Form because its completeness and uniformity directly translate into fewer delays, more reliable decisions, and a smoother flow of work between all parties involved.
How Can Heron Help With Statement of Values Form?
Processing Statement of Values forms often strains operational teams that rely on manual review, rekeying, and back-and-forth clarification.
Heron turns this into a smooth, automated workflow from the instant a form reaches the organization.
The platform captures Statement of Values forms directly from shared inboxes, broker or client portals, and secure uploads, so documents are ingested consistently without ad-hoc handling.
Heron then recognizes the document as a Statement of Values form and distinguishes it from other submissions such as bind orders, endorsements, or declarations.
Once classified, Heron extracts all relevant details, including property locations, coverage limits, asset values, occupancy information, and key dates with high precision.
The system runs automated checks to make sure required fields are present, values align across schedules, and formats comply with internal data standards.
These validations significantly reduce the follow-up typically needed between underwriting, broker, and client teams.
After validation, Heron converts the extracted content into structured data and synchronizes it directly into downstream platforms such as policy admin systems, exposure management tools, and data warehouses.
Underwriters and operations teams receive clean, well-organized information as soon as the Statement of Values arrives, without waiting for manual data entry.
This approach shortens review cycles, supports faster underwriting decisions, and cuts operational friction across financial and professional services workflows.
FAQs About Statement of Values Form
How is a Statement of Values form used in underwriting and risk assessment?
A Statement of Values form provides a detailed schedule of locations, buildings, contents, and business income exposures that underwriters rely on to evaluate property and equipment risks.
Carriers and lenders use this data to set limits, structure deductibles, and align coverage terms with the actual assets and operations of the organization.
Accurate values on the form help avoid gaps between reported exposures and the protection or financing that is ultimately offered.
Who within an organization is typically responsible for completing the Statement of Values form?
The Statement of Values form is usually completed by a risk manager, finance leader, or asset management team that has access to up-to-date property and equipment records.
In commercial insurance and lending workflows, brokers or account managers may help reconcile values, but the organization itself is responsible for providing accurate data and supporting documentation.
Internal coordination with facilities, procurement, and accounting teams is often needed so the form reflects current replacement costs and occupancy details.
Why is a Statement of Values form required for property insurance, loans, or equipment finance?
Insurers, banks, and equipment finance providers require a Statement of Values form so they can quantify the total exposure they are taking on.
Without a verified schedule of assets and locations, it is difficult to price risk, set appropriate collateral requirements, or comply with internal and regulatory risk standards.
The form also creates a common reference at renewal or during a claim when actual losses are compared to reported values and limits.
How do organizations submit, update, and process the Statement of Values form?
Organizations typically submit the Statement of Values form through broker portals, carrier platforms, or secure email as an attached schedule or integrated upload.
Many commercial insurance and financial services workflows involve importing the form into policy administration, risk management, or asset tracking systems so values can be analyzed, trended, and audited.
When locations, assets, or values change, an updated form is usually provided midterm or at renewal so that underwriting, collateral calculations, and coverage terms stay aligned with the current exposure.
