A statement of values is a schedule listing every location on a property policy with its address, building value, contents value, business interruption exposure, construction, occupancy, protection and exposure detail. Underwriters price and allocate limits from it, and it is usually supplied as a spreadsheet alongside the submission.
Updated September 2026.
Why it matters
The SOV is where submission quality is decided. Incomplete or stale values produce quotes that are not comparable, and coinsurance problems that surface only at claim time when the declared value turns out to be well below replacement cost. It is also the most tedious document in a submission to assemble, which is why it is so often carried forward unchanged year after year.
What to check
- That values have been updated rather than rolled forward
- Construction, occupancy, protection and exposure detail for each location
- Whether business interruption values reflect current trading
- That every location on the policy appears, including ones added mid-term
- Whether the layout matches what each market expects, since formats differ
Common mistake
Rolling values forward unchanged. Stale values produce quotes that are not comparable and coinsurance problems that surface only at claim time, when the declared value turns out to sit well below replacement cost.
Extracting structured data from submission documents is covered in the contract requirements guide.