What is a Statement of Values Form?
Each year, you will be asked to fill out a statement of values form prior to your pharmacy’s renewal. But why does it matter?
By filling out this form, you are confirming we have the correct limits of insurance on your store policy for the pharmacy’s:
- Contents, stock, leasehold improvements and equipment
- Business Interruption
- Computers and Software
While a licensed Broker can assist you with purchasing the necessary insurance, the responsibility of selecting policy limits rests solely with you, the Insured. Without the correct information, we cannot properly structure your insurance policy. If you do not take the time to accurately fill out the statement of values form annually, there is a risk that your pharmacy values are out of date and you may be underinsured at the time of a claim.
Information to Prepare Ahead of Renewal
Here’s a quick list of information you will need in order to complete your statement of values:
- Changes to building value/leasehold improvements you’ve made (eg. Renovations)
- New equipment and permanent fixtures added
- Gross Annual Sales for the year and profit margin
- Average Narcotics value on hand
- Changes to the amount of inventory at the pharmacy
Inflation should also be accounted for when determining values, especially for things like leasehold improvements and permanent fixtures.
As always, if you have any questions about your insurance policy, don’t hesitate to contact us to discuss!